That would have been 9.35% in hedge fund fees. Their PFSI share price forecasts range from $60.00 to $82.00. Before we begin, let me remind you that our discussion contains forwardlooking statements that are subject to risks identified on Slide 2 that could cause our actual results to differ materially, as well as non-GAAP measures that have been reconciled to their GAAP equivalent in our earnings presentation. Get 5 free searches. Weitere Informationen ber die Verwendung Ihrer personenbezogenen Daten finden Sie in unserer Datenschutzerklrung und unserer Cookie-Richtlinie. No principal and interest advances are currently outstanding, as prepayment activity continues to sufficiently cover remittance obligations. 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. Find contact's direct phone number, email address, work history, and more. This suggests a possible upside of 14.0% from the stock's current price. View David A Spector's profile for company associations, background information, and partnerships. Jones brings more than 25 years of financial services industry experience to PennyMac Financial Services. 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 . PennyMac Financial Services, Inc. announced today that Doug Jones, President and Chief Mortgage Banking Officer, joined its Board of Directors effective March 1, 2023. Earnings on custodial balances and deposits and other income increased $17 million. Earnings on custodial balances and deposits and other income increased $17 million. For any questions, please visit our website at pfsi.pennymac.com, or call our Investor Relations department at 8182644907. The scale we have achieved in our correspondent business, combined with our low cost structure and operational excellence in the channel allow us to operate efficiently through the volatile market environment, even as other participants have exited or retreated from the channel. Use Google . Summary. An example of data being processed may be a unique identifier stored in a cookie. Presenter SpeechMark DeVries Hello. Total production, including acquisitions made by PMT, was $109 billion in UPB. Again, we implemented meaningful expense savings and capacity reductions early and throughout 2022 given the anticipated significant decline in the overall market, and we took additional actions in the fourth quarter. Chief Credit Officer. See also 12 Top Performing Energy Stocks in Januaryand 25 Countries with Most Billionaires. David Spector: Thank you, Dan. 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. The scale we have achieved in our correspondent business, combined with our low cost structure and operational excellence in the channel allow us to operate efficiently through the volatile market environment, even as other participants have exited or retreated from the channel. On average, they predict the company's stock price to reach $69.50 in the next twelve months. While 2022 was a challenging year for the mortgage industry due to the rapid and significant increase in interest rates, our operating discipline combined with the meaningful actions we took throughout the year to right-size our business for a smaller origination market, led to strong financial performance. PFSI's Board of Directors also declared a fourth quarter cash dividend of $0.20 per share. 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. PFSI's Board of Directors also declared a fourth quarter cash dividend of $0.20 per share. 10550 W Charleston Blvd STE A. Las Vegas, NV 89135-1012. Revenue per fallout-adjusted lock in the fourth quarter was 21 basis points, down from 24 basis points in the prior quarter, driven primarily by PFSIs purchase of lower margin conventional loans from PMT. David A. Spector (updated October 5, 2014) Page 13 of 15 Here is Information from the SEC website (www.sec.gov): David Spector, Director, Officer: President and COO, PennyMac Mortgage Investment Trust (PMT) Corporate Offices: PennyMac, 6101 Condor Drive, Moorpark, CA 93021 (818) 224-7442. This is the California-based company's third round of layoffs this year, as Pennymac had a workforce reduction of 236 employees in March and cut another 207 staff members in May. 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. The layoffs come as Pennymac ups its investment in technology and marketing to help it do more business directly with . 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. (NYSE:L), Boothbay Fund Management LLC Sells 9,611 Shares of Portillos Inc. (NASDAQ:PTLO), MML Investors Services LLC Sells 139 Shares of Extra Space Storage Inc. (NYSE:EXR), Lazard Asset Management LLC Has $308,000 Stake in Marqeta, Inc. (NASDAQ:MQ), Lazard Asset Management LLC Has $329,000 Position in The Williams Companies, Inc. (NYSE:WMB), Boothbay Fund Management LLC Invests $267,000 in Synaptics Incorporated (NASDAQ:SYNA), 7,728 Shares in SEI Investments (NASDAQ:SEIC) Acquired by Ergoteles LLC, Lazard Asset Management LLC Trims Stake in iQIYI, Inc. (NASDAQ:IQ), 2,549 Shares in Hess Co. (NYSE:HES) Acquired by Boothbay Fund Management LLC, The Interpublic Group of Companies, Inc. (NYSE:IPG) Shares Sold by Lazard Asset Management LLC, Boothbay Fund Management LLC Acquires 38,651 Shares of Consolidated Communications Holdings, Inc. (NASDAQ:CNSL), Boothbay Fund Management LLC Takes $260,000 Position in Advanced Drainage Systems, Inc. (NYSE:WMS), Boothbay Fund Management LLC Takes $288,000 Position in ShotSpotter, Inc. (NASDAQ:SSTI). Mr. David Spector, President/CEO; . Some of our partners may process your data as a part of their legitimate business interest without asking for consent. 