Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $69.50. The slides that accompany this discussion are available on PennyMac Financial's website at ir.pennymacfinancial.com. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. Net assets under management totaled $2.3 billion as of December 31, up 1% from September 30. Backtested performance is not an indicator of future actual results. Additionally, we believe FHFA's elimination of the adverse market refinance fee has resulted in a larger population of loans that would benefit from a refinance at today's lower rates, further supporting the origination market. As you will see on slide 10, we provide a breakdown of the revenue contribution from each of PFSI's loan production channels, net of loan origination expenses, including the fulfillment fees received from PMT for conventional correspondent loans. Equal Housing Opportunity 2023 PennyMac Loan Services, LLC, 3043 Townsgate Rd, Suite 200, Westlake Village, CA 91361, 818-224-7442. Transcript : PennyMac Financial Services, Inc. Presents at Barclays The PFSI's owned servicing portfolio, which consists primarily of Ginnie Mae MSRs, had a 60 day delinquency rate of 6.7%, down from 8.6% at the end of the prior quarter. Pennymac's servicing portfolio grew to $518 billion in unpaid balance, up 2% from Dec. 31, 2021, and 16% from March 31, 2021, led by production volumes which more than offset prepayment activity,. General assumptions include: XYZ firm would have been able to purchase the securities recommended by the model and the markets were sufficiently liquid to permit all trading. What was David Spectors latest transaction? PennyMac Financial Services, Inc. (PFSI) CEO David Spector on Q4 2020 President & CEO David Spector sold 30,000 shares of PFSI stock on 01/12/2021 at the average price of $57.43. David Spector joined PennyMac in 2008. 3043 Townsgate Road, Suite 200, Westlake Village, California 91361, US, View I am pleased to note that PFSIs Board of Directors declared a fourth quarter cash dividend of $0.20 per share, representing a 33% increase from the prior quarter. Net assets under management were down slightly quarter-over-quarter to $2.3 billion. PennyMac is a mortgage lender and servicer headquartered in Westlake Village, California. Pretax income, excluding valuation-related items for the servicing segment, was $174.4 million, down 33% from the prior quarter and up 101% from the second quarter of 2020. The stock was sold at an average price of $60.80, for a total value of $912,000.00. Colorado office: 5500 South Quebec Street, Suite 260 Greenwood Village, CO 80111, (877) 215-2552. 47.206 (3) & (4). Revenue per fallout-adjusted government lock in the second quarter was 30 basis points, down from 37 basis points in the prior quarter. In order to protect the value of our MSR asset we utilize a comprehensive hedging strategy. PennyMac TPO Contact Information Principal Mr. David Spector, President/CEO Customer Contact Mr. David Spector, President/CEO Additional Contact Information Phone Numbers (702). Earnings per share grew 328% for the year with net income up 319%. We have used our cloud-based technology systems to aid in scaling our businesses to the market and supported that growth with strategic hiring of employees. Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, remained elevated but decreased slightly quarter-over-quarter. His leadership helped lay the foundation for PennyMacs long term success which included building and developing a deep management team that carries on his legacy. Previously, Mr. Spector served as PennyMac Financials President and Chief Operating Officer. View detailed PFSI description & address. David Spector's most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. 3043 Townsgate Rd Ste 200, Westlake Village, CA 91361-3027. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 12/23/2020 at the average price of $67.19. Susquehanna Fundamental Investments LLC raised its position in shares of PennyMac Financial Services by 24.8% during the 4th quarter. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. Being one of the Find contact details for 700 million professionals. Production revenue margins declined from the prior quarter and revenue per fallout-adjusted lock for PFSI's own account was 154 basis points in the second quarter, down from 176 basis points in the first quarter of 2021. A number of research firms recently issued reports on PFSI. 