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

PennyMac Financial Services, Inc. (NYSE:PFSI - Get Free Report) declared a quarterly dividend on Wednesday, July 23rd, Wall Street Journal reports. Shareholders of record on Wednesday, August 13th will be paid a dividend of 0.30 per share by the real estate investment trust on Friday, August 22nd. This represents a $1.20 dividend on an annualized basis and a yield of 1.28%. The ex-dividend date is Wednesday, August 13th.

PennyMac Financial Services has a dividend payout ratio of 8.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect PennyMac Financial Services to earn $16.15 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%

Shares of PennyMac Financial Services stock traded up $0.70 during trading on Friday, hitting $93.96. The company's stock had a trading volume of 460,395 shares, compared to its average volume of 428,425. The company has a debt-to-equity ratio of 2.96, a quick ratio of 0.30 and a current ratio of 0.30. The company has a fifty day simple moving average of $97.93 and a two-hundred day simple moving average of $99.66. The company has a market capitalization of $4.85 billion, a PE ratio of 13.03 and a beta of 1.53. PennyMac Financial Services has a 52 week low of $85.74 and a 52 week high of $119.13.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The real estate investment trust reported $1.02 earnings per share for the quarter, missing analysts' consensus estimates of $3.01 by ($1.99). PennyMac Financial Services had a net margin of 22.00% and a return on equity of 12.34%. The business had revenue of $444.73 million for the quarter, compared to the consensus estimate of $547.44 million. During the same period in the prior year, the business posted $1.85 EPS. PennyMac Financial Services's revenue for the quarter was up 9.5% on a year-over-year basis. Equities research analysts predict that PennyMac Financial Services will post 13.77 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Keefe, Bruyette & Woods decreased their target price on shares of PennyMac Financial Services from $121.00 to $117.00 and set an "outperform" rating for the company in a research note on Thursday. Barclays decreased their target price on shares of PennyMac Financial Services from $124.00 to $119.00 and set an "overweight" rating for the company in a research note on Tuesday, July 8th. UBS Group decreased their target price on shares of PennyMac Financial Services from $115.00 to $110.00 and set a "neutral" rating for the company in a research note on Thursday. Piper Sandler decreased their target price on shares of PennyMac Financial Services from $125.00 to $121.00 and set an "overweight" rating for the company in a research note on Wednesday. Finally, Wells Fargo & Company cut their price objective on shares of PennyMac Financial Services from $120.00 to $115.00 and set an "overweight" rating on the stock in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, PennyMac Financial Services currently has an average rating of "Moderate Buy" and an average target price of $118.67.

Insider Activity at PennyMac Financial Services

In related news, CEO David Spector sold 5,000 shares of the stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $100.81, for a total transaction of $504,050.00. Following the sale, the chief executive officer directly owned 135,604 shares of the company's stock, valued at approximately $13,670,239.24. This represents a 3.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Joseph F. Mazzella sold 11,000 shares of the firm's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $98.23, for a total transaction of $1,080,530.00. Following the sale, the director directly owned 92,863 shares in the company, valued at approximately $9,121,932.49. The trade was a 10.59% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 36,500 shares of company stock valued at $3,616,005. 15.80% of the stock is owned by insiders.

Institutional Trading of PennyMac Financial Services

Institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC lifted its stake in shares of PennyMac Financial Services by 3.8% in the 1st quarter. AQR Capital Management LLC now owns 24,012 shares of the real estate investment trust's stock worth $2,404,000 after purchasing an additional 875 shares during the period. Intech Investment Management LLC lifted its stake in shares of PennyMac Financial Services by 5.8% in the 1st quarter. Intech Investment Management LLC now owns 15,382 shares of the real estate investment trust's stock worth $1,540,000 after purchasing an additional 840 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of PennyMac Financial Services by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,923 shares of the real estate investment trust's stock worth $1,594,000 after purchasing an additional 706 shares during the period. Finally, Strs Ohio bought a new position in shares of PennyMac Financial Services in the 1st quarter worth approximately $30,000. Hedge funds and other institutional investors own 57.87% of the company's stock.

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.