Historical Stock Chart
2 Months : From Jan 2020 to Mar 2020
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.
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(END) Dow Jones Newswires
February 13, 2020 09:32 ET (14:32 GMT)
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