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. Insiders at PennyMac Financial Services own 18.0% of the company. As the CEO of PennyMac Financial Services, Inc., Mr. Spector earned a total compensation package of $13,575,224.00 in 2021. PennyMac Financial's owned portfolio reported a prepayment speed of 28.3% in the second quarter, down from 32.6% in the prior quarter. Additionally, PFSI's Board of Directors approved an increase to its stock repurchase authorization from $1 billion to $2 billion. And we believe the role of a well capitalized correspondent aggregator like PennyMac will be increasingly important over time. Warning! And I'm pleased to be joined by PennyMac Financial Services CEO,. All rights reserved. Direct lending locks were up 13% from the prior quarter, total correspondent lock volume was up 9% and the servicing portfolio was up 6% from the end of the third quarter. Purchase originations in 2021 are forecasted to increase 10% year-over-year while refinance originations are expected to decrease but remain elevated relative to historical norms. PFSI's Board of Directors also declared a second quarter cash dividend of $0.20 per share. The stock was sold at an average price of $60.64, for a total value of $1,586,888.16. The price of the stock has decreased by 8.12% since. | 3 Mrz 2023. Stockholders of record on Tuesday, February 14th were given a dividend of $0.20 per share. SSE allowed us to quickly implement changes that enabled us to complete the roll-out of large programs, like the CARES Act forbearance program, in a fast and cost-effective manner. This growth in production is not only due to the significant investments we have made in our production technology, which Doug will elaborate on later, but is also due to the considerable investments we have made in people. We quickly developed a plan to deal with the COVID-19 pandemic and the various work from home orders across the nation. I will cover each segment's results and then briefly review our forbearance and servicing advance trends. Production segment pretax income was $244.4 million, down 33% from the prior quarter and 55% from the second quarter of 2020. Approve of CEO. Follow them so you never miss a recommendation. This grew our servicing portfolio to over $426 billion in UPB even with elevated prepayment speeds. Chang (pictured), who has been with PennyMac since 2008, will step down from his roles at the end of the year. In the fourth quarter, PennyMac Financial delivered net income of 38 The prepayment speeds of PennyMac Financials subserviced portfolio which includes mostly Fannie Mae and Freddie Mac mortgage servicing rights owned by PMT decreased slightly to 38.9% from 39.2%. Actual performance may differ significantly from backtested performance. PennyMac Financial Services Inc had annual average EBITDA growth of 35.90% over the past five years. The barriers to entry for these businesses that require scale for success provide PFSI a strategic advantage over our competitors. Lastly, originations in our broker direct channel totaled $4 billion in UPB, down 22% from the prior quarter. This hedging strategy is designed to moderate the impact of interest rate changes on the fair value of our MSR asset and also considers productionrelated income. PennyMac Financial Services, Inc. a annonc que Doug Jones, prsident et directeur des services hypothcaires, a rejoint son conseil d'administration compter du 1er mars 2023. The total sale was $1.7 million. Doug Jones Joins PennyMac Financial Services Board - NMP David Spectors most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Hedging and other gains of over $943 million largely offset an MSR fair value decrease of over $1.1 billion. Thank you, David. 119504607, 119505929, 119506567, 119506570, 119507419. PennyMac Financial Services, Inc. (NYSE:NYSE:PFSI) Q4 2020 Earnings Conference Call February 4, 2021 4:30 PM ETCompany ParticipantsIsaac Garden - Vice President Investor RelationsDavid. Thank you Isaac. Our large production volumes fuel the organic growth of our servicing portfolio, leading to a larger recurring stream of earnings. These strong production volumes again led to servicing portfolio growth despite continued elevated prepayment activity. Contact Us: We Are Here to Help You | Pennymac We continue to originate record levels of volumes in this channel as a result of our large and growing servicing portfolio, efficient and low-cost infrastructure, advanced modeling and analytics, and the growth in sales and fulfillment capacity. With PFSIs historical focus on purchase market originations combined with our large and growing servicing portfolio, we believe we are well-positioned to successfully grow share in all three of our production channels, driving an increase in our overall market position. The stock was sold at an average price of $58.12, for a total value of $741,030.00. We were