Ocwen Financial Corporation (OCN) Rating Increased to Buy at Compass Point
Compass Point upgraded shares of Ocwen Financial Corporation (NYSE:OCN) from a neutral rating to a buy rating in a research note released on Wednesday. They currently have $4.50 price objective on the stock.
A number of other equities research analysts have also commented on the company. Keefe, Bruyette & Woods decreased their price target on Ocwen Financial Corporation from $5.00 to $3.00 and set a market perform rating on the stock in a research report on Thursday, July 28th. Oppenheimer Holdings Inc. restated a rating on shares of Ocwen Financial Corporation in a research report on Tuesday, August 2nd. Finally, Piper Jaffray Cos. decreased their price target on Ocwen Financial Corporation from $2.50 to $2.00 and set a neutral rating on the stock in a research report on Monday, August 8th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $3.50.
Ocwen Financial Corporation (NYSE:OCN) opened at 3.52 on Wednesday. Ocwen Financial Corporation has a one year low of $1.29 and a one year high of $8.34. The stock’s 50 day moving average price is $3.09 and its 200-day moving average price is $2.36. The stock’s market cap is $436.43 million.
Ocwen Financial Corporation (NYSE:OCN) last released its quarterly 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 business 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%. The firm’s revenue was down 19.5% on a year-over-year basis. During the same quarter last year, the company earned $0.08 earnings per share. On average, analysts predict that Ocwen Financial Corporation will post ($2.19) earnings per share for the current year.
A number of hedge funds have recently modified their holdings of OCN. Parametric Portfolio Associates LLC increased its stake in shares of Ocwen Financial Corporation by 42.4% in the second quarter. Parametric Portfolio Associates LLC now owns 58,712 shares of the company’s stock valued at $100,000 after buying an additional 17,481 shares during the last quarter. BlackRock Advisors LLC boosted its position in Ocwen Financial Corporation by 25.7% in the second quarter. BlackRock Advisors LLC now owns 62,534 shares of the company’s stock worth $107,000 after buying an additional 12,788 shares during the period. BlackRock Group LTD boosted its position in Ocwen Financial Corporation by 24.5% in the first quarter. BlackRock Group LTD now owns 68,692 shares of the company’s stock worth $170,000 after buying an additional 13,526 shares during the period. Cubist Systematic Strategies LLC boosted its position in Ocwen Financial Corporation by 241.3% in the second quarter. Cubist Systematic Strategies LLC now owns 70,390 shares of the company’s stock worth $120,000 after buying an additional 49,763 shares during the period. Finally, Metropolitan Life Insurance Co. NY boosted its position in Ocwen Financial Corporation by 0.3% in the first quarter. Metropolitan Life Insurance Co. NY now owns 75,206 shares of the company’s stock worth $186,000 after buying an additional 245 shares during the period. 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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