Ocwen Financial Corporation (OCN) Trading 0.3% Higher

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Ocwen Financial Corporation (NYSE:OCN) shares traded up 0.3% during trading on Friday . The stock traded as high as $3.43 and last traded at $3.35, with a volume of 1,782,633 shares trading hands. The stock had previously closed at $3.34.
Several research analysts recently commented on the company. Piper Jaffray Cos. reduced their price objective on Ocwen Financial Corporation from $2.50 to $2.00 and set a “neutral” rating for the company in a research note on Monday, August 8th. Oppenheimer Holdings Inc. reissued a “” rating on shares of Ocwen Financial Corporation in a research note on Tuesday, August 2nd. Finally, Keefe, Bruyette & Woods cut their target price on Ocwen Financial Corporation from $5.00 to $3.00 and set a “market perform” rating for the company in a research note on Thursday, July 28th. Two analysts have rated the stock with a sell rating and six have given a hold rating to the stock. The stock has an average rating of “Hold” and an average target price of $3.93.
The firm has a 50-day moving average price of $2.81 and a 200-day moving average price of $2.42. The firm’s market capitalization is $415.35 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, equities analysts predict that Ocwen Financial Corporation will post ($2.24) earnings per share for the current year.
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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