On August 5, 2021, PennyMac Financial Servs (NYSE:PFSI) announced shareholders can expect to receive a dividend payable on August 26, 2021. The stock will then go ex-dividend 1 business day(s) before the record date. PennyMac Financial Servs, which has a current dividend per share of $0.2, has an ex-dividend date scheduled for August 13, 2021. That equates to a dividend yield of 1.28% at current price levels.

Ex-dividend dates are when company shares stop trading with their current dividend payouts in preparation for those companies to announce new ones. Usually, a company's ex-dividend date falls one business day before its record date. Investors should keep this in mind when purchasing stocks because buying them on or after ex-dividend dates does not qualify them to receive the declared payment. Newly declared dividends go to shareholders who have owned that stock before the ex-dividend date. Typically, companies will announce and implement new dividend yields on a quarterly basis.

Over the past year, PennyMac Financial Servs has seen its dividend payouts and yields climb upward overall. Last year (August 14, 2020), the company's payout sat at $0.15, which has since increased by $0.05. PennyMac Financial Servs's dividend yield last year was 1.2%, which has since grown by 0.08%.
Companies use dividend yields in different strategic ways. Some companies may opt to not give yields altogether to reinvest in themselves. Other companies may opt to increase or decrease their yield amounts to control how their shares circulate throughout the stock market.