Ocwen Financial Corp Sets New 1-Year Low Following Analyst Downgrade (OCN)
Shares of Ocwen Financial Corp (NYSE:OCN) hit a new 52-week low during mid-day trading on Monday after Jefferies Group lowered their price target on the stock from $52.00 to $42.00, Analyst Ratings News reports. Jefferies Group currently has a buy rating on the stock. Ocwen Financial Corp traded as low as $33.53 and last traded at $33.98, with a volume of 1,714,296 shares changing hands. The stock had previously closed at $34.55.
A number of other firms have also recently commented on OCN. Analysts at Oppenheimer cut their price target on shares of Ocwen Financial Corp from $56.00 to $48.00 in a research note on Friday. They now have an “outperform” rating on the stock. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Ocwen Financial Corp in a research note on Tuesday, April 15th. They now have a $42.00 price target on the stock. Finally, analysts at Bank of America reiterated a “buy” rating on shares of Ocwen Financial Corp in a research note on Tuesday, March 4th. They now have a $57.00 price target on the stock, down previously from $68.00. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Ocwen Financial Corp presently has an average rating of “Buy” and an average target price of $48.43.
The stock has a 50-day moving average of $38.50 and a 200-day moving average of $46.9. The company has a market cap of $4.590 billion and a P/E ratio of 15.36.
Ocwen Financial Corp (NYSE:OCN) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.54 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.98 by $0.44. The company had revenue of $551.30 million for the quarter, compared to the consensus estimate of $570.58 million. During the same quarter in the prior year, the company posted $0.31 earnings per share. The company’s quarterly revenue was up 46.7% on a year-over-year basis. Analysts expect that Ocwen Financial Corp will post $4.18 EPS for the current fiscal year.
Ocwen Financial Corporation is a financial services holding company. The Company is engaged in the servicing and origination of mortgage loans.
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