PennyMac Financial Services, Inc. (PFSI) to Issue Quarterly Dividend of $0.30 on November 27th

PennyMac Financial Services, Inc. (NYSE:PFSI) declared a quarterly dividend on Tuesday, October 22nd,NASDAQ Dividends reports. Stockholders of record on Monday, November 18th will be paid a dividend of 0.30 per share by the real estate investment trust on Wednesday, November 27th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date is Monday, November 18th.

PennyMac Financial Services has raised its dividend by an average of 14.0% per year over the last three years. PennyMac Financial Services has a payout ratio of 8.6% meaning its dividend is sufficiently covered by earnings. Equities analysts expect PennyMac Financial Services to earn $14.29 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 8.4%.

PennyMac Financial Services Stock Up 1.3 %

Shares of PennyMac Financial Services stock opened at $102.52 on Friday. PennyMac Financial Services has a 12-month low of $74.69 and a 12-month high of $119.13. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 2.75. The stock has a 50 day moving average price of $107.35 and a two-hundred day moving average price of $99.65. The stock has a market capitalization of $5.26 billion, a P/E ratio of 32.55 and a beta of 1.79.

PennyMac Financial Services (NYSE:PFSI) last announced its earnings results on Tuesday, October 22nd. The real estate investment trust reported $1.30 EPS for the quarter, missing the consensus estimate of $2.92 by ($1.62). PennyMac Financial Services had a return on equity of 15.13% and a net margin of 11.45%. The firm had revenue of $411.83 million during the quarter, compared to the consensus estimate of $513.12 million. During the same quarter last year, the business earned $1.77 EPS. The business’s revenue was up 2.9% compared to the same quarter last year. Equities analysts expect that PennyMac Financial Services will post 11.88 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently weighed in on PFSI. Keefe, Bruyette & Woods cut PennyMac Financial Services from an “outperform” rating to a “market perform” rating and set a $102.00 price objective for the company. in a research report on Monday, July 22nd. Barclays increased their price objective on PennyMac Financial Services from $112.00 to $125.00 and gave the company an “overweight” rating in a research report on Tuesday, October 8th. Wedbush reaffirmed an “outperform” rating and set a $130.00 target price on shares of PennyMac Financial Services in a research report on Wednesday, October 23rd. Wells Fargo & Company upped their target price on shares of PennyMac Financial Services from $110.00 to $125.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Finally, Piper Sandler raised their price target on shares of PennyMac Financial Services from $125.00 to $132.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, PennyMac Financial Services currently has an average rating of “Moderate Buy” and an average target price of $115.86.

Insiders Place Their Bets

In other PennyMac Financial Services news, Director Anne Mccallion sold 23,829 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $103.14, for a total value of $2,457,723.06. Following the sale, the director now directly owns 1,854 shares in the company, valued at $191,221.56. This represents a 92.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Steven Richard Bailey sold 14,130 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $116.88, for a total value of $1,651,514.40. Following the transaction, the insider now owns 14,670 shares of the company’s stock, valued at $1,714,629.60. This represents a 49.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 88,459 shares of company stock worth $9,582,102 over the last 90 days. Corporate insiders own 16.60% 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.