Omega Advisors Acquires Pennymac Financial Services Shares ~ market folly

Monday, March 31, 2014

Omega Advisors Acquires Pennymac Financial Services Shares

Lee Cooperman's investment firm Omega Advisors has filed a Form 4 with the SEC disclosing transactions in shares of Pennymac Financial Services (PFSI).

Per the filing, Omega acquired 632,000 shares of PFSI class A common stock in total on March 27th at a price of $15.99.  The purchases were made for their investment entities and managed accounts.

After these transactions, Omega's investment entities owned just over 2 million shares while their managed accounts owned over 1.27 million PFSI shares.

We've also detailed some other recent portfolio activity from Omega Advisors here.

Per Google Finance, Pennymac Financial Services 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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