Lee Cooperman Trims Pennymac Financial Stake, Exercises Warrants on Aspen Group

Omega Advisors' Lee Cooperman has made two separate filings with the SEC recently.


Trims Pennymac Financial Services Stake

First, Cooperman has submitted a Form 4 regarding his stake in Pennymac Financial Services (PFSI).  Per the filing, Cooperman was out selling 58,100 shares on April 27th and 28th at prices around $18.34.  After the sales, he still has exposure to over 3.3 million PFSI shares.

Per Google Finance, Pennymac Financial 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.."


Exercises Warrants on Aspen Group

Second, Cooperman filed a 13G with the SEC regarding shares of Aspen Group (ASPU).  Per the filing, Cooperman continues to own 9.9% of the company.  However, on April 23rd he exercised warrants yielding him 4 million more shares.

The filing also notes that, "In connection with the exercise of the warrants, the reporting person and the issuer have agreed to waive the 9.99% Blocker contained in the warrant agreement."

Per Google Finance, Aspen Group "offers relevant online education. The Company derives revenue primarily from tuition and fees derived from courses taught by the Company online, as well as from related educational resources that the Company provides to its students, such as access to its online materials and learning management system. The Company’s subsidiary, Aspen University Inc. (Aspen University), delivers education experiences and has served thousands of students."

We've previously detailed other portfolio activity from Lee Cooperman here.

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)."

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)."