Ocwen Financial Corp Trading Down 10.2% After Earnings Miss (OCN)
Ocwen Financial Corp (NYSE:OCN)’s share price dropped 10.2% during trading on Thursday following a dissappointing earnings announcement, Analyst Ratings Network reports. The company traded as low as $31.00 and last traded at $31.13, with a volume of 4,275,401 shares traded. The stock had previously closed at $34.66.
The company reported $0.48 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.79 by $0.31. The company had revenue of $553.10 million for the quarter, compared to the consensus estimate of $553.83 million. During the same quarter last year, the company posted $0.53 earnings per share. Ocwen Financial Corp’s revenue was up 1.5% compared to the same quarter last year.
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 investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $46.71.
The stock has a 50-day moving average of $36.42 and a 200-day moving average of $38.34. The company has a market cap of $4.069 billion and a P/E ratio of 15.43. Ocwen Financial Corp also saw some unusual options trading activity on Monday. Investors purchased 21,014 put options on the stock. This is an increase of 764% compared to the typical daily volume of 2,431 put options.
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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