PennyMac Financial Services (NYSE:PFSI) CEO David Spector Sells 10,000 Shares

PennyMac Financial Services, Inc. (NYSE:PFSI) CEO David Spector sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 13th. The shares were sold at an average price of $145.19, for a total value of $1,451,900.00. Following the completion of the transaction, the chief executive officer owned 100,604 shares of the company’s stock, valued at $14,606,694.76. This represents a 9.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this link.

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

• 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 transaction of $649,050.00.
• On Wednesday, November 12th, David Spector sold 5,000 shares of PennyMac Financial Services stock. The shares were sold at an average price of $129.26, for a total transaction of $646,300.00.
• On Thursday, October 23rd, David Spector sold 71,161 shares of PennyMac Financial Services stock. The stock was sold at an average price of $128.07, for a total transaction of $9,113,589.27.

PennyMac Financial Services Trading Up 1.3%

Shares of NYSE:PFSI opened at $147.50 on Thursday. The firm has a market cap of $7.67 billion, a price-to-earnings ratio of 15.89, a PEG ratio of 0.66 and a beta of 1.57. PennyMac Financial Services, Inc. has a 12 month low of $85.74 and a 12 month high of $148.32. The company’s fifty day simple moving average is $132.29 and its 200 day simple moving average is $119.25. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 3.01.

PennyMac Financial Services (NYSE:PFSI) last released its earnings results on Tuesday, October 21st. The real estate investment trust reported $3.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.98 by $0.39. The firm had revenue of $632.90 million during the quarter, compared to analysts’ expectations of $573.46 million. PennyMac Financial Services had a return on equity of 11.69% and a net margin of 25.21%.The company’s revenue was up 53.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.30 EPS. As a group, research analysts forecast that PennyMac Financial Services, Inc. will post 13.77 EPS for the current fiscal year.

PennyMac Financial Services Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 26th. Shareholders of record on Monday, November 17th were paid a $0.30 dividend. The ex-dividend date was Monday, November 17th. This represents a $1.20 annualized dividend and a yield of 0.8%. PennyMac Financial Services’s payout ratio is presently 12.93%.

Institutional Investors Weigh In On PennyMac Financial Services

Several hedge funds have recently bought and sold shares of PFSI. Creative Planning raised its holdings in PennyMac Financial Services by 89.5% in the 2nd quarter. Creative Planning now owns 13,495 shares of the real estate investment trust’s stock valued at $1,345,000 after acquiring an additional 6,374 shares during the period. Vise Technologies Inc. bought a new stake in shares of PennyMac Financial Services during the second quarter worth approximately $383,000. American Century Companies Inc. grew its position in shares of PennyMac Financial Services by 15.0% in the second quarter. American Century Companies Inc. now owns 399,388 shares of the real estate investment trust’s stock valued at $39,795,000 after purchasing an additional 52,227 shares during the last quarter. Lightrock Netherlands B.V. increased its stake in shares of PennyMac Financial Services by 5.2% during the second quarter. Lightrock Netherlands B.V. now owns 143,113 shares of the real estate investment trust’s stock worth $14,260,000 after purchasing an additional 7,058 shares during the period. Finally, Norges Bank acquired a new stake in PennyMac Financial Services during the 2nd quarter worth approximately $39,976,000. 57.87% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Jefferies Financial Group began coverage on shares of PennyMac Financial Services in a report on Friday, December 19th. They issued a “buy” rating and a $160.00 price objective on the stock. Keefe, Bruyette & Woods lifted their price target on shares of PennyMac Financial Services from $138.00 to $143.00 and gave the company a “market perform” rating in a research note on Thursday, December 18th. Zacks Research raised shares of PennyMac Financial Services to a “hold” rating in a research report on Friday, December 19th. Weiss Ratings upgraded shares of PennyMac Financial Services from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, January 5th. Finally, Wall Street Zen raised PennyMac Financial Services from a “hold” rating to a “buy” rating in a research report on Saturday, January 10th. Six analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, PennyMac Financial Services has a consensus rating of “Moderate Buy” and an average price target of $150.29.

About PennyMac Financial Services

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.