PennyMac Financial Services, Inc. (NYSE:PFSI) Raises Dividend to $0.30 Per Share (2024)

Posted by MarketBeat News on Jul 25th, 2024

PennyMac Financial Services, Inc. (NYSE:PFSI – Get Free Report) declared a quarterly dividend on Tuesday, July 23rd, Wall Street Journal reports. Shareholders of record on Tuesday, August 13th will be given a dividend of 0.30 per share by the real estate investment trust on Friday, August 23rd. This represents a $1.20 annualized dividend and a yield of 1.24%. The ex-dividend date of this dividend is Tuesday, August 13th. This is a positive change from PennyMac Financial Services’s previous quarterly dividend of $0.20.

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 dividend payout ratio of 6.5% meaning its dividend is sufficiently covered by earnings. Research analysts expect PennyMac Financial Services to earn $12.53 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 6.4%.

PennyMac Financial Services Stock Performance

Shares of NYSE:PFSI opened at $96.64 on Thursday. The company’s 50 day moving average price is $93.60 and its two-hundred day moving average price is $90.10. PennyMac Financial Services has a 12-month low of $62.15 and a 12-month high of $105.94. The firm has a market cap of $4.92 billion, a PE ratio of 33.56, a PEG ratio of 0.65 and a beta of 1.72. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 2.33.

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PennyMac Financial Services (NYSE:PFSI – Get Free Report) last announced its earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.85 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.65 by ($0.80). PennyMac Financial Services had a return on equity of 12.78% and a net margin of 13.13%. The business had revenue of $406.13 million for the quarter, compared to analyst estimates of $469.64 million. During the same quarter in the previous year, the company earned $1.11 EPS. The business’s revenue for the quarter was up 20.7% on a year-over-year basis. Equities research analysts predict that PennyMac Financial Services will post 10.55 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on PFSI shares. Wedbush increased their target price on shares of PennyMac Financial Services from $110.00 to $120.00 and gave the stock an “outperform” rating in a research report on Wednesday. Piper Sandler increased their price target on shares of PennyMac Financial Services from $110.00 to $112.00 and gave the stock an “overweight” rating in a research report on Wednesday. Keefe, Bruyette & Woods lowered shares of PennyMac Financial Services from an “outperform” rating to a “market perform” rating and set a $102.00 price target on the stock. in a research report on Monday. StockNews.com lowered shares of PennyMac Financial Services from a “hold” rating to a “sell” rating in a research report on Wednesday, July 3rd. Finally, Barclays increased their price target on shares of PennyMac Financial Services from $103.00 to $112.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 9th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $107.17.

Insider Buying and Selling at PennyMac Financial Services

In other PennyMac Financial Services news, Director Joseph F. Mazzella sold 16,465 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $90.73, for a total value of $1,493,869.45. Following the sale, the director now owns 116,546 shares in the company, valued at $10,574,218.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Doug Jones sold 30,000 shares of the firm’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $91.49, for a total transaction of $2,744,700.00. Following the completion of the transaction, the director now owns 480,000 shares of the company’s stock, valued at $43,915,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph F. Mazzella sold 16,465 shares of the firm’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $90.73, for a total transaction of $1,493,869.45. Following the transaction, the director now directly owns 116,546 shares of the company’s stock, valued at approximately $10,574,218.58. The disclosure for this sale can be found here. Insiders have sold 87,865 shares of company stock worth $8,045,169 over the last quarter. Corporate insiders own 16.60% of the company’s stock.

PennyMac Financial Services Company Profile

(Get Free Report)

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.