Ocwen Financial Corp Stock Rating Reaffirmed by Zacks (OCN)
Ocwen Financial Corp (NYSE: OCN)‘s stock had its “neutral” rating reaffirmed by Zacks in a research note issued on Tuesday. They currently have a $41.00 price target on the stock.
Zacks‘ analyst wrote, “Ocwen’s fourth-quarter 2012 earnings were marginally below the Zacks Consensus Estimate. Improved top line and stable balance sheet position were the positives for the quarter. However, increased operating and interest expenses as well as lower interest income were the primary dampeners. Though Ocwen remains steadfast on loan modifications and new business acquisitions, market volatility and contraction in subprime MSR market make us cautious. We believe that the recent acquisitions will be beneficial to the company. Further, the company might get additional opportunities to acquire distressed servicing portfolios at lower prices as home prices still remain weak. Yet, persistently weak capital market, slow economic recovery, rising expenses and new regulations drive us on the sidelines.”
Several other analysts have also recently commented on the stock. Analysts at KBW raised their price target on shares of Ocwen Financial Corp from $40.00 to $45.00 in a research note to investors on Tuesday, March 5th. They now have an “outperform” rating on the stock. Analysts at Sidoti upgraded shares of Ocwen Financial Corp from a “neutral” rating to a “buy” rating in a research note to investors on Monday, February 4th.
One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Ocwen Financial Corp has a consensus rating of “Buy” and a consensus target price of $41.43.
Ocwen Financial Corp (NYSE: OCN) traded up 0.30% on Tuesday, hitting $36.32. Ocwen Financial Corp has a 1-year low of $14.40 and a 1-year high of $42.07. The stock’s 50-day moving average is currently $39.69. The company has a market cap of $4.926 billion and a price-to-earnings ratio of 27.58.
Ocwen Financial Corp (NYSE: OCN) last released its earnings data on Thursday, February 28th. The company reported $0.47 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.50 by $0.03. The company had revenue of $236.40 million for the quarter, compared to the consensus estimate of $231.28 million. During the same quarter in the previous year, the company posted $0.08 earnings per share. The company’s revenue for the quarter was up 51.0% on a year-over-year basis. On average, analysts predict that Ocwen Financial Corp will post $4.54 earnings per share for the current fiscal year.
Ocwen Financial Corporation (NYSE: OCN) is a provider of residential and commercial mortgage loan servicing, special servicing and asset management services.
To view Zacks’ full report, visit www.zacks.com
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.