Ocwen Financial Corporation (OCN) Trading Down 4.5%
Shares of Ocwen Financial Corporation (NYSE:OCN) dropped 4.5% during trading on Thursday . The stock traded as low as $3.24 and last traded at $3.40, with a volume of 3,541,316 shares traded. The stock had previously closed at $3.56.
OCN has been the subject of several recent analyst reports. Oppenheimer Holdings Inc. restated a “” rating on shares of Ocwen Financial Corporation in a research note on Tuesday, August 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, Piper Jaffray Cos. reduced their price objective on shares of Ocwen Financial Corporation from $2.50 to $2.00 and set a “neutral” rating for the company in a research note on Monday, August 8th. Two investment analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. Ocwen Financial Corporation has a consensus rating of “Hold” and a consensus price target of $3.93.
The stock’s market capitalization is $426.51 million. The company has a 50 day moving average price of $2.61 and a 200 day moving average price of $2.51.
Ocwen Financial Corporation (NYSE:OCN) last released its quarterly earnings results on Wednesday, July 27th. The company reported ($0.71) EPS 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 analyst estimates of $324.05 million. The business’s revenue was down 19.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.08 EPS. Analysts predict that Ocwen Financial Corporation will post ($2.24) EPS for the current year.
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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