PennyMac Shares Fall Premarket After BlackRock Donates Stake

Date : 02/13/2020 @ 2:47PM
Source : Dow Jones News
Stock : BlackRock Inc (BLK)
Quote : 439.97  -15.38 (-3.38%) @ 1:00AM
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Last $ 431.81 ▼ -8.16 (-1.85%)

PennyMac Shares Fall Premarket After BlackRock Donates Stake

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2 Months : From Jan 2020 to Mar 2020

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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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