PennyMac Financial Services, Inc. (NYSE:PFSI) Announces Quarterly Dividend of $0.20

PennyMac Financial Services, Inc. (NYSE:PFSI) declared a quarterly dividend on Wednesday, April 24th, Zacks reports. Investors of record on Tuesday, May 14th will be given a dividend of 0.20 per share by the real estate investment trust on Friday, May 24th. This represents a $0.80 dividend on an annualized basis and a yield of 0.93%. The ex-dividend date of this dividend is Monday, May 13th.

PennyMac Financial Services has increased its dividend payment by an average of 14.0% per year over the last three years. PennyMac Financial Services has a dividend payout ratio of 6.5% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect PennyMac Financial Services to earn $12.36 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 6.5%.

PennyMac Financial Services Stock Performance

PFSI opened at $86.20 on Friday. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 1.90. The firm has a market capitalization of $4.35 billion, a PE ratio of 29.93, a PEG ratio of 0.61 and a beta of 1.67. The firm’s 50-day moving average price is $87.95 and its 200 day moving average price is $82.89. PennyMac Financial Services has a twelve month low of $56.16 and a twelve month high of $94.78.

PennyMac Financial Services (NYSE:PFSI) last posted its earnings results on Wednesday, April 24th. The real estate investment trust reported $2.48 earnings per share for the quarter, beating the consensus estimate of $2.34 by $0.14. The company had revenue of $305.66 million for the quarter, compared to analyst estimates of $422.87 million. PennyMac Financial Services had a net margin of 10.94% and a return on equity of 10.51%. As a group, sell-side analysts expect that PennyMac Financial Services will post 10.41 EPS for the current fiscal year.

Insider Buying and Selling at PennyMac Financial Services

In other PennyMac Financial Services news, insider James Follette sold 2,617 shares of the stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $86.24, for a total value of $225,690.08. Following the sale, the insider now directly owns 7,257 shares of the company’s stock, valued at approximately $625,843.68. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, insider James Follette sold 2,617 shares of the company’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $86.24, for a total value of $225,690.08. Following the completion of the transaction, the insider now owns 7,257 shares in the company, valued at approximately $625,843.68. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO David Spector sold 10,000 shares of the company’s stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $90.72, for a total transaction of $907,200.00. Following the completion of the transaction, the chief executive officer now owns 250,604 shares of the company’s stock, valued at approximately $22,734,794.88. The disclosure for this sale can be found here. In the last three months, insiders have sold 87,802 shares of company stock valued at $7,666,108. Insiders own 17.40% of the company’s stock.

Analyst Upgrades and Downgrades

PFSI has been the topic of a number of research analyst reports. StockNews.com downgraded shares of PennyMac Financial Services from a “hold” rating to a “sell” rating in a research note on Thursday. Barclays boosted their price target on shares of PennyMac Financial Services from $103.00 to $112.00 and gave the company an “overweight” rating in a research note on Tuesday, April 9th. Keefe, Bruyette & Woods raised shares of PennyMac Financial Services from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $100.00 to $105.00 in a research note on Tuesday, April 9th. Deutsche Bank Aktiengesellschaft cut their target price on shares of PennyMac Financial Services from $115.00 to $112.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, Wedbush reaffirmed an “outperform” rating and set a $110.00 target price on shares of PennyMac Financial Services in a research note on Thursday. One analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $98.38.

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.