Insider Selling: PennyMac Financial Services, Inc. (NYSE:PFSI) CEO Sells 10,000 Shares of Stock

PennyMac Financial Services, Inc. (NYSE:PFSI) CEO David Spector sold 10,000 shares of the business’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $105.04, for a total transaction of $1,050,400.00. Following the sale, the chief executive officer now directly owns 180,604 shares in the company, valued at $18,970,644.16. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

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

• On Monday, October 14th, David Spector sold 10,000 shares of PennyMac Financial Services stock. The stock was sold at an average price of $107.57, for a total value of $1,075,700.00.
• On Tuesday, September 17th, David Spector sold 10,000 shares of PennyMac Financial Services stock. The shares were sold at an average price of $116.79, for a total value of $1,167,900.00.
• On Wednesday, August 21st, David Spector sold 10,000 shares of PennyMac Financial Services stock. The shares were sold at an average price of $99.31, for a total value of $993,100.00.

PennyMac Financial Services Stock Performance

Shares of PFSI traded down $2.07 during trading hours on Wednesday, hitting $102.73. The stock had a trading volume of 343,922 shares, compared to its average volume of 259,116. The firm has a market capitalization of $5.27 billion, a PE ratio of 32.78 and a beta of 1.79. The company has a debt-to-equity ratio of 2.75, a current ratio of 0.38 and a quick ratio of 0.38. PennyMac Financial Services, Inc. has a 12 month low of $73.01 and a 12 month high of $119.13. The stock has a fifty day moving average price of $107.66 and a 200 day moving average price of $99.51.

PennyMac Financial Services (NYSE:PFSI) last released its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $1.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.92 by ($1.62). PennyMac Financial Services had a net margin of 11.45% and a return on equity of 15.13%. The firm had revenue of $411.83 million for the quarter, compared to the consensus estimate of $513.12 million. During the same quarter in the prior year, the firm earned $1.77 earnings per share. The company’s revenue for the quarter was up 2.9% compared to the same quarter last year. Analysts anticipate that PennyMac Financial Services, Inc. will post 11.88 EPS for the current year.

PennyMac Financial Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Monday, November 18th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $1.20 dividend on an annualized basis and a yield of 1.17%. PennyMac Financial Services’s dividend payout ratio is currently 38.10%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Barclays increased their price objective on shares of PennyMac Financial Services from $112.00 to $125.00 and gave the company an “overweight” rating in a research report on Tuesday, October 8th. Wells Fargo & Company boosted their price objective on shares of PennyMac Financial Services from $110.00 to $125.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Keefe, Bruyette & Woods lowered PennyMac Financial Services from an “outperform” rating to a “market perform” rating and set a $102.00 target price for the company. in a report on Monday, July 22nd. Wedbush reaffirmed an “outperform” rating and set a $130.00 price objective on shares of PennyMac Financial Services in a research report on Wednesday, October 23rd. Finally, Piper Sandler boosted their target price on PennyMac Financial Services from $125.00 to $132.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, PennyMac Financial Services presently has an average rating of “Moderate Buy” and an average target price of $115.86.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of PFSI. Hexagon Capital Partners LLC increased its stake in shares of PennyMac Financial Services by 29.6% in the 2nd quarter. Hexagon Capital Partners LLC now owns 477 shares of the real estate investment trust’s stock worth $45,000 after purchasing an additional 109 shares in the last quarter. KBC Group NV increased its position in PennyMac Financial Services by 20.3% in the third quarter. KBC Group NV now owns 1,340 shares of the real estate investment trust’s stock worth $153,000 after buying an additional 226 shares in the last quarter. QRG Capital Management Inc. increased its position in PennyMac Financial Services by 0.7% in the first quarter. QRG Capital Management Inc. now owns 33,892 shares of the real estate investment trust’s stock worth $3,087,000 after buying an additional 232 shares in the last quarter. Blue Trust Inc. raised its stake in shares of PennyMac Financial Services by 59.5% in the third quarter. Blue Trust Inc. now owns 702 shares of the real estate investment trust’s stock worth $80,000 after buying an additional 262 shares during the period. Finally, Quantbot Technologies LP lifted its position in shares of PennyMac Financial Services by 23.7% during the 3rd quarter. Quantbot Technologies LP now owns 1,516 shares of the real estate investment trust’s stock valued at $173,000 after buying an additional 290 shares in the last quarter. Hedge funds and other institutional investors own 57.87% of the company’s stock.

About PennyMac Financial Services

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.