PennyMac Financial Services, Inc. (NYSE:PFSI) to Issue Quarterly Dividend of $0.30

PennyMac Financial Services, Inc. (NYSE:PFSI) announced a quarterly dividend on Tuesday, July 23rd, Wall Street Journal reports. Investors of record on Tuesday, August 13th will be paid a dividend of 0.30 per share by the real estate investment trust on Friday, August 23rd. This represents a $1.20 annualized dividend and a yield of 1.24%. The ex-dividend date of this dividend is Tuesday, August 13th. This is a positive change from PennyMac Financial Services’s previous quarterly dividend of $0.20.

PennyMac Financial Services has increased its dividend by an average of 14.0% annually over the last three years. PennyMac Financial Services has a dividend payout ratio of 9.6% meaning its dividend is sufficiently covered by earnings. Research analysts expect PennyMac Financial Services to earn $12.52 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 9.6%.

PennyMac Financial Services Price Performance

Shares of PFSI opened at $97.08 on Monday. The company has a debt-to-equity ratio of 2.75, a current ratio of 0.37 and a quick ratio of 0.37. The company has a market capitalization of $4.94 billion, a price-to-earnings ratio of 33.71, a P/E/G ratio of 0.62 and a beta of 1.72. The business’s 50-day moving average is $94.91 and its 200-day moving average is $91.08. PennyMac Financial Services has a fifty-two week low of $62.15 and a fifty-two week high of $105.94.

PennyMac Financial Services (NYSE:PFSI) last released its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $1.85 earnings per share for the quarter, missing the consensus estimate of $2.65 by ($0.80). The company had revenue of $406.13 million during the quarter, compared to analyst estimates of $469.64 million. PennyMac Financial Services had a net margin of 13.13% and a return on equity of 12.69%. The firm’s quarterly revenue was up 20.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.11 EPS. Equities research analysts expect that PennyMac Financial Services will post 10.54 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Daniel Stanley Perotti sold 11,400 shares of PennyMac Financial Services stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $92.00, for a total value of $1,048,800.00. Following the transaction, the chief financial officer now owns 246,497 shares of the company’s stock, valued at $22,677,724. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO David Spector sold 10,000 shares of the stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $92.06, for a total transaction of $920,600.00. Following the completion of the sale, the chief executive officer now owns 220,604 shares in the company, valued at approximately $20,308,804.24. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Daniel Stanley Perotti sold 11,400 shares of PennyMac Financial Services stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $92.00, for a total value of $1,048,800.00. Following the completion of the transaction, the chief financial officer now directly owns 246,497 shares in the company, valued at $22,677,724. The disclosure for this sale can be found here. Insiders sold 71,400 shares of company stock valued at $6,551,300 over the last 90 days. 16.60% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Wedbush lifted their price objective on PennyMac Financial Services from $110.00 to $120.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Piper Sandler lifted their price target on PennyMac Financial Services from $110.00 to $112.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Keefe, Bruyette & Woods downgraded PennyMac Financial Services from an “outperform” rating to a “market perform” rating and set a $102.00 price objective on the stock. in a report on Monday, July 22nd. StockNews.com cut shares of PennyMac Financial Services from a “hold” rating to a “sell” rating in a research note on Wednesday, July 3rd. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on shares of PennyMac Financial Services from $115.00 to $112.00 and set a “buy” rating for the company in a research report on Thursday, April 25th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, PennyMac Financial Services has a consensus rating of “Hold” and a consensus target price of $107.17.

PennyMac Financial Services Company Profile

PennyMac Financial Services, Inc, through its subsidiaries, engages in the mortgage banking and investment management activities in the United States. The company operates through three segments: Production, Servicing, and Investment Management. The Production segment is involved in the origination, acquisition, and sale of loans.