Ocwen Financial Corp (OCN) Sees Significant Decline in Short Interest

Ocwen Financial Corp (NYSE:OCN) was the recipient of a large decrease in short interest in the month of January. As of January 31st, there was short interest totalling 9,466,550 shares, a decrease of 32.7% from the January 12th total of 14,060,834 shares. Based on an average trading volume of 1,542,296 shares, the days-to-cover ratio is presently 6.1 days. Approximately 8.8% of the shares of the stock are sold short.

In related news, major shareholder Leon G. Cooperman bought 494,459 shares of the business’s stock in a transaction dated Tuesday, January 23rd. The stock was purchased at an average cost of $3.16 per share, for a total transaction of $1,562,490.44. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Leon G. Cooperman bought 445,759 shares of the business’s stock in a transaction dated Monday, February 5th. The shares were bought at an average price of $3.20 per share, with a total value of $1,426,428.80. Following the completion of the transaction, the insider now owns 1,000,000 shares in the company, valued at approximately $3,200,000. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 1,119,916 shares of company stock valued at $3,566,641. Corporate insiders own 2.36% of the company’s stock.

Several large investors have recently added to or reduced their stakes in OCN. Dynamic Technology Lab Private Ltd bought a new stake in shares of Ocwen Financial during the 2nd quarter valued at $104,000. Teacher Retirement System of Texas bought a new stake in shares of Ocwen Financial during the 4th quarter valued at $111,000. Voya Investment Management LLC lifted its position in shares of Ocwen Financial by 17.1% during the 2nd quarter. Voya Investment Management LLC now owns 54,338 shares of the financial services provider’s stock valued at $146,000 after acquiring an additional 7,936 shares during the period. The Manufacturers Life Insurance Company lifted its position in shares of Ocwen Financial by 10.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 88,317 shares of the financial services provider’s stock valued at $238,000 after acquiring an additional 8,186 shares during the period. Finally, KBC Group NV bought a new stake in shares of Ocwen Financial during the 4th quarter valued at $238,000. Hedge funds and other institutional investors own 45.12% of the company’s stock.

Shares of Ocwen Financial (NYSE:OCN) opened at $3.57 on Wednesday. The firm has a market capitalization of $426.75, a price-to-earnings ratio of -4.76 and a beta of 1.49. The company has a current ratio of 5.07, a quick ratio of 5.07 and a debt-to-equity ratio of 9.82. Ocwen Financial has a 1 year low of $2.12 and a 1 year high of $5.97.

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Ocwen Financial 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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