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

OCN has been the topic of a number of recent analyst reports. Oppenheimer Holdings Inc. reissued a “” rating on shares of Ocwen Financial Corporation in a research report on Tuesday, August 2nd. Zacks Investment Research raised shares of Ocwen Financial Corporation from a “sell” rating to a “hold” rating in a research report on Monday, May 2nd. Piper Jaffray Cos. reissued a “hold” rating and issued a $2.50 price objective (down from $4.00) on shares of Ocwen Financial Corporation in a research report on Thursday, April 28th. 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 on the stock in a research report on Thursday, July 28th. Finally, Compass Point reduced their price objective on shares of Ocwen Financial Corporation from $4.00 to $3.00 and set a “neutral” rating on the stock in a research report on Thursday, April 28th. Two investment analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. Ocwen Financial Corporation currently has an average rating of “Hold” and an average target price of $3.93.

The firm’s market cap is $378.16 million. The stock’s 50-day moving average is $1.92 and its 200 day moving average is $2.69.

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

A number of institutional investors have bought and sold shares of OCN. California State Teachers Retirement System raised its position in 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 during the last quarter. Rhumbline Advisers raised its position in 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 during the last quarter. Finally, California Public Employees Retirement System raised its position in 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 during 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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