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

PennyMac Financial Services, Inc. (NYSE:PFSI) announced a quarterly dividend on Tuesday, May 5th. Shareholders of record on Monday, May 18th will be paid a dividend of 0.30 per share by the real estate investment trust on Thursday, May 28th. This represents a c) dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Monday, May 18th.

PennyMac Financial Services has increased its dividend payment by an average of 0.2%annually over the last three years and has increased its dividend every year for the last 1 years. PennyMac Financial Services has a payout ratio of 8.0% meaning its dividend is sufficiently covered by earnings. Analysts expect PennyMac Financial Services to earn $16.32 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 7.4%.

PennyMac Financial Services Stock Up 0.7%

PFSI traded up $0.64 during midday trading on Wednesday, reaching $88.12. The company’s stock had a trading volume of 276,988 shares, compared to its average volume of 769,193. The firm has a market capitalization of $4.60 billion, a price-to-earnings ratio of 9.48, a PEG ratio of 0.52 and a beta of 1.49. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 3.32. PennyMac Financial Services has a 1 year low of $82.65 and a 1 year high of $160.36. The stock’s 50-day moving average is $89.25 and its 200-day moving average is $113.69.

PennyMac Financial Services (NYSE:PFSI) last announced its quarterly earnings data on Tuesday, May 5th. The real estate investment trust reported $2.19 earnings per share for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.03). The business had revenue of $544.98 million during the quarter, compared to analysts’ expectations of $546.17 million. PennyMac Financial Services had a return on equity of 10.20% and a net margin of 24.48%.PennyMac Financial Services’s revenue for the quarter was up 26.5% compared to the same quarter last year. During the same quarter last year, the company posted $1.42 EPS. As a group, research analysts expect that PennyMac Financial Services will post 12.05 EPS for the current year.

Insider Activity

In other news, CEO David Spector sold 10,000 shares of the stock in a transaction that occurred on Tuesday, April 14th. The shares were sold at an average price of $92.83, for a total transaction of $928,300.00. Following the sale, the chief executive officer owned 70,604 shares in the company, valued at $6,554,169.32. This represents a 12.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel Stanley Perotti sold 2,925 shares of the stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $93.30, for a total transaction of $272,902.50. Following the sale, the chief financial officer owned 213,550 shares in the company, valued at approximately $19,924,215. The trade was a 1.35% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 51,280 shares of company stock worth $4,630,853. Corporate insiders own 15.80% of the company’s stock.

Institutional Investors Weigh In On PennyMac Financial Services

A number of institutional investors have recently made changes to their positions in PFSI. EverSource Wealth Advisors LLC purchased a new stake in shares of PennyMac Financial Services during the second quarter valued at approximately $26,000. Caitong International Asset Management Co. Ltd boosted its holdings in PennyMac Financial Services by 7,600.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 231 shares of the real estate investment trust’s stock worth $30,000 after purchasing an additional 228 shares during the last quarter. Strs Ohio purchased a new stake in PennyMac Financial Services in the first quarter worth approximately $30,000. Los Angeles Capital Management LLC purchased a new stake in PennyMac Financial Services in the fourth quarter worth approximately $31,000. Finally, GAMMA Investing LLC boosted its holdings in PennyMac Financial Services by 97.3% in the fourth quarter. GAMMA Investing LLC now owns 288 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 142 shares during 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 (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.