PennyMac Financial Services, Inc. (PFSI) to Issue Quarterly Dividend of $0.30 on February 23rd

PennyMac Financial Services, Inc. (NYSE:PFSI) announced a quarterly dividend on Thursday, January 30th,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 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date is Thursday, February 13th.

PennyMac Financial Services has increased its dividend by an average of 7.7% annually over the last three years. PennyMac Financial Services has a dividend payout ratio of 7.6% meaning its dividend is sufficiently covered by earnings. Analysts expect PennyMac Financial Services to earn $16.23 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 7.4%.

PennyMac Financial Services Price Performance

Shares of PFSI stock opened at $102.98 on Tuesday. The stock has a 50 day moving average of $104.30 and a two-hundred day moving average of $104.62. 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 has a 12 month low of $83.03 and a 12 month high of $119.13. The company has a market capitalization of $5.28 billion, a P/E ratio of 17.63, a P/E/G ratio of 0.20 and a beta of 1.78.

PennyMac Financial Services (NYSE:PFSI) last posted its 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 return on equity of 16.80% and a net margin of 19.54%. As a group, equities analysts expect that PennyMac Financial Services will post 13.98 EPS for the current year.

Insider Activity

In other news, CEO David Spector sold 5,000 shares of PennyMac Financial Services stock in a transaction on 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 sale, the chief executive officer now directly owns 165,604 shares of the company’s stock, valued at approximately $16,457,725.52. This trade represents a 2.93 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Daniel Stanley Perotti sold 10,500 shares of PennyMac Financial Services stock in a transaction on Friday, November 15th. The stock was 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 directly owns 225,497 shares of the company’s stock, valued at approximately $22,554,209.94. This trade represents a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 137,844 shares of company stock valued at $14,029,391. Company insiders own 16.60% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on PFSI. Piper Sandler cut their target price on PennyMac Financial Services from $132.00 to $130.00 and set an “overweight” rating for the company in a research report on Friday, January 31st. Keefe, Bruyette & Woods cut their target price on PennyMac Financial Services from $112.00 to $111.00 and set a “market perform” rating for the company in a research report on Tuesday, December 10th. Wells Fargo & Company raised their price target on PennyMac Financial Services from $110.00 to $125.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Finally, 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. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $122.17.

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.