PennyMac shares jump 2.6% on second day of trading
Shares of PennyMac Financial Services climbed another 2.6 percent the day after they started trading publicly for the first time.
The Moorpark-based company, founded in 2008 by former top executives at Countrywide Financial Corp., raised just over $200 million in its initial public offering of stock after opening with a share price of $18.25 on May 9.
The company’s share price continued to climb and closed at $19.60, up 2.6 percent, on May 10.
PennyMac has more than 600 employees at its Moorpark headquarters, city officials have told the Business Times. The company makes money by originating and selling mortgages, some of which it has purchased from other lenders for pennies on the dollar.
The firm was founded by Stanford Kurland, the former president of Calabasas-based Countrywide, the subprime lender at the heart of the financial crisis.
PennyMac now trades on the New York Stock Exchange under the ticker symbol “PFSI” and had a market capitalization of $218 million as of the close of business on Friday, making it the 17th largest publicly traded company based in the Tri-Counties.
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