PennyMac Financial Services, Inc. (NYSE:PFSI) Shareholders to Collect $0.30 Quarterly Dividend

PennyMac Financial Services, Inc. (NYSE:PFSI) declared a quarterly dividend on Thursday, October 29th. Stockholders of record on Monday, November 16th will be paid a dividend of $0.30 per share by the real estate investment trust on Friday, November 27th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Monday, November 16th.

PennyMac Financial Services has raised its dividend payment by an average of 0.2% annually over the last three years and has raised its dividend annually for the last 1 consecutive years. PennyMac Financial Services has a payout ratio of 8.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect PennyMac Financial Services to earn $10.32 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 11.6%.

PennyMac Financial Services Price Performance

PFSI stock opened at $64.50 on Friday. The firm has a 50 day moving average of $66.27 and a 200-day moving average of $85.44. The company has a market cap of $3.35 billion, a price-to-earnings ratio of 8.86 and a beta of 1.45. PennyMac Financial Services has a 12-month low of $57.52 and a 12-month high of $160.36. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 3.22.

PennyMac Financial Services (NYSE:PFSI) last posted its quarterly earnings results on Thursday, October 29th. The real estate investment trust reported $1.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.22). PennyMac Financial Services had a net margin of 17.74% and a return on equity of 11.18%. The firm had revenue of $502.00 million for the quarter, compared to analysts’ expectations of $531.77 million. During the same period last year, the firm posted $3.37 EPS. PennyMac Financial Services’s revenue was down 25.9% on a year-over-year basis. As a group, equities analysts expect that PennyMac Financial Services will post 6.72 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently commented on PFSI. Keefe, Bruyette & Woods dropped their target price on shares of PennyMac Financial Services from $108.00 to $100.00 and set an “outperform” rating on the stock in a report on Friday, July 31st. Wall Street Zen lowered shares of PennyMac Financial Services from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. Barclays dropped their price objective on shares of PennyMac Financial Services from $85.00 to $71.00 and set an “equal weight” rating for the company in a report on Monday, October 5th. Weiss Ratings downgraded shares of PennyMac Financial Services from a “sell (d+)” rating to a “sell (d)” rating in a research report on Thursday. Finally, Piper Sandler cut their price target on PennyMac Financial Services from $86.00 to $71.00 and set a “neutral” rating on the stock in a research note on Friday, October 9th. Four research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, PennyMac Financial Services currently has a consensus rating of “Hold” and a consensus target price of $93.57.

About PennyMac Financial Services

PennyMac Financial Services, Inc (NYSE: PFSI) is a specialty financial services company focused on the U.S. residential mortgage market. Through its subsidiaries, the company originates, acquires, and services residential mortgage loans, with an emphasis on conventional, government-backed, and other mortgage products.

PennyMac’s primary businesses include mortgage production, loan servicing, and investment management. Its production platform acquires and originates loans through correspondent relationships with banks and other lenders, as well as through direct-to-consumer and broker channels.