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

PennyMac Financial Services, Inc. (NYSE:PFSI) declared a quarterly dividend on Friday, January 31st,Wall Street Journal reports. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date 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 payout ratio of 7.5% indicating that its dividend is sufficiently covered by earnings. Equities 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 Stock Performance

Shares of PFSI traded down $9.89 during midday trading on Friday, reaching $104.93. The stock had a trading volume of 1,029,959 shares, compared to its average volume of 352,353. The firm has a 50 day simple moving average of $104.67 and a 200-day simple moving average of $104.39. PennyMac Financial Services has a one year low of $83.03 and a one year high of $119.13. The firm has a market cap of $5.38 billion, a PE ratio of 33.31, a P/E/G ratio of 0.21 and a beta of 1.78. 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 posted its earnings results on Thursday, January 30th. The real estate investment trust reported $2.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.09 by ($0.21). PennyMac Financial Services had a return on equity of 15.13% and a net margin of 11.45%. As a group, sell-side analysts anticipate that PennyMac Financial Services will post 11.76 EPS for the current year.

Wall Street Analysts Forecast Growth

PFSI has been the subject of a number of research reports. Wells Fargo & Company raised their target price on shares of PennyMac Financial Services from $110.00 to $125.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Piper Sandler decreased their price target on shares of PennyMac Financial Services from $132.00 to $130.00 and set an “overweight” rating on the stock in a report on Friday. Wedbush reaffirmed an “outperform” rating and set a $130.00 price target on shares of PennyMac Financial Services in a report on Wednesday, October 23rd. Barclays boosted their target price on shares of PennyMac Financial Services from $112.00 to $125.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of PennyMac Financial Services from $112.00 to $111.00 and set a “market perform” rating on the stock in a research note on Tuesday, December 10th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, PennyMac Financial Services presently has an average rating of “Moderate Buy” and an average target price of $122.17.

Insiders Place Their Bets

In other news, CEO David Spector sold 5,000 shares of PennyMac Financial Services stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $99.38, for a total value of $496,900.00. Following the completion of the transaction, the chief executive officer now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Daniel Stanley Perotti sold 10,500 shares of the business’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $100.02, for a total value of $1,050,210.00. Following the sale, the chief financial officer now owns 225,497 shares of the company’s stock, valued at approximately $22,554,209.94. This represents a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 147,844 shares of company stock valued at $15,079,791. 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.