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

Key Points

• CEO David Spector sold 10,000 shares of PennyMac Financial Services at an average price of $87.99, totaling about $879,900. The sale was made under a pre-arranged Rule 10b5-1 trading plan, and his direct stake fell by 14.16%.
• PennyMac missed earnings expectations slightly in its latest quarterly report, posting EPS of $2.19 versus the $2.22 consensus, while revenue came in at $544.98 million. Revenue still rose 26.5% year over year, and analysts expect full-year EPS of 10.68.
• The company declared a quarterly dividend of $0.30 per share, payable May 28, for an annualized yield of 1.4%. Meanwhile, analyst sentiment remains mixed, with a consensus rating of Hold and a consensus price target of $122.75.

PennyMac Financial Services, Inc. (NYSE:PFSI - Get Free Report) CEO David Spector sold 10,000 shares of PennyMac Financial Services stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $87.99, for a total transaction of $879,900.00. Following the sale, the chief executive officer directly owned 60,604 shares of the company's stock, valued at $5,332,545.96. The trade was a 14.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Tuesday, April 14th, David Spector sold 10,000 shares of PennyMac Financial Services stock. The stock was sold at an average price of $92.83, for a total value of $928,300.00.
• On Friday, March 6th, David Spector sold 10,000 shares of PennyMac Financial Services stock. The stock was sold at an average price of $86.39, for a total transaction of $863,900.00.
• On Friday, March 6th, David Spector sold 12,436 shares of PennyMac Financial Services stock. The shares were sold at an average price of $86.39, for a total transaction of $1,074,346.04.
• On Thursday, February 19th, David Spector sold 10,000 shares of PennyMac Financial Services stock. The shares were sold at an average price of $94.50, for a total value of $945,000.00.
• On Thursday, February 19th, David Spector sold 2,950 shares of PennyMac Financial Services stock. The shares were sold at an average price of $94.52, for a total value of $278,834.00.

PennyMac Financial Services Price Performance

Shares of NYSE:PFSI traded down $0.81 during midday trading on Wednesday, hitting $87.83. The stock had a trading volume of 364,090 shares, compared to its average volume of 767,843. The company's 50-day moving average price is $88.93 and its 200-day moving average price is $112.53. PennyMac Financial Services, Inc. has a fifty-two week low of $82.65 and a fifty-two week high of $160.36. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 3.32. The company has a market capitalization of $4.58 billion, a P/E ratio of 9.33, a price-to-earnings-growth ratio of 0.57 and a beta of 1.49.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last issued its earnings results 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). PennyMac Financial Services had a net margin of 23.47% and a return on equity of 11.02%. The business had revenue of $544.98 million during the quarter, compared to analyst estimates of $546.17 million. During the same period in the prior year, the business posted $1.42 EPS. The company's revenue for the quarter was up 26.5% compared to the same quarter last year. As a group, equities research analysts predict that PennyMac Financial Services, Inc. will post 10.68 EPS for the current fiscal year.

PennyMac Financial Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 28th. Investors of record on Monday, May 18th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Monday, May 18th. This represents a $1.20 annualized dividend and a dividend yield of 1.4%. PennyMac Financial Services's payout ratio is currently 12.75%.

Institutional Trading of PennyMac Financial Services

Large investors have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd lifted its position in shares of PennyMac Financial Services by 7,600.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 231 shares of the real estate investment trust's stock valued at $30,000 after acquiring an additional 228 shares during the period. Los Angeles Capital Management LLC acquired a new stake in PennyMac Financial Services in the fourth quarter worth $31,000. EverSource Wealth Advisors LLC acquired a new stake in PennyMac Financial Services in the second quarter worth $26,000. GAMMA Investing LLC increased its stake 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 valued at $38,000 after purchasing an additional 142 shares in the last quarter. Finally, Strs Ohio acquired a new position in shares of PennyMac Financial Services during the first quarter valued at about $30,000. Institutional investors and hedge funds own 57.87% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PFSI. Weiss Ratings downgraded PennyMac Financial Services from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Wednesday, May 6th. Wells Fargo & Company reduced their target price on PennyMac Financial Services from $110.00 to $100.00 and set an "overweight" rating on the stock in a report on Wednesday, May 6th. Keefe, Bruyette & Woods lowered their price target on shares of PennyMac Financial Services from $115.00 to $108.00 and set an "outperform" rating for the company in a report on Friday, May 8th. Piper Sandler dropped their price target on shares of PennyMac Financial Services from $122.00 to $112.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 6th. Finally, BTIG Research reaffirmed a "buy" rating on shares of PennyMac Financial Services in a research note on Friday, January 30th. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $122.75.

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.

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