Ocwen Financial Corporation (NYSE:OCN) gapped up prior to trading on Wednesday . The stock had previously closed at $2.64, but opened at $2.66. Ocwen Financial Corporation shares last traded at $2.90, with a volume of 6,265,817 shares changing hands.

A number of equities research analysts have recently issued reports on OCN shares. Compass Point dropped their target price on shares of Ocwen Financial Corporation from $4.00 to $3.00 and set a “neutral” rating on the stock in a report on Thursday, April 28th. Piper Jaffray Cos. reaffirmed a “hold” rating and issued a $2.50 target price (down from $4.00) on shares of Ocwen Financial Corporation in a report on Thursday, April 28th. Zacks Investment Research raised shares of Ocwen Financial Corporation from a “sell” rating to a “hold” rating in a report on Monday, May 2nd. Keefe, Bruyette & Woods dropped their target price on shares of Ocwen Financial Corporation from $5.00 to $3.00 and set a “market perform” rating on the stock in a report on Thursday, July 28th. Finally, Oppenheimer Holdings Inc. reaffirmed a “” rating on shares of Ocwen Financial Corporation in a report on Tuesday, August 2nd. Two equities research analysts have rated the stock with a sell rating and six have given a hold rating to the stock. The company presently has an average rating of “Hold” and an average target price of $3.93.

The firm’s market cap is $357.08 million. The stock has a 50-day moving average price of $1.84 and a 200 day moving average price of $2.70.

Ocwen Financial Corporation (NYSE:OCN) last issued its quarterly earnings data on Wednesday, July 27th. The company reported ($0.71) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.43) by $0.28. During the same period in the prior year, the company earned $0.08 EPS. The firm had revenue of $373.05 million for the quarter, compared to analysts’ expectations of $324.05 million. Ocwen Financial Corporation’s revenue was down 19.5% on a year-over-year basis. Equities research analysts expect that Ocwen Financial Corporation will post ($2.20) earnings per share for the current year.

Several hedge funds and institutional investors have modified their holdings of OCN. California Public Employees Retirement System boosted its position in shares of Ocwen Financial Corporation by 10.3% in the fourth quarter. California Public Employees Retirement System now owns 441,100 shares of the company’s stock worth $3,074,000 after buying an additional 41,300 shares in the last quarter. Rhumbline Advisers boosted its position in shares of Ocwen Financial Corporation by 4.0% in the fourth quarter. Rhumbline Advisers now owns 155,775 shares of the company’s stock worth $1,086,000 after buying an additional 5,930 shares in the last quarter. Finally, California State Teachers Retirement System boosted its position in shares of Ocwen Financial Corporation by 1.8% in the fourth quarter. California State Teachers Retirement System now owns 199,120 shares of the company’s stock worth $1,388,000 after buying an additional 3,606 shares in the last quarter.

Ocwen Financial Corporation is a financial services holding company. The Company, through its subsidiaries, operates as a mortgage company. The Company’s segments include Servicing, Lending, and Corporate Items and Other. The Company’s Servicing segment consists of its core residential servicing business.

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