Insider Selling: PennyMac Financial Services, Inc. (NYSE:PFSI) CEO Sells 10,000 Shares of Stock

PennyMac Financial Services, Inc. (NYSE:PFSI) CEO David Spector sold 10,000 shares of the company’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $105.04, for a total value of $1,050,400.00. Following the completion of the sale, the chief executive officer now owns 180,604 shares of the company’s stock, valued at $18,970,644.16. This represents a 5.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

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

• On Monday, October 14th, David Spector sold 10,000 shares of PennyMac Financial Services stock. The shares were sold at an average price of $107.57, for a total value of $1,075,700.00.
• On Tuesday, September 17th, David Spector sold 10,000 shares of PennyMac Financial Services stock. The shares were sold at an average price of $116.79, for a total transaction of $1,167,900.00.
• On Wednesday, August 21st, David Spector sold 10,000 shares of PennyMac Financial Services stock. The stock was sold at an average price of $99.31, for a total transaction of $993,100.00.

PennyMac Financial Services Stock Up 1.3 %

NYSE:PFSI opened at $102.52 on Friday. The company’s 50 day moving average is $107.35 and its two-hundred day moving average is $99.65. The company has a market cap of $5.26 billion, a PE ratio of 32.55 and a beta of 1.79. PennyMac Financial Services, Inc. has a twelve month low of $74.69 and a twelve month high of $119.13. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 2.75.

PennyMac Financial Services (NYSE:PFSI) last issued its earnings results on Tuesday, October 22nd. The real estate investment trust reported $1.30 EPS for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $513.12 million. During the same quarter in the prior year, the company earned $1.77 EPS. PennyMac Financial Services’s quarterly revenue was up 2.9% on a year-over-year basis. Analysts anticipate that PennyMac Financial Services, Inc. will post 11.88 EPS for the current year.

PennyMac Financial Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Monday, November 18th will be issued a $0.30 dividend. The ex-dividend date is Monday, November 18th. This represents a $1.20 dividend on an annualized basis and a yield of 1.17%. PennyMac Financial Services’s payout ratio is 38.10%.

Analysts Set New Price Targets

A number of brokerages recently commented on PFSI. Wells Fargo & Company boosted their price objective on shares of PennyMac Financial Services from $110.00 to $125.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Piper Sandler upped their price objective on PennyMac Financial Services from $125.00 to $132.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Wedbush reiterated an “outperform” rating and issued a $130.00 target price on shares of PennyMac Financial Services in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods cut shares of PennyMac Financial Services from an “outperform” rating to a “market perform” rating and set a $102.00 price target on the stock. in a report on Monday, July 22nd. Finally, Barclays boosted their price objective 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. 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 MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $115.86.

Institutional Trading of PennyMac Financial Services

A number of institutional investors and hedge funds have recently modified their holdings of PFSI. Barclays PLC grew its holdings in shares of PennyMac Financial Services by 505.4% in the third quarter. Barclays PLC now owns 60,179 shares of the real estate investment trust’s stock valued at $6,859,000 after purchasing an additional 50,238 shares during the period. XTX Topco Ltd purchased a new position in shares of PennyMac Financial Services during the 3rd quarter worth $614,000. State Street Corp increased its position in shares of PennyMac Financial Services by 6.0% during the 3rd quarter. State Street Corp now owns 911,741 shares of the real estate investment trust’s stock worth $103,911,000 after purchasing an additional 51,777 shares during the last quarter. Philadelphia Financial Management of San Francisco LLC purchased a new stake in PennyMac Financial Services in the 3rd quarter valued at about $21,890,000. Finally, HighTower Advisors LLC acquired a new position in PennyMac Financial Services in the third quarter valued at about $702,000. Hedge funds and other institutional investors own 57.87% of the company’s stock.

PennyMac Financial Services Company Profile

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.