Ocwen Financial Corp Stock Price Down 2.5% Following Insider Selling (OCN)
Ocwen Financial Corp (NYSE:OCN) dropped 2.5% during trading on Wednesday following insider selling activity, ARN reports. The stock traded as low as $35.17 and last traded at $35.61, with a volume of 726,910 shares changing hands. The stock had previously closed at $36.54.
Specifically, Director Wilbur L. Ross, Jr. sold 1,950,296 shares of the stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $37.00, for a total transaction of $72,160,952.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
A number of research firms have recently commented on OCN. Analysts at Compass Point reiterated a “buy” rating on shares of Ocwen Financial Corp in a research note on Friday, June 20th. Separately, analysts at Zacks downgraded shares of Ocwen Financial Corp from a “neutral” rating to an “underperform” rating in a research note on Wednesday, May 21st. They now have a $30.00 price target on the stock. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $46.71.
The stock’s 50-day moving average is $36.47 and its 200-day moving average is $39.69. The company has a market cap of $4.789 billion and a price-to-earnings ratio of 16.26.
Ocwen Financial Corp (NYSE:OCN) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.54 earnings per share for the quarter, missing the analysts’ 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 last year, the company posted $0.31 earnings per share. Ocwen Financial Corp’s revenue was up 46.7% compared to the same quarter last year. Analysts expect that Ocwen Financial Corp will post $3.32 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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