Ocwen Financial Corporation (OCN) Issues Earnings Results, Beats Estimates By $0.07 EPS
Ocwen Financial Corporation (NYSE:OCN) posted its quarterly earnings results on Thursday. The financial services provider reported ($0.05) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.12) by $0.07, Bloomberg Earnings reports. Ocwen Financial Corporation had a negative return on equity of 12.41% and a negative net margin of 5.95%. The company had revenue of $284.64 million for the quarter, compared to analysts’ expectations of $293.50 million. During the same period in the previous year, the firm earned $0.08 EPS. The firm’s revenue was down 20.8% compared to the same quarter last year.
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A number of analysts have issued reports on the company. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $3.00 price objective on shares of Ocwen Financial Corporation in a research note on Wednesday, August 16th. ValuEngine cut Ocwen Financial Corporation from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 16th. Finally, BidaskClub upgraded Ocwen Financial Corporation from a “hold” rating to a “buy” rating in a report on Saturday, August 12th. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $3.33.
Ocwen Financial Corporation Company Profile
Ocwen Financial Corporation is a financial services holding company. The Company, through its subsidiaries, originates and services loans. The Company’s segments include Servicing, Lending, and Corporate Items and Other. The Company’s Servicing segment consists of its residential servicing business. The Company’s Lending segment is focused on originating and purchasing conventional and government-insured residential forward and reverse mortgage loans.
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