PennyMac Financial (NYSE:PFSI) Services, Inc. (NYSE:PFSI) has reported that its Chairman and CEO, David Spector, sold a total of 10,000 shares of the company's common stock on May 15, 2024. The transaction, detailed in a recent SEC filing, amounted to over $930,000 at an average weighted price of $93.1581 per share.
According to the filing, the sale was executed in multiple transactions with prices ranging from $91.51 to $93.88. Specifically, the shares were sold at weighted average prices spanning three ranges: $91.51 to $91.96, $92.13 to $92.99, and $93.01 to $93.88. The filing includes an undertaking by Mr. Spector to provide detailed information about the number of shares sold and the transaction prices upon request.
Following the sale, the SEC document reported that Mr. Spector still owns a substantial number of shares indirectly through ST Family Investment Company LLC, with the remaining direct and indirect holdings totaling 240,604 and 644,612 shares, respectively. The latter figure includes 44,582 restricted stock units, which will convert to common stock upon vesting.
The form was signed by attorney-in-fact Derek W. Stark on behalf of Mr. Spector on May 16, 2024. PennyMac Financial Services, based in Westlake Village, California, operates in the mortgage banking and loan services industry. The company's stock is publicly traded on the New York Stock Exchange under the ticker symbol PFSI.
InvestingPro Insights
PennyMac Financial Services, Inc. (NYSE:PFSI) has recently caught the attention of investors and analysts alike, with several positive indicators suggesting a robust financial outlook. According to InvestingPro data, the company boasts a Market Cap of approximately $4.75 billion, indicating a substantial presence in the mortgage banking and loan services industry. With a Gross Profit Margin of 89.4% for the last twelve months as of Q1 2024, PennyMac Financial showcases strong profitability in its operations.
Moreover, the company has experienced a significant price appreciation, trading near its 52-week high with a price percentage of 98.5%. This aligns with the company's impressive one-year price total return of 55.2%, reflecting investor confidence and market endorsement of PennyMac Financial's business model and growth strategies.
InvestingPro Tips highlight that PennyMac Financial is expected to see net income growth this year, an encouraging sign for potential investors. Additionally, the fact that 5 analysts have revised their earnings upwards for the upcoming period further strengthens the bullish sentiment surrounding the company. For those looking to delve deeper into PennyMac Financial's prospects, InvestingPro offers additional tips, including insights on the company's earnings multiples and stock price volatility. With 11 more tips available on the InvestingPro platform, investors can gain a comprehensive understanding of PFSI's performance and potential.
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