Thanks, Doug. San Francisco, CA. Wells Fargo & Company upgraded PennyMac Financial Services from an equal weight rating to an overweight rating and raised their price objective for the stock from $54.00 to $75.00 in a research report on Tuesday, December 6th. If you have an ad-blocker enabled you may be blocked from proceeding. Similarly, prepayment speeds in PennyMac Financials subserviced portfolio, which includes mostly Fannie Mae and Freddie Mac mortgage servicing rights owned by PMT were 4.4%, down from 6.9% in the prior quarter. David served as President and Chief Investment Officer and President and Chief Operating Officer for PennyMac. Revenue per fallout-adjusted lock for PFSIs own account was 55 basis points in the fourth quarter, down from 99 basis points in the prior quarter driven by lower volumes in Consumer Direct and lower overall margins. The growth of our servicing portfolio continues to differentiate PFSI from its competition, serving as an increasingly important asset, which I will discuss later on. David Spector. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. PennyMac Financial Services, Inc. (NYSE: PFSI) announced today that Doug Jones, President and Chief Mortgage Banking Officer, joined its Board of Directors effective March 1, 2023. We estimate that in 2022 we represented approximately 2% of the origination volume in the channel. PENNYMAC has 5,001 to 10,000 employees. *Based on results from Inside Mortgage Finance 12M ended 12/31/22. We estimate originations in our consumer direct channel in January totaled $300 million, and locks totaled $700 million. S&P 500 Index lost 10.8% in 1957, so Buffetts investors actually thrilled to beat the market by 20.1 percentage points in 1957. We encourage investors with any questions to reach out to our Investor Relations team by email or phone. See 5 answers. Segment revenue was $9.9 million, down 4% from the prior quarter. From Vancouvers Pedro Vite to LAFC striker Kwadwo Opoku, these young rising stars are looking to make a name for themselves in the MLS in 2023. Contribute. Boothbay Fund Management LLC Purchases Shares of 4,711 Graco Inc. UBS Group AG Reduces Stock Holdings in Builders FirstSource, Inc. (NYSE:BLDR), Boothbay Fund Management LLC Has $299,000 Stock Holdings in GMS Inc. (NYSE:GMS), Alphabet Inc. (NASDAQ:GOOG) Shares Bought by Capital Square LLC, Jeereddi Investments LP Increases Position in Alphabet Inc. (NASDAQ:GOOG), Boothbay Fund Management LLC Buys Shares of 4,680 Sonoco Products (NYSE:SON), Boothbay Fund Management LLC Purchases Shares of 4,711 Graco Inc. (NYSE:GGG), MML Investors Services LLC Buys 3,360 Shares of Wolfspeed, Inc. (NYSE:WOLF), Boothbay Fund Management LLC Takes Position in Loews Co. 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(NYSE:WMS), Boothbay Fund Management LLC Takes $288,000 Position in ShotSpotter, Inc. (NASDAQ:SSTI). Loan servicing followed at 4.1% and broker direct channel trailed at 2.2%. PennyMac widened its leadership position in correspondent lending as our strong capital position and consistent commitment to the channel provides our partners with the stability and support they need to successfully navigate the challenging mortgage market. 23. As David mentioned earlier, we remain focused on managing expenses in the current market environment, and although fallout adjusted locks were up 11% from the prior quarter, production expenses net of loan origination expense were down 13%. More than 15 years ago, we founded PennyMac with a vision to help revitalize the mortgage market and become a trusted partner in home ownership. As Chairman & CEO of Pennymac Financial Services, Inc, David Spector has a total base salary of $1,000,000 . Finally, Barclays boosted their price target on shares of PennyMac Financial Services from $58.00 to $69.00 and gave the stock an equal weight rating in a research report on Friday, February 3rd. Finally, given the scale we have achieved, we have begun offering our customers, homeowners and title insurance through joint ventures, which we expect will provide recurring fee income over time as the businesses grow. Servicing advances outstanding for PFSIs MSR portfolio increased to $520 million at year end from $397 million at September 30th due to seasonal property tax payments. David has made over 67 trades of the Pennymac Mortgage Investment Trust stock since 2013, according to the Form 4 filled with the SEC. As we continue to add significant volumes of servicing to our portfolio at current market rates, we will continue to build significant refinance opportunities in the future for our consumer direct division if mortgage rates decline. The slides that accompany this discussion are available on PennyMac Financials website at pfsi.pennymac.com. We expect EBO revenues to remain low in the