PennyMac Shares Fall Premarket After BlackRock Donates Stake
February 13 2020 - 09:47AM
Dow Jones News
By Colin Kellaher
Shares of PennyMac Financial Services Inc. fell more than 6% in
premarket trading Thursday after asset manager BlackRock Inc.
donated its remaining 20% stake in the mortgage company to fund
nonprofits.
PennyMac said BlackRock contributed the stake to a pair of
charitable entities, the BlackRock Charitable Fund and the
BlackRock Foundation, adding that the charitable fund subsequently
sold 7.8 million shares in an unregistered private sale.
PennyMac said 50% of its roughly $2.9 billion market
capitalization now consists of public float, up from 17% after its
2013 initial public offering.
Shares of PennyMac, which closed Wednesday at $37.05, were down
6.2% in premarket trading Thursday.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
February 13, 2020 09:32 ET (14:32 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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