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Tuesday, Sep 26, 2023

PennyMac Shares Jump on Investor News

Shares of PennyMac Financial Services Inc. jumped nearly 9 percent Monday when prominent investor Leon Cooperman disclosed that his hedge funds owns 22 percent of the residential mortgage lender’s stock. PennyMac, based in Moorpark, just went public on May 9, raising $200 million in an initial public offering. The firm, headed by Stanley Kurland, former president of Countrywide Financial Services, said it plans to use the proceeds to expand its mortgage operations. Cooperman’s Omega Advisors Inc. has $8 billion under management. The New York firm was founded in 1991 after Cooperman left Goldman Sachs, where he had spent more than two decades. Shares of PennyMac gained $1.66 to close at $21.66 on the New York Stock Exchange.

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