Wells Fargo & Company MN reduced its stake in Ocwen Financial Corporation (NYSE:OCN) by 0.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 256,564 shares of the financial services provider’s stock after selling 2,074 shares during the period. Wells Fargo & Company MN’s holdings in Ocwen Financial Corporation were worth $1,404,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. State Street Corp raised its stake in shares of Ocwen Financial Corporation by 5.3% in the fourth quarter. State Street Corp now owns 1,836,727 shares of the financial services provider’s stock valued at $9,901,000 after buying an additional 91,782 shares in the last quarter. Norges Bank purchased a new stake in shares of Ocwen Financial Corporation during the fourth quarter valued at about $6,555,000. FMR LLC purchased a new stake in shares of Ocwen Financial Corporation during the fourth quarter valued at about $5,764,000. Federated Investors Inc. PA raised its stake in shares of Ocwen Financial Corporation by 4.5% in the fourth quarter. Federated Investors Inc. PA now owns 634,792 shares of the financial services provider’s stock valued at $3,422,000 after buying an additional 27,461 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Ocwen Financial Corporation by 8.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 470,185 shares of the financial services provider’s stock valued at $2,534,000 after buying an additional 37,998 shares in the last quarter. 47.29% of the stock is owned by institutional investors and hedge funds.

Shares of Ocwen Financial Corporation (NYSE:OCN) opened at 2.76 on Friday. The stock’s market capitalization is $343.85 million. Ocwen Financial Corporation has a 52 week low of $1.29 and a 52 week high of $6.15. The company has a 50-day moving average price of $2.69 and a 200 day moving average price of $4.26.

Ocwen Financial Corporation (NYSE:OCN) last announced its earnings results on Wednesday, May 3rd. The financial services provider reported ($0.26) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.22) by $0.04. Ocwen Financial Corporation had a negative return on equity of 5.55% and a negative net margin of 8.79%. The business had revenue of $321.90 million for the quarter, compared to analysts’ expectations of $302.90 million. During the same quarter last year, the firm earned ($0.90) earnings per share. The firm’s quarterly revenue was down 2.7% compared to the same quarter last year. Equities analysts forecast that Ocwen Financial Corporation will post ($1.11) EPS for the current fiscal year.

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OCN has been the subject of several research reports. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Ocwen Financial Corporation in a research note on Saturday, April 22nd. Zacks Investment Research downgraded Ocwen Financial Corporation from a “buy” rating to a “hold” rating in a research report on Monday, June 5th. Piper Jaffray Companies upgraded Ocwen Financial Corporation from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $2.00 to $3.50 in a research report on Monday, May 1st. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $5.00 price objective on shares of Ocwen Financial Corporation in a research report on Monday, April 10th. Finally, ValuEngine upgraded Ocwen Financial Corporation from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $3.75.

In related news, major shareholder John Devaney purchased 3,040,209 shares of the company’s stock in a transaction dated Thursday, April 20th. The stock was acquired at an average cost of $2.70 per share, for a total transaction of $8,208,564.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 5.17% of the stock is currently owned by insiders.

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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Institutional Ownership by Quarter for Ocwen Financial Corporation (NYSE:OCN)

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