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WESTLAKE VILLAGE, Calif.—James Follette, Chief Digital Officer at PennyMac Financial Services, Inc. (NYSE:PFSI), a $5.25 billion market cap financial services company, recently sold shares of the company’s common stock valued at approximately $299,834. The transactions occurred over two days, with sales prices ranging from $99.93 to $102.70 per share, near the middle of the stock’s 52-week range of $83.03-$119.13.
On February 25, Follette sold 1,983 shares at a price of $99.93 each. The following day, he sold an additional 990 shares at $102.70 per share. These transactions were conducted under a Rule 10b5-1 trading plan, which Follette adopted in May 2024. According to InvestingPro data, analysts maintain a bullish outlook on PFSI, with price targets ranging from $111 to $141.
Following these sales, Follette retains ownership of 9,507 shares, consisting of 8,515 restricted stock units and 992 shares of common stock. The restricted stock units are set to be converted into common stock upon vesting. Get deeper insights into PFSI’s valuation, financial health scores, and 10+ additional ProTips with an InvestingPro subscription, including exclusive access to comprehensive Pro Research Reports covering 1,400+ top US stocks.
In other recent news, PennyMac Financial Services, Inc. reported its fourth-quarter 2024 earnings, revealing a diluted earnings per share (EPS) of $1.95, which fell short of the forecasted $3.03. The company’s revenue also missed expectations, coming in at $470.11 million against the anticipated $531.7 million. Despite these misses, the company demonstrated strong growth in loan originations and servicing portfolio, with total loan originations and acquisitions surging to $36 billion, marking a 13% increase from the previous quarter. In a strategic financial move, PennyMac closed an offering of $850 million in senior notes due 2033, with proceeds aimed at repaying certain secured borrowings. The company also announced plans to offer an additional $650 million in senior notes due 2033, contingent upon market conditions. These notes are intended to manage debt obligations and support general corporate purposes. Additionally, PennyMac’s stock price saw a premarket increase, indicating investor focus on the company’s strategic initiatives and growth potential.
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