Sterne Agee Downgrades Ocwen Financial Corp to Neutral (OCN)
Ocwen Financial Corp (NYSE:OCN) traded down 5.47% during mid-day trading on Friday, hitting $28.52. The stock had a trading volume of 2,398,985 shares. Ocwen Financial Corp has a 52 week low of $30.16 and a 52 week high of $60.18. The stock’s 50-day moving average is $36.24 and its 200-day moving average is $38.28. The company has a market cap of $3.847 billion and a P/E ratio of 13.43.
Ocwen Financial Corp (NYSE:OCN) last announced its earnings results on Thursday, July 31st. The company reported $0.48 earnings per share (EPS) for the quarter, missing the 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 in the previous year, the company posted $0.53 earnings per share. The company’s revenue for the quarter was up 1.5% on a year-over-year basis. On average, analysts predict that Ocwen Financial Corp will post $3.29 earnings per share for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Citigroup Inc. downgraded shares of Ocwen Financial Corp from a “buy” rating to a “neutral” rating in a research note on Friday. Separately, analysts at Compass Point reiterated a “buy” rating on shares of Ocwen Financial Corp in a research note on Friday, June 20th. Finally, 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 analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the stock. Ocwen Financial Corp presently has an average rating of “Hold” and a consensus price target of $44.00.
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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