Stock Alert: PennyMac Financial Near To Its 52-week High

(RTTNews) - Shares of specialty financial services company PennyMac Financial Services, Inc. (PFSI) are rising more than 5% Thursday morning at $37.52, close to its 52-week high of $39.57.

Yesterday the company had announced its decision to buy back the remaining approximately 7 million shares owned by The BlackRock Foundation, at $34 per share. The board also approved an increase to its stock repurchase authorization to $500 million from $50million.

"We are excited to announce this transaction which completes the divestment by The BlackRock Foundation from PFSI," said President and CEO David Spector.