Zacks Investment Research cut shares of Ocwen Financial Corp (NYSE:OCN) from a buy rating to a hold rating in a research report sent to investors on Monday morning.
According to Zacks, “Ocwen's shares have underperformed the Zacks categorized Mortgage & Real Estate Services industry in the last six months. The company reported wider-than-expected loss in first-quarter 2017. The quarter witnessed decline in servicing and sub-servicing fees. Various regulatory probes as well as cease and desist orders are the major near-term concerns for the company. Moreover, elevated expenses are likely to hurt its financials in the near term. However, the company’s initiatives to diversify revenue sources along with its efforts to regain mortgage-servicing rights should help in top-line growth, going forward. Also, a strong balance sheet should support its financials in the near term.”
Other research analysts have also recently issued research reports about the stock. Keefe, Bruyette & Woods restated a hold rating and issued a $5.00 target price on shares of Ocwen Financial Corp in a research report on Monday, April 10th. Oppenheimer Holdings Inc. restated a hold rating on shares of Ocwen Financial Corp in a research report on Saturday, February 25th. Compass Point cut shares of Ocwen Financial Corp from a buy rating to a neutral rating in a research report on Tuesday, May 2nd. They noted that the move was a valuation call. Finally, Piper Jaffray Companies upgraded shares of Ocwen Financial Corp from an underweight rating to a neutral rating and upped their target price for the stock from $2.00 to $3.50 in a research report on Monday, May 1st. Six analysts have rated the stock with a hold rating, The company presently has a consensus rating of Hold and an average target price of $3.75.
Shares of Ocwen Financial Corp (NYSE:OCN) traded down 1.705% during midday trading on Monday, hitting $2.595. 208,979 shares of the stock traded hands. The firm has a 50-day moving average price of $3.53 and a 200 day moving average price of $4.71. The stock’s market cap is $323.29 million. Ocwen Financial Corp has a one year low of $1.29 and a one year high of $6.15.
Ocwen Financial Corp (NYSE:OCN) last announced its quarterly earnings data on Wednesday, May 3rd. The financial services provider reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by $0.04. Ocwen Financial Corp had a negative net margin of 29.01% and a negative return on equity of 25.54%. The business had revenue of $321.90 million for the quarter, compared to the consensus estimate of $302.90 million. During the same period in the prior year, the company earned ($0.90) EPS. Ocwen Financial Corp’s quarterly revenue was down 2.7% on a year-over-year basis. Analysts anticipate that Ocwen Financial Corp will post ($1.11) earnings per share for the current year.
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In related news, major shareholder John Devaney purchased 3,040,209 shares of Ocwen Financial Corp stock in a transaction dated Thursday, April 20th. The stock was bought at an average cost of $2.70 per share, with a total value of $8,208,564.30. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 5.17% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Phoenix Investment Adviser LLC bought a new stake in shares of Ocwen Financial Corp during the third quarter worth $1,163,000. Russell Investments Group Ltd. bought a new stake in shares of Ocwen Financial Corp during the fourth quarter worth $231,000. State Street Corp raised its stake in shares of Ocwen Financial Corp by 5.3% in the fourth quarter. State Street Corp now owns 1,836,727 shares of the financial services provider’s stock worth $9,901,000 after buying an additional 91,782 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Ocwen Financial Corp by 8.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 470,185 shares of the financial services provider’s stock worth $2,534,000 after buying an additional 37,998 shares in the last quarter. Finally, Federated Investors Inc. PA raised its stake in shares of Ocwen Financial Corp by 4.5% in the fourth quarter. Federated Investors Inc. PA now owns 634,792 shares of the financial services provider’s stock worth $3,422,000 after buying an additional 27,461 shares in the last quarter. 53.65% of the stock is owned by institutional investors.
About Ocwen Financial Corp
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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