Published On: Wed, Sep 14th, 2016

Ocwen Financial Corporation (OCN) Lifted to Buy at Compass Point

Ocwen Financial Corporation (NYSE:OCN) was upgraded by Compass Point from a “neutral” rating to a “buy” rating in a report released on Wednesday.
Other analysts have also recently issued reports about the stock. Oppenheimer Holdings Inc. reaffirmed a “” rating on shares of Ocwen Financial Corporation in a research note on Tuesday, August 2nd. Keefe, Bruyette & Woods decreased their price objective on shares of Ocwen Financial Corporation from $5.00 to $3.00 and set a “market perform” rating on the stock in a research note on Thursday, July 28th. Finally, Piper Jaffray Cos. decreased their price objective on shares of Ocwen Financial Corporation from $2.50 to $2.00 and set a “neutral” rating on the stock in a research note on Monday, August 8th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $3.93.
Ocwen Financial Corporation (NYSE:OCN) opened at 3.37 on Wednesday. The company’s market cap is $417.83 million. The firm has a 50 day moving average price of $2.91 and a 200 day moving average price of $2.33. Ocwen Financial Corporation has a 12-month low of $1.29 and a 12-month high of $8.34.

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Ocwen Financial Corporation (NYSE:OCN) last issued its quarterly earnings data on Wednesday, July 27th. The company reported ($0.71) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.43) by $0.28. The firm had revenue of $373.05 million for the quarter, compared to the consensus estimate of $324.05 million. Ocwen Financial Corporation had a negative return on equity of 31.51% and a negative net margin of 33.29%. Ocwen Financial Corporation’s quarterly revenue was down 19.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.08 earnings per share. On average, analysts anticipate that Ocwen Financial Corporation will post ($2.24) earnings per share for the current fiscal year.
Hedge funds have recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in shares of Ocwen Financial Corporation during the fourth quarter valued at $11,910,000. Ramsey Quantitative Systems raised its position in shares of Ocwen Financial Corporation by 8.5% in the first quarter. Ramsey Quantitative Systems now owns 82,893 shares of the company’s stock valued at $205,000 after buying an additional 6,469 shares in the last quarter. Pacad Investment Ltd. raised its position in shares of Ocwen Financial Corporation by 571.9% in the first quarter. Pacad Investment Ltd. now owns 178,065 shares of the company’s stock valued at $440,000 after buying an additional 151,565 shares in the last quarter. BlackRock Group LTD raised its position in shares of Ocwen Financial Corporation by 24.5% in the first quarter. BlackRock Group LTD now owns 68,692 shares of the company’s stock valued at $170,000 after buying an additional 13,526 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its position in shares of Ocwen Financial Corporation by 1.2% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 2,665,190 shares of the company’s stock valued at $6,583,000 after buying an additional 30,565 shares in the last quarter. 59.01% of the stock is currently owned by institutional investors and hedge funds.
About Ocwen Financial Corporation
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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