coming quarters as lower overall volumes and redelivery gains are expected to be limited due to the higher interest rate environment. The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. We have a long history of successfully developing and deploying innovative mortgage technology, which has resulted in an extremely flexible and scalable platform as evidenced by our ability to rapidly right-size our cost structure. Investors of record on Tuesday, February 14th were issued a $0.20 dividend. Price T Rowe Associates Inc. MD now owns 4,940,575 shares of the real estate investment trusts stock valued at $215,953,000 after buying an additional 422,092 shares during the last quarter. Of this total $1,000,000 was received as a salary, $8,864,938 was received as a bonus, $1,101,254 was received in stock options, $2,537,435 was awarded as stock and $71,597 came from other types of compensation. Similarly, correspondent lock volume for PFSI's account was up 25% from the prior quarter. Even as interest rates increased, the UPB of our production volume on a quarterly basis consistently represented 4% to 5% of the total servicing portfolio balance. As we continue to add significant volumes of servicing to our portfolio at current market rates, we will continue to build significant refinance opportunities in the future for our consumer direct division if mortgage rates decline. Net assets under management totaled $2 billion as of December 31st, down 3% from September 30th. The impact of this tax rate change was negative $0.22 in earnings per share. The growth of our servicing portfolio continues to differentiate PFSI from its competition, serving as an increasingly important asset, which I will discuss later on. In his role as President of PennyMac Financial, Mr. Jones is responsible for all business activities relating to the company's loan production and servicing operations. Linked companies : PennyMac Financial Services, Inc. - PennyMac Mortgage Investment Trust. Senvest Management LLC now owns 2,509,575 shares of the real estate investment trusts stock worth $142,193,000 after acquiring an additional 281,289 shares in the last quarter. Dimensional Fund Advisors LP now owns 783,884 shares of the real estate investment trusts stock valued at $41,703,000 after acquiring an additional 379,161 shares in the last quarter. Is this happening to you frequently? Top PennyMac Loan Services, LLC Employees Dan Perotti Chief Financial Officer. PFSI's Board of Directors also declared a fourth quarter cash dividend of $0.20 per share. Use our Premium/VIP Service to contact David Spector by email now. Servicing and sub-servicing revenues, the majority of which are cash, totaled more than $1.2 billion in 2022. Wenn Sie Ihre Auswahl anpassen mchten, klicken Sie auf Datenschutzeinstellungen verwalten. Though 2023 is expected to be another challenging year for the mortgage industry, I remain confident in PennyMac Financials ability to continue executing given its balanced business model and long history of generating stockholder value through different mortgage market cycles and environments. As a key part of our balanced business model, our large and growing servicing portfolio provides significant value to the company. Our servicing business provides ongoing cash flow to support business operations and produces low cost leads to our consumer direct business in the future. Since then, we have become one of the largest mortgage producers and servicers in the country, while also providing strong returns to our stakeholders. The CEO of PENNYMAC is David Spector. Your email address will not be published. Alphabet Inc. Shares Bought by Capital Square LLC. Bei der Nutzung unserer Websites und Apps verwenden wir, unsere Websites und Apps fr Sie bereitzustellen, Nutzer zu authentifizieren, Sicherheitsmanahmen anzuwenden und Spam und Missbrauch zu verhindern, und, Ihre Nutzung unserer Websites und Apps zu messen, personalisierte Werbung und Inhalte auf der Grundlage von Interessenprofilen anzuzeigen, die Effektivitt von personalisierten Anzeigen und Inhalten zu messen, sowie, unsere Produkte und Dienstleistungen zu entwickeln und zu verbessern. We initially share this idea in October 2018 and the stock already returned more than 150%. Search Crunchbase . To that end, for the full year 2022, we returned over $460 million to stockholders through stock repurchases and dividends, and opportunistically raised $500 million in five-year term notes secured by Ginnie Mae MSRs at attractive rates. View David Spector's email address (d*****@pennym***.com) and phone number. Despite elevated levels of competition currently, we believe PennyMac is well-positioned for market share growth in the channel over time given our strong capital position, operational excellence and the exit of channel