PennyMac Financial Services, Inc. (NYSE: PFSI – Get Rating) declared a quarterly dividend on Thursday, May 5, Zacks reports. Investors of record on Tuesday, May 17 will receive a dividend of 0.20 per share from the REIT on Friday, May 27. This represents an annualized dividend of $0.80 and a yield of 1.65%. The ex-date of this dividend is Monday, May 16.
PennyMac Financial Services has increased its dividend by an average of 26.0% per year for the past three years and has increased its dividend every year for the past 2 years. PennyMac Financial Services has a dividend payout ratio of 6.3%, indicating that its dividend is sufficiently covered by earnings. Analysts expect PennyMac Financial Services to earn $13.23 per share next year, meaning the company should continue to be able to cover its $0.80 annual dividend with a payout ratio. expected future of 6.0%.
NYSE: PFSI opened at $48.41 on Friday. The company has a market capitalization of $2.68 billion, a P/E ratio of 3.88 and a beta of 1.21. The stock’s fifty-day moving average price is $52.13 and its two-hundred-day moving average price is $60.60. PennyMac Financial Services has a 1-year minimum of $45.90 and a 1-year maximum of $71.52. The company has a debt ratio of 2.79, a current ratio of 0.18 and a quick ratio of 0.18.
PennyMac Financial Services (NYSE:PFSI – Get Rating) last released quarterly earnings data on Thursday, May 5. The real estate investment trust reported earnings per share (EPS) of $2.94 for the quarter, beating analyst consensus estimates of $2.88 by $0.06. PennyMac Financial Services posted a return on equity of 30.92% and a net margin of 31.68%. The company posted revenue of $657.50 million for the quarter, versus analyst estimates of $622.14 million. During the same period a year earlier, the company posted EPS of $5.15. The company’s revenue for the quarter was down 30.4% from the same quarter last year. On average, analysts expect PennyMac Financial Services to post earnings per share of 10.81 for the current fiscal year.
In related news, Director Mfn Partners, Lp purchased 125,000 shares of the company in a trade on Wednesday February 9. The shares were acquired at an average price of $61.44 per share, with a total value of $7,680,000.00. The purchase was disclosed in a legal filing with the SEC, which is available via this link. Additionally, insider Doug Jones sold 20,014 shares of the company in a trade on Friday, April 8. The shares were sold at an average price of $46.50, for a total transaction of $930,651.00. Following the completion of the sale, the insider now directly owns 47,349 shares of the company, valued at approximately $2,201,728.50. The disclosure of this sale can be found here. Over the past three months, insiders have purchased 370,982 shares of the company worth $22,353,906 and sold 62,250 shares worth $3,311,027. 12.90% of the shares are held by insiders.
Institutional investors have recently bought and sold shares of the company. Morgan Stanley increased its stake in PennyMac Financial Services shares by 38.6% during the second quarter. Morgan Stanley now owns 431,227 shares of the real estate investment trust worth $26,615,000 after buying an additional 120,117 shares in the last quarter. UBS Group AG increased its stake in PennyMac Financial Services by 169.1% in the third quarter. UBS Group AG now owns 8,044 shares of the real estate investment trust valued at $492,000 after acquiring an additional 19,680 shares during the period. Squarepoint Ops LLC increased its position in PennyMac Financial Services by 69.7% during the 4th quarter. Squarepoint Ops LLC now owns 11,972 shares of the real estate investment trust worth $835,000 after acquiring 4,916 additional shares in the last quarter. Public Employees Retirement System of Ohio increased its stake in PennyMac Financial Services by 44.5% in Q4. The Ohio Public Employees Retirement System now owns 40,672 shares of the real estate investment trust worth $2,838,000 after purchasing an additional 12,533 shares during the period. Finally, Parametric Portfolio Associates LLC increased its position in PennyMac Financial Services by 2.2% in the fourth quarter. Parametric Portfolio Associates LLC now owns 62,389 shares of the real estate investment trust worth $4,353,000 after purchasing an additional 1,327 shares in the last quarter. 62.61% of the shares are held by institutional investors and hedge funds.
A number of brokerages have recently released reports on PFSI. Barclays lowered its price target on PennyMac Financial Services shares from $113.00 to $103.00 and set an “overweight” rating on the stock in a Tuesday, April 12 report. Piper Sandler lowered her price target on PennyMac Financial Services shares from $117.00 to $98.00 and set an “overweight” rating on the stock in a Tuesday, April 5 research note. BTIG Research assumed coverage of PennyMac Financial Services stocks in a report on Wednesday, April 20. They issued a “buy” rating and a price target of $60.00 on the stock. StockNews.com upgraded PennyMac Financial Services from a “sell” rating to a “hold” rating in a research report on Friday. Finally, Zacks Investment Research upgraded PennyMac Financial Services from a “hold” rating to a “strong sell” rating in a Wednesday, Feb. 9 research report. One analyst assigned the stock a sell rating, one assigned a hold rating and six assigned the company’s stock a buy rating. Based on MarketBeat data, PennyMac Financial Services has a consensus rating of “Buy” and an average target price of $83.14.
About PennyMac Financial Services (Get a rating)
PennyMac Financial Services, Inc, through its subsidiaries, is engaged in the mortgage banking and investment management business in the United States. It operates through three segments: production, maintenance and investment management. The Production segment is involved in the origination, acquisition and sale of loans.
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