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

PennyMac Financial Services, Inc. (NYSE:PFSI) declared a quarterly dividend on Tuesday, October 22nd, NASDAQ reports. Shareholders 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 1.20%. The ex-dividend date is Monday, November 18th.

PennyMac Financial Services has increased its dividend by an average of 14.0% per year over the last three years. PennyMac Financial Services has a dividend payout ratio of 9.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect PennyMac Financial Services to earn $13.54 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 8.9%.

PennyMac Financial Services Stock Down 3.5 %

Shares of NYSE:PFSI traded down $3.64 during midday trading on Wednesday, hitting $100.00. The stock had a trading volume of 750,363 shares, compared to its average volume of 256,341. The company has a market cap of $5.12 billion, a P/E ratio of 28.75, a PEG ratio of 0.67 and a beta of 1.77. PennyMac Financial Services has a 12 month low of $62.15 and a 12 month high of $119.13. The business’s 50-day simple moving average is $107.66 and its 200-day simple moving average is $98.09. The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 2.75.

PennyMac Financial Services (NYSE:PFSI) last released its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $1.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.92 by ($1.62). PennyMac Financial Services had a net margin of 13.13% and a return on equity of 12.69%. The business had revenue of $411.83 million during the quarter, compared to the consensus estimate of $513.12 million. During the same quarter in the prior year, the company earned $1.77 EPS. PennyMac Financial Services’s quarterly revenue was up 2.9% on a year-over-year basis. On average, sell-side analysts forecast that PennyMac Financial Services will post 11.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, 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 transaction of $1,651,514.40. Following the sale, the insider now directly owns 14,670 shares of the company’s stock, valued at approximately $1,714,629.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Steven Richard Bailey sold 14,130 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $116.88, for a total value of $1,651,514.40. Following the completion of the transaction, the insider now directly owns 14,670 shares in the company, valued at approximately $1,714,629.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO David Spector sold 10,000 shares of PennyMac Financial Services stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $116.79, for a total transaction of $1,167,900.00. Following the completion of the transaction, the chief executive officer now directly owns 200,604 shares in the company, valued at $23,428,541.16. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 89,855 shares of company stock worth $9,647,599 in the last 90 days. Company insiders own 16.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Barclays raised their target price on shares of PennyMac Financial Services from $112.00 to $125.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. StockNews.com cut PennyMac Financial Services from a “hold” rating to a “sell” rating in a report on Wednesday, July 3rd. Wedbush reiterated an “outperform” rating and set a $130.00 target price on shares of PennyMac Financial Services in a research note on Wednesday. Keefe, Bruyette & Woods cut PennyMac Financial Services from an “outperform” rating to a “market perform” rating and set a $102.00 price target for the company. in a report on Monday, July 22nd. Finally, Piper Sandler upped 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. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, PennyMac Financial Services currently has an average rating of “Hold” and an average target price of $114.33.

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.