In a recent transaction, Joseph F. Mazzella, a director at PennyMac Financial (NYSE:PFSI) Services, Inc. (NYSE:PFSI), sold 16,465 shares of the company's common stock. The sale, which took place on May 3, 2024, was valued at over $1.49 million, with the weighted average price per share being $90.7335.
The price range for the shares sold by Mazzella varied from $90.35 to $91.27, indicating a series of transactions that contributed to the average price reported. The exact number of shares sold at each price point within this range has been made available for review upon request by the Securities and Exchange Commission (SEC), PennyMac Financial Services, or any of its security holders.
Following this sale, Mazzella's direct holdings in PennyMac Financial Services have decreased, yet he remains a significant shareholder. According to the filing, Mazzella directly owns 116,546 shares after the transaction. This figure includes 1,854 restricted stock units, which will convert into an equal number of common stock shares upon vesting.
Additionally, the filing noted indirect ownership through the Mazzella Family Irrevocable Trust, which holds 165,031 shares of PennyMac Financial Services' common stock.
The transactions were disclosed in a Form 4 filing with the SEC, which provides insights into the trading activities of the company's insiders. These filings are a routine part of disclosure requirements for company executives and directors.
Investors often monitor insider buying and selling as it can provide valuable insights into the leadership's perspective on the company's current valuation and future prospects. While the reasons behind Mazzella's sale were not disclosed in the filing, the transaction remains a matter of public record for shareholders and potential investors to consider.
PennyMac Financial Services specializes in mortgage banking and loan services and is incorporated in Delaware. The company's corporate headquarters are located in Westlake Village, California.
InvestingPro Insights
As investors scrutinize the recent insider sale by Joseph F. Mazzella at PennyMac Financial Services (NYSE:PFSI), current market data from InvestingPro provides additional context. With a market capitalization of $4.73 billion, PennyMac shows signs of robust financial health. The firm's price-to-earnings (P/E) ratio stands at a notable 30.23, while the adjusted P/E ratio for the last twelve months as of Q1 2024 is more moderate at 16.88, suggesting a more favorable valuation when considering the company's earnings over the past year.
InvestingPro Tips indicate that PennyMac Financial Services is expected to see net income growth this year, with 5 analysts having revised their earnings projections upwards for the upcoming period. This optimism is echoed in the company's stock performance, as PennyMac has experienced a significant 60.61% return over the past year, trading near its 52-week high at 98.03% of the peak price. These metrics underscore the company's strong performance and may influence investor sentiment.
For those seeking more in-depth analysis, InvestingPro offers additional tips on PennyMac Financial Services, which can be found at https://www.investing.com/pro/PFSI. Subscribers can access a broader range of insights to inform their investment decisions. Interested readers can take advantage of an exclusive offer using the coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking further valuable investment tips and real-time data.
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