Shares of Ocwen Financial Corporation (NYSE:OCN) dropped 2.7% during trading on Friday . The stock traded as low as $2.91 and last traded at $2.93, with a volume of 1,384,395 shares. The stock had previously closed at $3.01.

OCN has been the subject of several recent research reports. Compass Point decreased their target price on shares of Ocwen Financial Corporation from $4.00 to $3.00 and set a “neutral” rating for the company in a research report on Thursday, April 28th. Piper Jaffray Cos. restated a “hold” rating and issued a $2.50 price objective (down from $4.00) on shares of Ocwen Financial Corporation in a research note on Thursday, April 28th. Zacks Investment Research upgraded shares of Ocwen Financial Corporation from a “sell” rating to a “hold” rating in a research note on Monday, May 2nd. Keefe, Bruyette & Woods reduced their price objective on shares of Ocwen Financial Corporation from $5.00 to $3.00 and set a “market perform” rating for the company in a research note on Thursday, July 28th. Finally, Oppenheimer Holdings Inc. restated a “” rating on shares of Ocwen Financial Corporation in a research note on Tuesday, August 2nd. Two investment analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $3.93.

The company’s market capitalization is $378.16 million. The company’s 50-day moving average is $1.88 and its 200-day moving average is $2.70.

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

Several institutional investors have modified their holdings of the company. 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 valued at $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 valued at $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 valued at $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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