quick to step up and aid borrowers as the COVID-19 pandemic spread across the U.S., affecting many of our customers. Mr. David Spector, CEO Mr. Andrew Chang, CFO Mr. Derek Stark, Chief Legal Officer Additional Contact Information Phone Numbers (800) 777-4001 Other Phone Email Addresses Email this. This net worth estimate does not reflect any other assets that Mr. Spector may own. And finally, PFSIs Board of Directors approved an increase to its stock repurchase authorization from $500 million to $1 billion of outstanding common stock. Over the years, PennyMac Financial has proven its ability to generate profits and value across various market environments, resulting in attractive returns on equity, with an average ROE of 24% over our last 7 plus years as a public company. Book value per share grew 5% to $54.49 at June 30. In January, our broker direct originations totaled $1.4 billion in UPB, and locks totaled $2.1 billion. Posted by Defense World Staff on Mar 3rd, 2023. PennyMac Financial reported strong earnings in the fourth quarter driven by core production and servicing results. Susquehanna Fundamental Investments LLC now owns 85,385 shares of the real estate investment trusts stock worth $4,838,000 after purchasing an additional 16,980 shares during the last quarter. And with that, I would like to turn it back to David for some closing remarks. This growth has focused on new customer acquisition and resulted in our non-portfolio interest rate lock commitments hitting a record in the fourth quarter at 1.3 billion, up from 906 million in the third quarter, an increase of 43%. Finally, Maverick Capital Ltd. raised its position in shares of PennyMac Financial Services by 33.5% during the 4th quarter. Learn More on David A. Spector's salary. Pretax income excluding valuation-related items for the servicing segment was $234.3 million, up 30% from the prior quarter and 499% from the fourth quarter of 2019. He currently serves as a senior advisor to TPG Capital, a global private investment firm, and . The return on the trade was 60.70%. Similarly, lock volume totaled $4.5 billion, down 21%. We have made significant investments to scale our end-to-end mortgage fulfillment process while we expect the substantial investments in technology we have made to continually improve the customer experience over time. Following the transaction, the chief executive officer now directly owns 650,183 shares in the company, valued at approximately $39,427,097.12. Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. All of these workflow and technology investments will improve the experience for the consumer and for the broker, improve productivity, specifically in sales and operations, which will enable higher volumes at a reduced cost to originate. David Spector Sells 15,000 Shares of PennyMac Financial Services, Inc T. Rowe Price Investment Management Inc. now owns 4,992,531 shares of the real estate investment trusts stock worth $282,877,000 after purchasing an additional 256,717 shares during the last quarter. The opportunity to grow these newer channels is exciting and provides PFSI a multi-channel, diversified and profitable production segment that will further grow the servicing portfolio with high quality assets. David Spector latest transaction was an Uninformative Buy of . Backtested results are calculated by the retroactive application of a model constructed on the basis of historical data and based on assumptions integral to the model which may or may not be testable and are subject to losses. The direct lending channels have an outsized impact on PFSI's production earnings, as Andy mentioned earlier. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID-19, separate . Similar Profiles. We issued $650 million in an inaugural senior unsecured note offering, raised funding capacity with our banking partners, and enhanced our existing Ginnie Mae MSR financing structure to include servicing advances. Pennymac Cares | Thank You from President & CEO, David Spector 108,081 views Apr 21, 2020 Right now, we realize the importance of home like never before. The average return per transaction made by David Spector is 3.50%. Thank you. PennyMac Financial Services can also be reached via phone at (818) 224-7442 and via email at [emailprotected] Learn More on David A. Spector's contact information. Origination volumes totaled $10.7 billion in UPB, while interest rate lock commitments totaled $14.1 billion. David Spector Chief Investment Officer Agoura Hills, California, United States 1K followers 500+ connections Join to connect Penny Mac University of California, Los Angeles Activity Thank you. This concludes PennyMac Financial