Omega Advisors and Bridger Capital Disclose Stakes in PennyMac Financial Services ~ market folly

Monday, May 20, 2013

Omega Advisors and Bridger Capital Disclose Stakes in PennyMac Financial Services

Two hedge funds filed disclosures with the SEC today regarding shares of recently public PennyMac Financial Services (PFSI).

Omega Advisors' PFSI Stake

Lee Cooperman's hedge fund Omega Advisors filed a 13D with the SEC on PennyMac Financial Services (PFSI) revealing they own 21.6% of the company with 2,759,600 shares. 

Omega purchased PFSI at $18 per share in the company's initial public offering on May 9th.  Cooperman's firm also picked up a few extra shares on May 14th at $19.71 for some of their managed accounts.

For more from this hedge fund, Lee Cooperman recently shared his market thoughts at the Skybridge Alternatives Conference (SALT).

Bridger Capital's Position in PFSI

Roberto Mignone's hedge fund Bridger Capital also filed a 13G with the SEC and disclosed a 13.5% ownership stake in the company with 1,500,000 shares due to activity on May 9th as well.

About PennyMac Financial Services

PennyMac Financial Services recently went public and is the parent firm to publicly traded subsidiary PennyMac Mortgage Investment Trust (PMT).

Per Google Finance, PennyMac Financial Services, Inc. is "a specialty financial services firm with a mortgage platform and integrated business focused on the production and servicing of United States residential mortgage loans and the management of investments related to the United States residential mortgage market. The Company operates in two segments: mortgage banking and investment management. Its principal mortgage banking subsidiary, PennyMac Loan Services, LLC (PLS), is a non-bank producer and servicer of mortgage loans in the United States. PLS is a seller/servicer for the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac), each of which is a government-sponsored entity (GSE). The Company’s principal investment management subsidiary, PNMAC Capital Management, LLC (PCM), is an investment adviser. It manages PennyMac Mortgage Investment Trust (PMT), a mortgage real estate investment trust (REIT)."

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