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

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

Several other brokerages have also issued reports on OCN. B. Riley reissued a “buy” rating and set a $50.00 price objective on shares of Ocwen Financial in a research report on Tuesday, March 26th. Keefe, Bruyette & Woods raised their price target on Ocwen Financial from $28.00 to $32.00 and gave the stock a “market perform” rating in a research note on Wednesday, May 8th.

Ocwen Financial Price Performance

The firm has a fifty day simple moving average of $24.98 and a 200-day simple moving average of $26.83. 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 has a market cap of $195.88 million, a P/E ratio of 47.32 and a beta of 1.93. Ocwen Financial has a twelve month low of $21.15 and a twelve month high of $35.79.

Ocwen Financial (NYSE:OCN) last released its quarterly earnings data on Thursday, May 2nd. The financial services provider reported $1.74 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.53. Ocwen Financial had a net margin of 0.63% and a return on equity of 13.66%. The firm had revenue of $239.10 million for the quarter, compared to analyst estimates of $265.41 million. Equities research analysts expect that Ocwen Financial will post 6 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ocwen Financial

Institutional investors and hedge funds have recently modified their holdings of the business. Acadian Asset Management LLC raised its holdings in Ocwen Financial by 126.8% during the third quarter. Acadian Asset Management LLC now owns 9,536 shares of the financial services provider’s stock valued at $245,000 after buying an additional 5,332 shares in the last quarter. Public Employees Retirement System of Ohio raised its stake in shares of Ocwen Financial by 41.7% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 2,734 shares of the financial services provider’s stock valued at $71,000 after acquiring an additional 805 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Ocwen Financial in the 4th quarter worth approximately $111,000. Tower Research Capital LLC TRC boosted its position in Ocwen Financial by 107.3% during the fourth 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. Finally, Commonwealth Equity Services LLC boosted its position in Ocwen Financial by 113.1% during the first 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 during the period. Institutional investors and hedge funds own 70.16% of the company’s stock.

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.