participants. Continue with Recommended Cookies, Your email address will not be published. I am pleased to report that we ended the quarter with a servicing portfolio of $552 billion, or approximately 4.1% of all residential mortgage debt in the U.S. Prepayment speeds have slowed meaningfully given higher mortgage rates. Connections. Though 2023 is expected to be another challenging year for the mortgage industry, I remain confident in PennyMac Financial's ability to continue executing given its balanced business model and long history of generating stockholder value through different mortgage market cycles and environments. The stock was sold at an average price of $58.12, for a total transaction of $741,030.00. More than 15 years ago we founded PennyMac with an unwavering focus on enterprise risk management and doing the right thing for our customers. S&P 500 Index generated an average annual compounded return of only 9.2% during the same 10-year period. For any questions, please visit our website at pfsi.pennymac.com, or call our Investor Relations department at 8182644907. Most recently he sold 45,000 units of PMT stock worth 2,636,100$ on 10 August 2022. Alignment Healthcare (NASDAQ:ALHC) Shares Gap Down to $9.94, Envestnet Asset Management Inc. As David mentioned earlier, we remain focused on managing expenses in the current market environment, and although fallout adjusted locks were up 11% from the prior quarter, production expenses net of loan origination expense were down 13%. We remained active in stock buybacks and in the fourth quarter we repurchased 1.1 million shares of PFSI common stock at an average price of $46.99 for an approximate cost of $51 million. With mortgage interest rates currently still above 6%, the most recent third-party forecasts for 2023 originations range from $1.6 trillion to $1.9 trillion, down meaningfully from 2022. The increase in the effective tax rate was primarily driven by an increase in the provision tax rate, which increased from 26.5% to 26.85% for 2022. For any questions, please visit our website at pfsi.pennymac.com, or call our Investor Relations department at 8182644907. Our multi-channel approach to mortgage production provides the flexibility to adapt to different market conditions and drives organic growth of our servicing portfolio. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. While many industry participants have taken the appropriate steps to reduce capacity, it has been happening slowly and we believe overcapacity still remains. Operating revenues increased from the prior quarter as loan servicing fees grew by $9 million primarily due to growth in our servicing portfolio. Lately, his popularity is flying in the sky. Goldman Sachs Group Inc. now owns 706,965 shares of the real estate investment trusts stock worth $37,610,000 after buying an additional 539,539 shares in the last quarter. . Our servicing portfolio ended the year at $552 billion in unpaid principal balance as additions from loan production continued to exceed prepayment activity. As we have demonstrated with our 2022 performance, we believe mortgage banking companies with large servicing portfolios and diversified business models like PennyMac Financial are better positioned to offset the decline in origination profitability that has resulted from lower volumes. In the same report you can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12-24 months. Finally, I believe this management team is the best in the industry and Id like to thank them all for their various contributions to PFSIs strong performance in 2022. Our proprietary servicing technology provides us with significant operational scale and workflow efficiencies that enable us to adapt quickly to forthcoming market conditions and regulations while also providing quality service to our customers. Originations in our broker direct channel totaled $1.1 billion and locks totaled $2 billion, also down meaningfully from the prior quarter, reflecting a smaller market, seasonal impacts and the continuation of intense competition from channel leaders. President & CEO of Pennymac Financial Services Inc (30-Year Financial, Insider Trades) David Spector (insider trades) sold 30,000 shares of PFSI on 01/12/2021 at an average price of $57.43 a share. These results include a non-recurring tax rate change which negatively impacted earnings per share by $0.22. Thank you, Dan. Purchases 3,191 Shares of Globe Life Inc. (NYSE:GL), Get a free copy of the StockNews.com research report on PennyMac Financial Services (PFSI), Hormel Hits 2-Year Low, And The Dip Gets Bought, Heres Why Ross Could Soon Be Hitting All Time Highs. Total correspondent loan acquisition volume in the fourth quarter was $20.8 billion. