PennyMac Chief Kurland Buying Shares

PennyMac Mortgage Investment Trust chief Stan Kurland is putting his money where his mouth is regarding the future of his publicly traded vulture fund, recently purchasing $429,000 worth of stock in the firm, according to trading records. Documents filed with the Securities and Exchange Commission show that Mr. Kurland bought $259,451 of PennyMac stock (15,000 shares) on November 11 and then the next day acquired 10,000 shares, paying $169,888. The CEO and chairman of the Calabasas-based company bought shares at prices ranging from $16.91 to $17.31. Since going public this summer, PennyMac's share price has ranged from $16.70 to $20. Stock analysts consider it a bullish sign when company insiders buy shares on the open market, which is what Mr. Kurland has done. For the period ending September 30, PennyMac, a REIT, lost $730,000.