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

PennyMac Financial Services, Inc. (NYSE:PFSI - Get Free Report) announced a quarterly dividend on Wednesday, July 23rd, Wall Street Journal reports. Investors of record on Wednesday, August 13th will be given a dividend of 0.30 per share by the real estate investment trust on Friday, August 22nd. This represents a $1.20 annualized dividend and a yield of 1.30%. 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 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 Performance

Shares of PFSI stock traded down $0.70 during trading hours on Friday, reaching $92.56. 170,120 shares of the company's stock were exchanged, compared to its average volume of 374,796. PennyMac Financial Services has a fifty-two week low of $85.74 and a fifty-two week high of $119.13. The stock has a market capitalization of $4.78 billion, a P/E ratio of 12.83, a P/E/G ratio of 0.21 and a beta of 1.53. The business has a fifty day moving average price of $98.09 and a 200-day moving average price of $99.70. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 2.96.

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

Analysts Set New Price Targets

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

Insider Buying and Selling at PennyMac Financial Services

In other PennyMac Financial Services news, CFO Daniel Stanley Perotti sold 10,500 shares of PennyMac Financial Services stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $99.45, for a total value of $1,044,225.00. Following the completion of the transaction, the chief financial officer directly owned 234,025 shares of the company's stock, valued at $23,273,786.25. The trade was a 4.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO David Spector sold 5,000 shares of PennyMac Financial Services stock in a transaction on Monday, July 7th. The shares were sold at an average price of $100.81, for a total value of $504,050.00. Following the completion of the transaction, the chief executive officer directly owned 135,604 shares of the company's stock, valued at $13,670,239.24. This represents a 3.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 36,500 shares of company stock valued at $3,616,005 in the last three months. Corporate insiders own 15.80% of the company's stock.

Hedge Funds Weigh In On PennyMac Financial Services

Hedge funds and other institutional investors have recently modified their holdings of the business. Strs Ohio bought a new position in shares of PennyMac Financial Services in the 1st quarter valued at $30,000. Intech Investment Management LLC increased its holdings in 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in 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 in the last quarter. Finally, AQR Capital Management LLC increased its holdings in 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 in the last quarter. 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.