Gregory Hendry Sells 2,943 Shares of PennyMac Financial Services (NYSE:PFSI) Stock

PennyMac Financial Services, Inc. (NYSE:PFSI) CAO Gregory Hendry sold 2,943 shares of the stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $81.71, for a total value of $240,472.53. Following the completion of the sale, the chief accounting officer directly owned 48,968 shares in the company, valued at $4,001,175.28. This represents a 5.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

PennyMac Financial Services Stock Performance

Shares of PFSI opened at $84.22 on Friday. The company has a market cap of $4.37 billion, a price-to-earnings ratio of 8.95, a price-to-earnings-growth ratio of 0.54 and a beta of 1.44. The firm has a fifty day moving average of $86.05 and a 200-day moving average of $102.31. PennyMac Financial Services, Inc. has a 1 year low of $77.67 and a 1 year high of $160.36. The company has a debt-to-equity ratio of 3.63, a quick ratio of 0.33 and a current ratio of 0.33.

PennyMac Financial Services (NYSE:PFSI) last posted its earnings results on Tuesday, May 5th. The real estate investment trust reported $2.19 EPS for the quarter, missing the consensus estimate of $2.22 by ($0.03). PennyMac Financial Services had a return on equity of 10.93% and a net margin of 23.47%.The firm had revenue of $544.98 million during the quarter, compared to the consensus estimate of $546.17 million. During the same quarter last year, the company posted $1.42 EPS. PennyMac Financial Services’s revenue for the quarter was up 26.5% on a year-over-year basis. As a group, equities analysts anticipate that PennyMac Financial Services, Inc. will post 10.68 earnings per share for the current year.

PennyMac Financial Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 28th. Stockholders of record on Monday, May 18th were given a dividend of $0.30 per share. The ex-dividend date was 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%.

Hedge Funds Weigh In On PennyMac Financial Services

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of PennyMac Financial Services by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 2,832,737 shares of the real estate investment trust’s stock worth $373,468,000 after buying an additional 12,782 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in PennyMac Financial Services by 7.1% during the first quarter. Dimensional Fund Advisors LP now owns 1,916,271 shares of the real estate investment trust’s stock valued at $167,474,000 after buying an additional 126,902 shares in the last quarter. Invesco Ltd. grew its holdings in PennyMac Financial Services by 7.3% during the fourth quarter. Invesco Ltd. now owns 1,569,184 shares of the real estate investment trust’s stock worth $206,881,000 after acquiring an additional 106,088 shares during the period. 140 Summer Partners LP raised its position in PennyMac Financial Services by 50.2% in the fourth quarter. 140 Summer Partners LP now owns 669,892 shares of the real estate investment trust’s stock worth $88,319,000 after acquiring an additional 223,752 shares in the last quarter. Finally, Basswood Capital Management L.L.C. raised its position in PennyMac Financial Services by 5.9% in the second quarter. Basswood Capital Management L.L.C. now owns 570,210 shares of the real estate investment trust’s stock worth $56,816,000 after acquiring an additional 31,743 shares in the last quarter. 57.87% of the stock is owned by institutional investors.

Analysts Set New Price Targets

PFSI has been the topic of several analyst reports. Piper Sandler lowered their target price on 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. Weiss Ratings cut PennyMac Financial Services from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, May 6th. Wells Fargo & Company lowered their price target 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. BTIG Research cut their price objective on shares of PennyMac Financial Services from $150.00 to $105.00 and set a “buy” rating on the stock in a research note on Tuesday, June 16th. Finally, Zacks Research lowered shares of PennyMac Financial Services from a “hold” rating to a “strong sell” rating in a research report on Friday, May 8th. Six investment 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. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $117.12.

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.