Ocwen Financial Corporation (OCN) Given Consensus Rating of “Hold” by Brokerages
Shares of Ocwen Financial Corporation (NYSE:OCN) have been given a consensus rating of “Hold” by the seven research firms that are presently covering the firm. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $2.90.
OCN has been the topic of a number of research analyst reports. Compass Point upgraded Ocwen Financial Corporation from a “neutral” rating to a “buy” rating and set a $4.50 target price on the stock in a research report on Wednesday, September 14th. Oppenheimer Holdings Inc. reiterated a “” rating on shares of Ocwen Financial Corporation in a research report on Tuesday, August 2nd. Keefe, Bruyette & Woods decreased their target price on Ocwen Financial Corporation from $5.00 to $3.00 and set a “market perform” rating on the stock in a research report on Thursday, July 28th. Finally, Piper Jaffray Cos. reduced their price objective on Ocwen Financial Corporation from $2.50 to $2.00 and set a “neutral” rating on the stock in a research report on Monday, August 8th.
Shares of Ocwen Financial Corporation (NYSE:OCN) traded up 10.64% during mid-day trading on Tuesday, hitting $3.95. The company had a trading volume of 2,792,662 shares. Ocwen Financial Corporation has a 12 month low of $1.29 and a 12 month high of $8.34. The firm has a 50-day moving average of $3.55 and a 200-day moving average of $2.50. The company’s market cap is $489.74 million.
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Ocwen Financial Corporation (NYSE:OCN) last posted its earnings results on Wednesday, July 27th. The company reported ($0.71) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.43) by $0.28. The firm had revenue of $373.05 million for the quarter, compared to analysts’ expectations of $324.05 million. Ocwen Financial Corporation had a negative return on equity of 31.51% and a negative net margin of 33.29%. The firm’s revenue for the quarter was down 19.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.08 earnings per share. On average, analysts expect that Ocwen Financial Corporation will post ($2.19) EPS for the current year.
A number of institutional investors have recently added to or reduced their stakes in the company. Metropolitan Life Insurance Co. NY increased its position in Ocwen Financial Corporation by 0.3% in the first quarter. Metropolitan Life Insurance Co. NY now owns 75,206 shares of the company’s stock valued at $186,000 after buying an additional 245 shares during the period. Creative Planning increased its position in Ocwen Financial Corporation by 1.1% in the second quarter. Creative Planning now owns 80,900 shares of the company’s stock valued at $138,000 after buying an additional 896 shares during the period. Geode Capital Management LLC increased its position in Ocwen Financial Corporation by 1.3% in the first quarter. Geode Capital Management LLC now owns 660,686 shares of the company’s stock valued at $1,631,000 after buying an additional 8,535 shares during the period. BlackRock Advisors LLC increased its position in Ocwen Financial Corporation by 25.7% in the second quarter. BlackRock Advisors LLC now owns 62,534 shares of the company’s stock valued at $107,000 after buying an additional 12,788 shares during the period. Finally, Nationwide Fund Advisors raised its stake in shares of Ocwen Financial Corporation by 3.6% in the second quarter. Nationwide Fund Advisors now owns 468,516 shares of the company’s stock valued at $801,000 after buying an additional 16,400 shares in the last quarter. Hedge funds and other institutional investors own 58.97% of the company’s stock.
Ocwen Financial Corporation Company Profile
Ocwen Financial Corporation is a financial services holding company. The Company, through its subsidiaries, operates as a mortgage company. The Company’s segments include Servicing, Lending, and Corporate Items and Other. The Company’s Servicing segment consists of its core residential servicing business.
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