Insider Selling: PennyMac Financial Services, Inc. (NYSE:PFSI) CEO Sells $6,217,126.40 in Stock

PennyMac Financial Services, Inc. (NYSE:PFSI) CEO David Spector sold 61,120 shares of the stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $101.72, for a total value of $6,217,126.40. Following the transaction, the chief executive officer now owns 634,612 shares of the company’s stock, valued at approximately $64,552,732.64. This trade represents a 8.78 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

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

• On Wednesday, December 4th, David Spector sold 10,000 shares of PennyMac Financial Services stock. The stock was sold at an average price of $104.95, for a total value of $1,049,500.00.
• On Tuesday, November 12th, David Spector sold 10,000 shares of PennyMac Financial Services stock. The shares were sold at an average price of $105.04, for a total value of $1,050,400.00.
• On Monday, October 14th, David Spector sold 10,000 shares of PennyMac Financial Services stock. The shares were sold at an average price of $107.57, for a total transaction of $1,075,700.00.

PennyMac Financial Services Stock Performance

NYSE:PFSI opened at $102.18 on Thursday. The stock has a 50 day simple moving average of $103.84 and a 200 day simple moving average of $102.32. The stock has a market cap of $5.24 billion, a P/E ratio of 32.44 and a beta of 1.78. PennyMac Financial Services, Inc. has a 1-year low of $81.93 and a 1-year high of $119.13. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 2.75.

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

PennyMac Financial Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Monday, November 18th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.17%. The ex-dividend date of this dividend was Monday, November 18th. PennyMac Financial Services’s dividend payout ratio is currently 38.10%.

Institutional Trading of PennyMac Financial Services

A number of institutional investors have recently modified their holdings of PFSI. Harbor Capital Advisors Inc. acquired a new stake in PennyMac Financial Services in the third quarter valued at about $37,000. Blue Trust Inc. lifted its stake in PennyMac Financial Services by 59.5% in the 3rd quarter. Blue Trust Inc. now owns 702 shares of the real estate investment trust’s stock valued at $80,000 after purchasing an additional 262 shares during the last quarter. KBC Group NV boosted its position in PennyMac Financial Services by 20.3% in the third quarter. KBC Group NV now owns 1,340 shares of the real estate investment trust’s stock valued at $153,000 after buying an additional 226 shares in the last quarter. Quantbot Technologies LP boosted its position in PennyMac Financial Services by 23.7% in the third quarter. Quantbot Technologies LP now owns 1,516 shares of the real estate investment trust’s stock valued at $173,000 after buying an additional 290 shares in the last quarter. Finally, Verition Fund Management LLC bought a new stake in shares of PennyMac Financial Services during the third quarter worth $203,000. 57.87% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on PFSI. Barclays raised their target price on shares of PennyMac Financial Services from $112.00 to $125.00 and gave the company an “overweight” rating in a research report on Tuesday, October 8th. Keefe, Bruyette & Woods reduced their price target on PennyMac Financial Services from $112.00 to $111.00 and set a “market perform” rating for the company in a research report on Tuesday, December 10th. Wells Fargo & Company boosted their price target on PennyMac Financial Services from $110.00 to $125.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Wedbush reissued an “outperform” rating and issued a $130.00 price objective on shares of PennyMac Financial Services in a report on Wednesday, October 23rd. Finally, Piper Sandler upped 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 investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $122.50.

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.