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. For the full year, PFSI achieved a return on equity of 14%, driving continued growth in book value per share, which ended 2022 at $69.44. I am pleased to report that we ended the quarter with a servicing portfolio of $552 billion, or approximately 4.1% of all residential mortgage debt in the U.S. Prepayment speeds have slowed meaningfully given higher mortgage rates. That means much bigger government. Here are a few tips for establishing great contacts. Access the headquarters listing for Pennymac Loan Services, LLC. Send an email to David Spector. Purchase lock volume for the quarter of $681 million was 40% of total locks, compared to $1.37 billion, or 36% in the prior quarter. Now Ill turn it over to Doug Jones, PennyMacs President and Chief Mortgage Banking Officer, who will review our market share trends and fourth quarter mortgage banking results. While we believe the majority of expense management activities have been completed, we remain disciplined, continuing to rapidly adjust capacity levels relative to the size of the origination market, whether growing or contracting. PFSI's Board of Directors also declared a fourth quarter cash dividend of $0.20 per share. On Slide 16, you can see the fair value of our MSR increased by $83 million in the fourth quarter, driven by lower than expected realized prepayment speeds as well as expectations for lower prepayment activity in the future. Revenue per fallout-adjusted lock was 56 basis points, down from 70 basis points in the prior quarter, although we have seen margins in this channel improve thus far in the first quarter. This led to servicing portfolio growth of 8% for the year to more than $550 billion in UPB with nearly 2.3 million customers. 51% were conventional loans and 49% were government-insured or guaranteed loans. Earnings on custodial balances and deposits and other income increased $17 million. David Spector received compensation valued at about $12,375,328 in 2020 after becoming Chairman & CEO. . To that end, for the full year 2022, we returned over $460 million to stockholders through stock repurchases and dividends, and opportunistically raised $500 million in five-year term notes secured by Ginnie Mae MSRs at attractive rates. For the fourth quarter only, Pennymac was ranked #2. PennyMac Financial Services, Inc. (NYSE:PFSI - Get Rating) CEO David Spector sold 15,000 shares of the company's stock in a transaction dated Monday, February 27th.The stock was sold at an average price of $60.80, for a total value of $912,000.00. Thus far, we have received very positive feedback on the new portal, garnering the attention of top brokers in the channel who are looking to expand their relationship with PennyMac. In the fourth quarter, PennyMac Financial delivered net income of $38 million, or $0.71 in earnings per share. Pretax income excluding valuation-related items for the servicing segment was $79 million, up from the prior quarter as higher realization of MSR cash flows, interest expense, and lower EBO-related income was more than offset by higher loan servicing revenue, higher earnings on custodial balances and deposits, and lower operating expenses. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Pennymac's servicing segment pretax income was $225.2 million in the first quarter, up from $126.1 million in the . While PennyMac Financial is not insulated from the challenges presented by todays mortgage market, I believe we are the best-positioned in the industry to continue executing with our balanced business model in 2023. The stock has a market capitalization of $3.09 billion, a price-to-earnings ratio of 7.36 and a beta of 1.49. $3.6M on March 1, 2023. Margins in this channel were down slightly with revenue per fallout adjusted lock of 358 basis points versus 366 basis points in the third quarter. . Before joining PennyMac in March 2008, Mr. Spector was co-head of global residential . Turning to consumer direct, we estimate we accounted for approximately 1.2% of total originations in the channel over the last 12 months. David Spector also recently made the following trade(s): NYSE:PFSI opened at $61.78 on Friday. Thus far, we have received very positive feedback on the new portal, garnering the attention of top brokers in the channel who are looking to expand their relationship with PennyMac. This includes $24 million in gains realized related to the timing of revenue and loan origination expense recognition, hedging, pricing & execution changes, and other items. Hedging losses totaled $73 million, primarily driven by hedge costs and higher interest rates. It operates through the following segments: Production, Servicing, and Investment Management. Turning to consumer direct, we estimate we accounted for approximately 1.2% of total originations in the channel over the last 12 months.