David Spector Sells 12,436 Shares of PennyMac Financial Services (NYSE:PFSI) Stock

PennyMac Financial Services, Inc. (NYSE:PFSI) CEO David Spector sold 12,436 shares of the business’s stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $86.39, for a total transaction of $1,074,346.04. Following the sale, the chief executive officer directly owned 529,401 shares of the company’s stock, valued at $45,734,952.39. This represents a 2.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

David Spector also recently made the following trade(s):

• On Friday, March 6th, David Spector sold 10,000 shares of PennyMac Financial Services stock. The shares were sold at an average price of $86.39, for a total transaction of $863,900.00.
• On Thursday, February 19th, David Spector sold 10,000 shares of PennyMac Financial Services stock. The stock was sold at an average price of $94.50, for a total value of $945,000.00.
• On Thursday, February 19th, David Spector sold 2,950 shares of PennyMac Financial Services stock. The stock was sold at an average price of $94.52, for a total value of $278,834.00.
• On Tuesday, January 13th, David Spector sold 10,000 shares of PennyMac Financial Services stock. The shares were sold at an average price of $145.19, for a total value of $1,451,900.00.
• On Tuesday, December 16th, David Spector sold 5,000 shares of PennyMac Financial Services stock. The stock was sold at an average price of $129.81, for a total value of $649,050.00.

PennyMac Financial Services Price Performance

NYSE PFSI traded up $0.87 during mid-day trading on Monday, hitting $87.07. The stock had a trading volume of 1,044,364 shares, compared to its average volume of 969,761. The firm’s 50 day moving average is $117.48 and its 200 day moving average is $122.01. The company has a debt-to-equity ratio of 3.32, a current ratio of 0.34 and a quick ratio of 0.34. The stock has a market capitalization of $4.54 billion, a price-to-earnings ratio of 9.36, a PEG ratio of 0.49 and a beta of 1.56. PennyMac Financial Services, Inc. has a twelve month low of $84.14 and a twelve month high of $160.36.

PennyMac Financial Services (NYSE:PFSI) last released its earnings results on Thursday, January 29th. The real estate investment trust reported $1.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.23 by ($1.26). The business had revenue of $538.01 million for the quarter, compared to analysts’ expectations of $639.81 million. PennyMac Financial Services had a return on equity of 10.20% and a net margin of 24.48%.PennyMac Financial Services’s quarterly revenue was up 14.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.95 EPS. Equities research analysts forecast that PennyMac Financial Services, Inc. will post 13.77 earnings per share for the current fiscal year.

PennyMac Financial Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, February 26th. Stockholders of record on Monday, February 16th were given a $0.30 dividend. The ex-dividend date was Friday, February 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.4%. PennyMac Financial Services’s dividend payout ratio is 12.90%.

Institutional Investors Weigh In On PennyMac Financial Services

Several large investors have recently added to or reduced their stakes in PFSI. Vanguard Group Inc. raised its stake in shares of PennyMac Financial Services by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 2,832,737 shares of the real estate investment trust’s stock valued at $373,468,000 after acquiring an additional 12,782 shares in the last quarter. Invesco Ltd. grew its position in shares of PennyMac Financial Services by 7.3% during the fourth quarter. Invesco Ltd. now owns 1,569,184 shares of the real estate investment trust’s stock worth $206,881,000 after buying an additional 106,088 shares in the last quarter. Geode Capital Management LLC raised its holdings in PennyMac Financial Services by 6.0% in the second quarter. Geode Capital Management LLC now owns 721,757 shares of the real estate investment trust’s stock valued at $71,924,000 after acquiring an additional 41,124 shares in the last quarter. 140 Summer Partners LP lifted its stake in PennyMac Financial Services by 50.2% in the fourth quarter. 140 Summer Partners LP now owns 669,892 shares of the real estate investment trust’s stock worth $88,319,000 after acquiring an additional 223,752 shares during the last quarter. Finally, Basswood Capital Management L.L.C. grew its holdings in PennyMac Financial Services by 5.9% during the 2nd quarter. Basswood Capital Management L.L.C. now owns 570,210 shares of the real estate investment trust’s stock worth $56,816,000 after acquiring an additional 31,743 shares in the last quarter. 57.87% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PFSI has been the topic of several recent research reports. Wells Fargo & Company lowered their price target on shares of PennyMac Financial Services from $150.00 to $135.00 and set an “overweight” rating on the stock in a research report on Friday, January 30th. Wall Street Zen lowered PennyMac Financial Services from a “buy” rating to a “hold” rating in a research report on Sunday, January 18th. Weiss Ratings downgraded PennyMac Financial Services from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, January 20th. Jefferies Financial Group began coverage on shares of PennyMac Financial Services in a research report on Friday, December 19th. They issued a “buy” rating and a $160.00 target price on the stock. Finally, BTIG Research reissued a “buy” rating on shares of PennyMac Financial Services in a research note on Friday, January 30th. Five research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $139.71.

PennyMac Financial Services Company Profile

PennyMac Financial Services, Inc (NYSE: PFSI) is a leading mortgage banking company based in Westlake Village, California. The firm operates through two primary business segments: Production and Mortgage Servicing Rights (MSR). In its Production segment, PennyMac originates residential mortgage loans through retail, wholesale and correspondent channels, focusing on both purchase and refinance transactions. The MSR segment involves the acquisition and servicing of mortgage loans, whereby the company earns fees for managing loan portfolios on behalf of investors.

Since its founding in 2008, PennyMac has grown through a combination of organic origination and strategic acquisition of servicing rights, positioning itself as one of the largest residential mortgage loan servicers in the United States.