Ocwen Financial Corporation (OCN) Shares Gap Up to $3.44
Ocwen Financial Corporation (NYSE:OCN)’s share price gapped up before the market opened on Monday . The stock had previously closed at $3.39, but opened at $3.44. Ocwen Financial Corporation shares last traded at $3.60, with a volume of 790,415 shares.
Several research firms recently issued reports on OCN. ValuEngine upgraded shares of Ocwen Financial Corporation from a “strong sell” rating to a “sell” rating in a report on Friday, September 1st. BidaskClub downgraded Ocwen Financial Corporation from a “buy” rating to a “hold” rating in a report on Thursday, August 24th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $3.00 price target on shares of Ocwen Financial Corporation in a report on Wednesday, August 16th. Finally, Zacks Investment Research raised Ocwen Financial Corporation from a “hold” rating to a “buy” rating and set a $3.00 price objective for the company in a research report on Tuesday, June 6th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company. Ocwen Financial Corporation currently has a consensus rating of “Hold” and a consensus target price of $3.25.
The firm’s 50 day moving average is $3.02 and its 200-day moving average is $3.18. The company’s market capitalization is $471.09 million.
Ocwen Financial Corporation (NYSE:OCN) last posted its earnings results on Wednesday, August 2nd. The financial services provider reported ($0.36) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.19) by ($0.17). Ocwen Financial Corporation had a negative return on equity of 12.41% and a negative net margin of 5.95%. The business had revenue of $311.30 million during the quarter, compared to the consensus estimate of $295.33 million. During the same period in the previous year, the business earned ($0.71) earnings per share. The firm’s revenue for the quarter was down 16.6% compared to the same quarter last year. Equities research analysts expect that Ocwen Financial Corporation will post ($0.87) earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp grew its position in shares of Ocwen Financial Corporation by 6.7% in the 1st quarter. Bank of New York Mellon Corp now owns 510,410 shares of the financial services provider’s stock worth $2,791,000 after buying an additional 32,065 shares during the last quarter. California Public Employees Retirement System increased its stake in shares of Ocwen Financial Corporation by 23.7% during the first quarter. California Public Employees Retirement System now owns 293,900 shares of the financial services provider’s stock valued at $1,608,000 after buying an additional 56,400 shares during the period. Wellington Management Group LLP bought a new position in shares of Ocwen Financial Corporation during the first quarter valued at approximately $621,000. American International Group Inc. raised its holdings in shares of Ocwen Financial Corporation by 7.1% during the first quarter. American International Group Inc. now owns 61,957 shares of the financial services provider’s stock valued at $339,000 after acquiring an additional 4,088 shares in the last quarter. Finally, Nationwide Fund Advisors raised its holdings in shares of Ocwen Financial Corporation by 22.5% during the first quarter. Nationwide Fund Advisors now owns 79,051 shares of the financial services provider’s stock valued at $432,000 after acquiring an additional 14,535 shares in the last quarter. Institutional investors and hedge funds own 48.46% of the company’s stock.
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About Ocwen Financial Corporation
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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