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

PennyMac Financial Services, Inc. (NYSE:PFSI) announced a quarterly dividend on Tuesday, October 22nd,NASDAQ Dividends reports. Investors of record on Monday, November 18th will be given 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 yield of 1.17%. The ex-dividend date is Monday, November 18th.

PennyMac Financial Services has increased its dividend payment by an average of 14.0% annually over the last three years. PennyMac Financial Services has a payout ratio of 8.6% indicating that its dividend is sufficiently covered by earnings. Equities research 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 Price Performance

PennyMac Financial Services stock opened at $102.47 on Friday. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 2.75. The firm has a market capitalization of $5.25 billion, a P/E ratio of 32.53 and a beta of 1.79. The business has a 50-day moving average of $107.35 and a 200-day moving average of $99.74. PennyMac Financial Services has a 1 year low of $74.69 and a 1 year high of $119.13.

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

Wall Street Analysts Forecast Growth

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

Insider Transactions at PennyMac Financial Services

In related news, CFO Daniel Stanley Perotti sold 10,500 shares of the company’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $112.93, for a total transaction of $1,185,765.00. Following the sale, the chief financial officer now owns 235,997 shares in the company, valued at approximately $26,651,141.21. This represents a 4.26 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO David Spector sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $99.31, for a total value of $993,100.00. Following the completion of the transaction, the chief executive officer now owns 210,604 shares of the company’s stock, valued at approximately $20,915,083.24. This represents a 4.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 88,459 shares of company stock valued at $9,582,102 in the last ninety days. 16.60% of the stock is currently owned by corporate insiders.

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.