Keefe, Bruyette & Woods Boosts Ocwen Financial (NYSE:OCN) Price Target to $32.00

Ocwen Financial (NYSE:OCN) had its price objective lifted by equities researchers at Keefe, Bruyette & Woods from $28.00 to $32.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price indicates a potential upside of 18.91% from the stock’s current price.

Separately, B. Riley restated a “buy” rating and set a $50.00 target price on shares of Ocwen Financial in a report on Tuesday, March 26th.

Ocwen Financial Stock Performance

NYSE OCN traded down $0.24 during mid-day trading on Wednesday, reaching $26.91. 153 shares of the stock were exchanged, compared to its average volume of 12,510. The company has a market capitalization of $210.17 million, a P/E ratio of 50.77 and a beta of 1.92. The company has a debt-to-equity ratio of 21.76, a quick ratio of 21.72 and a current ratio of 21.72. The business’s 50 day moving average is $25.11 and its 200-day moving average is $26.71. Ocwen Financial has a 1 year low of $21.15 and a 1 year high of $35.79.

Ocwen Financial (NYSE:OCN) last announced its earnings results on Tuesday, February 27th. The financial services provider reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.35. The business had revenue of $277.30 million for the quarter, compared to analyst estimates of $260.23 million. Ocwen Financial had a net margin of 0.63% and a return on equity of 13.66%. On average, equities research analysts forecast that Ocwen Financial will post 5.58 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Commonwealth Equity Services LLC grew its holdings in shares of Ocwen Financial by 113.1% during the 1st quarter. Commonwealth Equity Services LLC now owns 21,976 shares of the financial services provider’s stock worth $594,000 after purchasing an additional 11,665 shares during the period. Acadian Asset Management LLC raised its position in Ocwen Financial by 126.8% in the third quarter. Acadian Asset Management LLC now owns 9,536 shares of the financial services provider’s stock valued at $245,000 after purchasing an additional 5,332 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Ocwen Financial in the fourth quarter valued at $111,000. Empowered Funds LLC raised its holdings in shares of Ocwen Financial by 8.0% in the 1st quarter. Empowered Funds LLC now owns 37,692 shares of the financial services provider’s stock valued at $1,018,000 after buying an additional 2,800 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in Ocwen Financial by 3.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 42,815 shares of the financial services provider’s stock worth $1,108,000 after acquiring an additional 1,429 shares in the last quarter. 70.16% of the stock is currently owned by institutional investors and hedge funds.

About Ocwen Financial

Ocwen Financial Corporation, a financial services company, originates and services mortgage loans in the United States, the United States Virgin Islands, India, and the Philippines. It operates through, Servicing and Originations segments. The company provides commercial forward mortgage loan servicing, reverse mortgage servicing, special servicing, and asset management services for to owners of mortgage loans and foreclosed real estate, as well as residential mortgage loan servicing, such as forward and reverse conventional, government-insured, and non-agency loans, including the reverse mortgage loans classified as loans.