Ocwen Financial Corporation (OCN) Trading Down 1.5%
Ocwen Financial Corporation (NYSE:OCN) traded down 1.5% during trading on Thursday . The stock traded as low as $3.17 and last traded at $3.20, with a volume of 788,266 shares. The stock had previously closed at $3.25.
Several research analysts have issued reports on the company. Piper Jaffray Cos. cut their price objective on Ocwen Financial Corporation from $2.50 to $2.00 and set a “neutral” rating for the company in a research report on Monday, August 8th. Oppenheimer Holdings Inc. reiterated a “” rating on shares of Ocwen Financial Corporation in a research report on Tuesday, August 2nd. Keefe, Bruyette & Woods cut their price objective on Ocwen Financial Corporation from $5.00 to $3.00 and set a “market perform” rating for the company in a research report on Thursday, July 28th. Finally, Zacks Investment Research upgraded Ocwen Financial Corporation from a “sell” rating to a “hold” rating in a research report on Monday, May 2nd. Two investment analysts have rated the stock with a sell rating and six have given a hold rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $3.93.
The stock’s market cap is $420.31 million. The firm’s 50 day moving average is $2.36 and its 200-day moving average is $2.55.
Ocwen Financial Corporation (NYSE:OCN) last released its quarterly earnings data on Wednesday, July 27th. The company reported ($0.71) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.43) by $0.28. The company earned $373.05 million during the quarter, compared to analyst estimates of $324.05 million. During the same period in the prior year, the company earned $0.08 EPS. Ocwen Financial Corporation’s revenue for the quarter was down 19.5% on a year-over-year basis. On average, equities research analysts forecast that Ocwen Financial Corporation will post ($2.24) EPS for the current fiscal year.
A number of hedge funds and institutional investors recently added to or reduced their stakes in OCN. 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 in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in Ocwen Financial Corporation by 0.5% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 317,650 shares of the company’s stock worth $2,214,000 after buying an additional 1,475 shares in 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 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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