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. 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. 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. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. We encourage investors with any questions to reach out to our investor relations team by email or phone. Get Email Updates. The stock was sold at an average price of $58.12, for a total transaction of $741,030.00. The shares were sold at an average price of $60.64, for a total value of $1,586,888.16. We estimate originations in our consumer direct channel in January totaled $300 million, and locks totaled $700 million. Turning to consumer direct, we estimate we accounted for approximately 1.2% of total originations in the channel over the last 12 months. Donald White who sold, In the last 8 years, insiders at Pennymac Financial Services, Inc have sold an estimated value of, https://www.sec.gov/Archives/edgar/data/1745916/000119312521116436/d112997ddef14a.htm, Mailing address is C/o Pennymac, 6101 Condor Drive Upper Level Moorpark CA 93021 CA. 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. Donald White who sold 1,630 units worth Our servicing portfolio ended the year at $552 billion in unpaid principal balance as additions from loan production continued to exceed prepayment activity. The estimated net worth of David A. Spector is at least $27.68 million as of February 27th, 2023. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. The stock was sold at an average price of $60.80, for a total value of $912,000.00. This strategy is designed to moderate the impact of interest rate changes on the fair value of our MSR asset and also considers productionrelated income. Contacts 902. The largest trade he's ever made was exercising 77,902 units of Pennymac Mortgage Investment Trust stock on 2 April 2018 . "Stan leaves an indelible mark not only on PennyMac, but on the mortgage industry he helped to build and shape. 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. Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, decreased by $1 million. The current estimated net worth of Pennymac Financial Services, Inc's Chairman & CEO, David Spector, is estimated to be about $244.5M . The shares were sold at an average price of $60.80, for a total transaction of $912,000.00. Now I'll turn it over to Doug Jones, PennyMac's President and Chief Mortgage Banking Officer, who will review our market share trends and fourth quarter mortgage banking results. A number of hedge funds and other institutional investors have recently bought and sold shares of PFSI. Origination volumes for the fourth quarter were $1.1 billion and interest rate lock commitments were $1.7 billion, down meaningfully from last quarter due to seasonal impacts and declining refinance volumes. Item 1.01 Entry into a Material Definitive Agreement. Most recently he sold 12,750 units of PMT stock worth $741,030 on 12 December 2022.. So, how did Warren Buffett manage to generate high returns and beat the market? Last quarter, we completed the roll out of POWER+, our next generation technology platform providing brokers with the tools they need to successfully grow their businesses and convert leads into loans. 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. In fact, for the full year PFSI produced net income of $476 million, which drove book value per share up 16% from year end 2021. The company earned $129.2 million between April and June, down from $173.6 million in the prior quarter and $204 . We stand ready and able to absorb the volumes left by Wells Fargo's exit and remain committed to being a strong capital partner for independent mortgage companies throughout the country. $98.81K . Search Crunchbase . Read more. Repurchase levels were down meaningfully from the third quarter as we prefer to maintain flexibility to address potential risks and opportunities in the evolving market environment. 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. Servicing and sub-servicing revenues, the majority of which are cash, totaled more than $1.2 billion in 2022. Repurchase levels were down meaningfully from the third quarter as we prefer to maintain flexibility to address potential risks and opportunities in the evolving market environment. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. 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. Contact Information. The CEO of both PennyMac companies, David Spector (pictured), has added the chairman's title, filling the vacancies created by the death of founder Stanford Kurland. . Mr. Spector owns 450,604 shares of PennyMac Financial Services stock worth more than $27,676,098 as of March 1st. In his role as President of. We estimate the committed pipeline at January 31st was $800 million. 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. Co-Founder/Chairman ThirdLove l Early Angel investor (30+ companies) l Working on Newco. Overall production was solid in the fourth quarter with total production volumes down only 12% from the prior quarter, while industry volumes were down 34%, according to Inside Mortgage Finance. Turning to consumer direct, we estimate we accounted for approximately 1.2% of total originations in the channel over the last 12 months. PFSI's owned servicing portfolio, which consists primarily of Ginnie Mae MSRs, had a 60-day plus delinquency rate of 3.8%, up from 3.5% at the end of the prior quarter, while our subserviced portfolio, consisting primarily of conventional loans, reported a 60-day plus delinquency rate of 0.6%, up from 0.5% at September 30th.