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

PennyMac Financial Services, Inc. (NYSE:PFSI) declared a quarterly dividend on Tuesday, October 22nd,NASDAQ Dividends reports. Stockholders of record on Monday, November 18th will be paid a dividend of 0.30 per share by the real estate investment trust on Wednesday, November 27th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date is Monday, November 18th.

PennyMac Financial Services has raised its dividend by an average of 14.0% annually over the last three years. PennyMac Financial Services has a payout ratio of 8.6% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect PennyMac Financial Services to earn $14.29 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 8.4%.

PennyMac Financial Services Stock Performance

Shares of PennyMac Financial Services stock opened at $102.52 on Friday. The company has a debt-to-equity ratio of 2.75, a current ratio of 0.38 and a quick ratio of 0.38. The firm has a 50 day simple moving average of $107.35 and a 200 day simple moving average of $99.65. PennyMac Financial Services has a fifty-two week low of $74.69 and a fifty-two week high of $119.13. The firm has a market cap of $5.26 billion, a P/E ratio of 32.55 and a beta of 1.79.

PennyMac Financial Services (NYSE:PFSI) last released its earnings results on Tuesday, October 22nd. The real estate investment trust reported $1.30 EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $513.12 million. During the same period last year, the business posted $1.77 earnings per share. The firm’s quarterly revenue was up 2.9% on a year-over-year basis. Sell-side analysts predict that PennyMac Financial Services will post 11.88 earnings per share for the current fiscal year.

Insider Buying and Selling at PennyMac Financial Services

In other news, Director Anne Mccallion sold 23,829 shares of PennyMac Financial Services stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $103.14, for a total transaction of $2,457,723.06. Following the transaction, the director now owns 1,854 shares in the company, valued at $191,221.56. The trade was a 92.78 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO David Spector sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $99.31, for a total value of $993,100.00. Following the sale, the chief executive officer now directly owns 210,604 shares of the company’s stock, valued at approximately $20,915,083.24. The trade was a 4.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 88,459 shares of company stock valued at $9,582,102. Corporate insiders own 16.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Keefe, Bruyette & Woods downgraded shares of PennyMac Financial Services from an “outperform” rating to a “market perform” rating and set a $102.00 target price on the stock. in a research report on Monday, July 22nd. Barclays boosted their price target on shares of PennyMac Financial Services from $112.00 to $125.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. Wells Fargo & Company raised their price objective on shares of PennyMac Financial Services from $110.00 to $125.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Wedbush reiterated an “outperform” rating and set a $130.00 target price on shares of PennyMac Financial Services in a research report on Wednesday, October 23rd. Finally, Piper Sandler raised their price target 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 research analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, PennyMac Financial Services has a consensus rating of “Moderate Buy” and a consensus price target of $115.86.

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.