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

PennyMac Financial Services, Inc. (NYSE:PFSI) announced a quarterly dividend on Friday, January 31st,Wall Street Journal reports. Shareholders of record on Thursday, February 13th will be paid a dividend of 0.30 per share by the real estate investment trust on Sunday, February 23rd. This represents a $1.20 annualized dividend and a yield of 1.14%. The ex-dividend date of this dividend is Thursday, February 13th.

PennyMac Financial Services has raised its dividend by an average of 7.7% annually over the last three years. PennyMac Financial Services has a dividend payout ratio of 7.5% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect PennyMac Financial Services to earn $14.23 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 Trading Down 8.6 %

Shares of PennyMac Financial Services stock traded down $9.89 during trading hours on Friday, hitting $104.93. The company’s stock had a trading volume of 1,029,959 shares, compared to its average volume of 352,353. PennyMac Financial Services has a twelve month low of $83.03 and a twelve month high of $119.13. The firm has a fifty day moving average of $104.67 and a 200-day moving average of $104.39. The stock has a market cap of $5.38 billion, a price-to-earnings ratio of 33.31, a P/E/G ratio of 0.21 and a beta of 1.78. The company has a debt-to-equity ratio of 2.75, a quick ratio of 0.38 and a current ratio of 0.38.

PennyMac Financial Services (NYSE:PFSI) last announced its quarterly earnings results on Thursday, January 30th. The real estate investment trust reported $2.88 EPS for the quarter, missing the consensus estimate of $3.09 by ($0.21). PennyMac Financial Services had a net margin of 11.45% and a return on equity of 15.13%. Research analysts forecast that PennyMac Financial Services will post 11.76 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Wedbush reiterated an “outperform” rating and issued a $130.00 price objective on shares of PennyMac Financial Services in a report on Wednesday, October 23rd. Barclays lifted 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. Keefe, Bruyette & Woods reduced their target price on PennyMac Financial Services from $112.00 to $111.00 and set a “market perform” rating on the stock in a report on Tuesday, December 10th. Piper Sandler reduced their target price on PennyMac Financial Services from $132.00 to $130.00 and set an “overweight” rating on the stock in a report on Friday. Finally, Wells Fargo & Company boosted their price objective on PennyMac Financial Services from $110.00 to $125.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $122.17.

Insiders Place Their Bets

In other PennyMac Financial Services news, CEO David Spector sold 5,000 shares of the business’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $99.38, for a total transaction of $496,900.00. Following the sale, the chief executive officer now directly owns 165,604 shares of the company’s stock, valued at $16,457,725.52. The trade was a 2.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Doug Jones sold 23,229 shares of the business’s stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $101.51, for a total transaction of $2,357,975.79. Following the sale, the director now directly owns 23,892 shares in the company, valued at approximately $2,425,276.92. This trade represents a 49.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 147,844 shares of company stock worth $15,079,791 over the last ninety days. Company insiders own 16.60% 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.