StockNews.com Initiates Coverage on Ocwen Financial (NYSE:OCN)

Investment analysts at StockNews.com assumed coverage on shares of Ocwen Financial (NYSE:OCN) in a research note issued on Wednesday. The brokerage set a “hold” rating on the financial services provider’s stock.

A number of other analysts have also recently commented on OCN. Keefe, Bruyette & Woods lifted their price target on Ocwen Financial from $28.00 to $32.00 and gave the stock a “market perform” rating in a research report on Wednesday, May 8th. B. Riley reaffirmed a “buy” rating and set a $50.00 target price on shares of Ocwen Financial in a report on Tuesday, March 26th.

Ocwen Financial Stock Performance

OCN opened at $25.08 on Wednesday. The company has a market cap of $195.87 million, a P/E ratio of 47.32 and a beta of 1.93. The company has a quick ratio of 21.72, a current ratio of 21.72 and a debt-to-equity ratio of 21.76. The firm’s 50-day moving average price is $24.98 and its 200-day moving average price is $26.84. Ocwen Financial has a 52-week low of $21.15 and a 52-week high of $35.79.

Ocwen Financial (NYSE:OCN) last issued its quarterly earnings results on Thursday, May 2nd. The financial services provider reported $1.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.53. Ocwen Financial had a net margin of 0.63% and a return on equity of 13.66%. The business had revenue of $239.10 million for the quarter, compared to analyst estimates of $265.41 million. As a group, equities analysts anticipate that Ocwen Financial will post 6 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in shares of Ocwen Financial by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 326,899 shares of the financial services provider’s stock valued at $8,830,000 after buying an additional 2,126 shares during the last quarter. Empowered Funds LLC raised its position in Ocwen Financial by 8.0% during the first quarter. Empowered Funds LLC now owns 37,692 shares of the financial services provider’s stock valued at $1,018,000 after acquiring an additional 2,800 shares in the last quarter. GSA Capital Partners LLP lifted its holdings in Ocwen Financial by 2.2% in the first quarter. GSA Capital Partners LLP now owns 19,196 shares of the financial services provider’s stock valued at $518,000 after acquiring an additional 420 shares during the period. Commonwealth Equity Services LLC boosted its position in Ocwen Financial by 113.1% in the 1st quarter. Commonwealth Equity Services LLC now owns 21,976 shares of the financial services provider’s stock worth $594,000 after purchasing an additional 11,665 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its stake in shares of Ocwen Financial by 107.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,045 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 541 shares during the period. 70.16% of the stock is currently owned by institutional investors and hedge funds.

Ocwen Financial Company Profile

Ocwen Financial Corporation, a financial services company, originates and services mortgage loans in the United States, the United States Virgin Islands, India, and the Philippines. It operates through, Servicing and Originations segments. The company provides commercial forward mortgage loan servicing, reverse mortgage servicing, special servicing, and asset management services for to owners of mortgage loans and foreclosed real estate, as well as residential mortgage loan servicing, such as forward and reverse conventional, government-insured, and non-agency loans, including the reverse mortgage loans classified as loans.