PennyMac to buy back $50 million of Class A common stock
PennyMac Financial Services announced on June 21 that it will repurchase up to $50 million of its Class A common stock.
The number and timing of the purchases will depend on price, trading volume and market conditions, among other factors, the Moorpark-based company said in a statement.
“We believe that the repurchase of common stock will enhance value for our stockholders,” said Executive Chairman Stanford Kurland.
The company has capital available for mortgage banking activities and other investments, and its return on equity after taxes is comparable to other investment opportunities, he added. The company intends to finance the stock repurchases through the cash it has on hand.
The stock closed at $17.05 on June 22, up 4.3 percent for the day.
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