Ocwen Financial Corp Rating Lowered to Market Perform at Oppenheimer (OCN)
Ocwen Financial Corp (NYSE:OCN) was downgraded by stock analysts at Oppenheimer from an “outperform” rating to a “market perform” rating in a report issued on Tuesday, TheFlyOnTheWall.com reports. They currently have a $36.00 target price on the stock. Oppenheimer’s price objective suggests a potential upside of 35.34% from the company’s current price.
Several other analysts have also recently commented on the stock. Analysts at Compass Point cut their price target on shares of Ocwen Financial Corp from $43.00 to $34.00 in a research note on Monday. They now have a “buy” rating on the stock. Separately, analysts at Keefe, Bruyette & Woods cut their price target on shares of Ocwen Financial Corp from $40.00 to $33.00 in a research note on Friday. They now have a “market perform” rating on the stock. Finally, analysts at Sterne Agee downgraded shares of Ocwen Financial Corp from a “buy” rating to a “neutral” rating in a research note on Friday. They now have a $30.00 price target on the stock, down previously from $36.00. One investment analyst has rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $33.57.
Shares of Ocwen Financial Corp (NYSE:OCN) traded down 1.41% on Tuesday, hitting $26.60. 5,116,706 shares of the company’s stock traded hands. Ocwen Financial Corp has a 52-week low of $26.12 and a 52-week high of $60.18. The stock has a 50-day moving average of $35.44 and a 200-day moving average of $37.52. The company has a market cap of $3.532 billion and a price-to-earnings ratio of 12.26. Ocwen Financial Corp also saw some unusual options trading activity on Tuesday. Stock traders acquired 3,304 call options on the company. This is an increase of approximately 119% compared to the typical volume of 1,512 call options.
Ocwen Financial Corp (NYSE:OCN) last announced its earnings results on Thursday, July 31st. The company reported $0.48 EPS for the quarter, missing the Thomson Reuters 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 prior year, the company posted $0.53 earnings per share. The company’s quarterly revenue was up 1.5% on a year-over-year basis. On average, analysts predict that Ocwen Financial Corp will post $2.65 earnings per share 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.
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.