Insider Selling: PennyMac Financial Services (NYSE:PFSI) CEO Sells $646,300.00 in Stock

PennyMac Financial Services, Inc. (NYSE:PFSI) CEO David Spector sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $129.26, for a total value of $646,300.00. Following the transaction, the chief executive officer owned 115,604 shares in the company, valued at $14,942,973.04. The trade was a 4.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

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

• On Thursday, October 23rd, David Spector sold 71,161 shares of PennyMac Financial Services stock. The shares were sold at an average price of $128.07, for a total value of $9,113,589.27.
• On Monday, October 6th, David Spector sold 5,000 shares of PennyMac Financial Services stock. The stock was sold at an average price of $118.42, for a total value of $592,100.00.
• On Tuesday, September 23rd, David Spector sold 5,000 shares of PennyMac Financial Services stock. The stock was sold at an average price of $122.97, for a total value of $614,850.00.
• On Monday, August 18th, David Spector sold 5,000 shares of PennyMac Financial Services stock. The stock was sold at an average price of $105.73, for a total transaction of $528,650.00.

PennyMac Financial Services Stock Performance

NYSE:PFSI opened at $126.96 on Friday. The firm’s fifty day simple moving average is $123.85 and its 200-day simple moving average is $108.41. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 3.01. The stock has a market cap of $6.60 billion, a PE ratio of 13.68 and a beta of 1.56. PennyMac Financial Services, Inc. has a fifty-two week low of $85.74 and a fifty-two week high of $134.56.

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

PennyMac Financial Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 26th. Investors of record on Monday, November 17th will be issued a $0.30 dividend. The ex-dividend date is Monday, November 17th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.9%. PennyMac Financial Services’s dividend payout ratio is currently 12.93%.

Institutional Trading of PennyMac Financial Services

Hedge funds and other institutional investors have recently bought and sold shares of the company. Schonfeld Strategic Advisors LLC grew its position in shares of PennyMac Financial Services by 290.9% in the third quarter. Schonfeld Strategic Advisors LLC now owns 11,112 shares of the real estate investment trust’s stock valued at $1,377,000 after purchasing an additional 8,269 shares during the period. Creative Planning grew its holdings in PennyMac Financial Services by 5.9% in the 3rd quarter. Creative Planning now owns 14,286 shares of the real estate investment trust’s stock valued at $1,770,000 after buying an additional 791 shares during the period. FJ Capital Management LLC acquired a new position in shares of PennyMac Financial Services during the 3rd quarter valued at about $6,387,000. Man Group plc purchased a new position in shares of PennyMac Financial Services during the 3rd quarter worth about $1,590,000. Finally, California State Teachers Retirement System lifted its holdings in shares of PennyMac Financial Services by 6.9% during the 3rd quarter. California State Teachers Retirement System now owns 28,303 shares of the real estate investment trust’s stock worth $3,506,000 after acquiring an additional 1,831 shares during the period. 57.87% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PFSI. Piper Sandler lifted their price objective on PennyMac Financial Services from $136.00 to $140.00 and gave the stock an “overweight” rating in a report on Wednesday, October 22nd. Wall Street Zen upgraded PennyMac Financial Services from a “hold” rating to a “buy” rating in a research report on Saturday, November 1st. Keefe, Bruyette & Woods boosted their price objective on shares of PennyMac Financial Services from $129.00 to $138.00 and gave the stock a “market perform” rating in a research report on Friday, October 24th. Wells Fargo & Company raised their target price on shares of PennyMac Financial Services from $115.00 to $135.00 and gave the company an “overweight” rating in a report on Wednesday, October 22nd. Finally, Zacks Research upgraded shares of PennyMac Financial Services from a “strong sell” rating to a “hold” rating in a research report on Monday, October 6th. Four research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, PennyMac Financial Services currently has a consensus rating of “Moderate Buy” and a consensus target price of $138.67.

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.