Services, Inc.s fourth quarter earnings discussion. No representations and warranties are made as to the reasonableness of the assumptions. This information is provided for illustrative purposes only. PENNYMAC FINANCIAL SERVICES, INC. : Entry into a Material Definitive Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, What Led to Europes Deadliest Train Crash in a Decade, This Week in Crypto: Ukraine War, Marathon Digital, FTX, Chairman/CEO, Pennymac Mortgage Investment. Please disable your ad-blocker and refresh. Also, our investments in technology, such as our cloud-based proprietary servicing system, have helped us to maximize economies of scale and grow efficiently, and help drive strong results for years to come. Wells Fargo & Company raised PennyMac Financial Services from an equal weight rating to an overweight rating and lifted their price objective for the company from $54.00 to $75.00 in a report on Tuesday, December 6th. T. Rowe Price Investment Management Inc. raised its position in shares of PennyMac Financial Services by 5.4% during the 4th quarter. David Spector Net Worth, Biography, and Insider Trading These returns have led to a 29% compounded annual growth rate in our book value per share since our IPO. The servicing segment recorded pretax income of $30.9 million, down from pretax income of $141.7 million in the prior quarter and up from a pretax loss of $62.4 million in the second quarter of 2020. Is this happening to you frequently? Major name to depart PennyMac | Mortgage Professional PENNYMAC Careers and Employment | Indeed.com Pennymac Financial Services, Inc. annonce que Doug Jones s'est joint Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. These technology investments are critical drivers to the growth of our direct lending businesses. As you can see on slide seven of our presentation, PennyMac maintained its leadership position in the correspondent channel, and we estimate that we currently represent approximately 18% of the channel overall. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 01/07/2021 at the average price of $60.12. Most recently, David Spector sold 26,169 shares of the business's stock in a transaction on Wednesday, March 1st. David Spector | ZoomInfo Thank you. Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. For any questions, please visit our website at ir.pennymacfinancial.com or call our Investor Relations department at 818-264-4907. This growth will be crucial in further expanding our direct lending channels and supporting our growing servicing infrastructure. Licensed Mortgage Banker-NYS Department of Financial Services. Conventional correspondent acquisitions, for which PFSI earns a fulfillment fee from PMT, totaled $38 billion in UPB, up 39% from the prior quarter and 85% from the fourth quarter of 2019. Net income in the fourth quarter was the second highest in the history of the company. We encourage investors with any questions to reach out to our Investor Relations team by e-mail or phone. Schonfeld Strategic Advisors LLC raised its position in shares of PennyMac Financial Services by 822.2% during the 4th quarter. PennyMac Financial Services, Inc. Announces Doug Jones Joined Its Board While Stan had retired from day-to-day responsibilities at PennyMac, he remained a trusted advisor and dear friend. While the Pennymac workforce stays. This brings the total repurchases year-to-date to approximately $600 million. Total correspondent loan acquisition volume was $46.7 billion, down 9% from the prior quarter and up 56% from the second quarter of 2020. Information, rates and pricing are subject to change without prior notice at the sole discretion of PennyMac Loan Services, LLC. David A. Spector is also on the board of 7 other companies. As you can see on page 11 of our slide presentation, correspondent acquisition volumes totaled $56.9 billion in UPB in the fourth quarter, up 28% from the prior quarter and 53% from the fourth quarter of 2019. The decrease from the prior quarter was primarily driven by a $76 million decrease in EBO loan-related revenue. The percentage of loans in forbearance decreased to 7.8% at December 31 from 10.1% at September 30 as new forbearance plans implemented since September 30 were more than offset by borrowers in forbearance plans at September 30 who have since exited. Thanks, Doug. David Spector, Chairman & CEO, Director at PennyMac Mortgage, holds 259.60K shares in PennyMac Mortgage (Ticker: PMT), holds 1.10M shares in PennyMac Financial (Ticker: PFSI). The firm has a 50 day moving average of $62.72 and a 200-day moving average of $56.17. You will be contacted by a representative that will help answer any inquiries you have. Fourth quarter performance was very strong across loan production and servicing and we continue to see the strength of our balanced business model in our results. Our Investment Management segment delivered pretax income of $2.6 million, down from $3.3 million in the prior quarter and down from $5.2 million in the fourth quarter of 2019. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. We believe this represents approximately 13% of the total brokers and non-delegated sellers active in the market today, providing continued room for growth and expansion within the channel in the future. Please note all regulatory considerations regarding the presentation of fees must be taken into account. PennyMac Financial delivered another outstanding quarter of operational and financial performance, despite the increased volatility in the mortgage market. They sold a total of 398,609 shares worth more than $22,789,635.48. Specifically, backtested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. This is not a commitment to lend. Presenter SpeechMark DeVries Hello. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. PennyMac Financial Services, Inc. (PFSI) CEO David Spector on Q2 2021 Importantly, PennyMac retains the servicing rights and carries an option to repurchase these government-insured loans in the event they become eligible for redelivery into Ginnie Mae securities. PennyMac Financial Servicess payout ratio is 9.54%. Dans son rle . See what top analysts say about your stocks. Despite these currently elevated levels of competition, we continue to see opportunity in the channel over the long term and remain committed to providing our broker partners and the customers they serve a superior mortgage experience. David Spector received compensation valued at about $12,375,328 in 2020 after becoming . PennyMac founder Stanford Kurland dies - National Mortgage News It operates through the following segments: Production, Servicing, and Investment Management. Production revenue margins remain elevated, especially with PFSIs growth in consumer and broker direct volumes. David A. Spector - Biography - MarketScreener.com 112 S. Lakeview Canyon Rd, Ste. As of the end of the year we have helped, or are in the process of helping, approximately 145,000 borrowers successfully emerge from their forbearance plans. Our investment management segment delivered pretax income of $4.1 million, up from $1.4 million in the prior quarter as a result of incentive fees earned and down from $4.7 million in the second quarter of 2020. free lookups / month. View David Spector's email address (d*****@pennym***.com) and phone number. Our consumer direct lending division produced record origination and lock volumes again despite a smaller origination market in the second quarter. "I am delighted to announce Doug Jones' election to our. I am Barclays' consumer finance analyst, Mark DeVries. David A Spector, Pennymac Mortgage Investment: Profile and Biography - Bloomberg Markets Markets Trafigura's Nickel Nemesis Was Already Notorious in Metal Circles The Week Your Saturday UK. The most recent insider tranaction occured on March, 1st when insider Steven Richard Bailey sold 13,604 shares worth more than $825,762.80. While such a market would be smaller than 2020, it would represent a large origination market by historical standards. This concludes PennyMac Financial Services, Inc.'s second quarter earnings discussion. PennyMac Financial Services Inc., a national mortgage lender and servicer, announced Thursday that Doug Jones has joined its board of directors. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. David works at Pennymac Loan Services, Llc as Chief Investment Officer. With that, I will turn the call over to Andy Chang, Senior Managing Director and Chief Operating Officer, who will go through some of the initiatives we are focused on to position us for future success in the years to come. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. The shares were sold at an average price of $60.64, for a transaction totalling $1,586,888.16. David is based out of Agoura Hills, California, United States and works in the Financial Services industry. David Spector - Chief Investment Officer - Penny Mac | LinkedIn 2023-03-02 | NYSE:PFSI | Press Release | PennyMac Financial Services Inc. The UPB of completed modifications was $6.3 billion, up significantly from $4 billion last quarter and the UPB of EBO loan volume totaled $5 billion, also up significantly from last quarter as a result of the continued focus on loss mitigation activities.
Sydney Metro West Opening Date, Articles D
Sydney Metro West Opening Date, Articles D