The share price of mortgage insurer PMI Group continued to trade upward Thursday morning after it was revealed that hedge fund manager Leon Cooperman has amassed a 5.3% stake in the company.
Cooperman, president and CEO of Omega Advisors in Delaware, filed a form 13G with the Securities and Exchange Commission two days ago, disclosing that he owned almost 8.5 million shares in the MI, the nation's third largest in terms of policies-in-force. (Figures courtesy of the Quarterly Data Report.)
The filing does not disclose what price Cooperman paid for his stock.
PMI's share price was up almost 2% Thursday morning to $3.95. Its 52-week high is $7.75, its low $1.81.
The Walnut Creek, Calif.-based PMI, which ranks fourth in terms of new policies written, has lost money for 12 straight quarters.
