The stock of Ocwen Financial Corp (NYSE:OCN) is a huge mover today! About 1.79 million shares traded hands. Ocwen Financial Corp (NYSE:OCN) has risen 36.33% since March 8, 2016 and is uptrending. It has outperformed by 27.01% the S&P500.
The move comes after 7 months positive chart setup for the $447.69M company. It was reported on Oct, 11 by Barchart.com. We have $9.76 PT which if reached, will make NYSE:OCN worth $729.73 million more.
Analysts await Ocwen Financial Corp (NYSE:OCN) to report earnings on October, 26. They expect $-0.42 EPS, up 20.75% or $0.11 from last year’s $-0.53 per share. After $-0.02 actual EPS reported by Ocwen Financial Corp for the previous quarter, Wall Street now forecasts 2,000.00% negative EPS growth.
Ocwen Financial Corp (NYSE:OCN) Ratings Coverage
Out of 8 analysts covering Ocwen Financial (NYSE:OCN), 1 rate it a “Buy”, 1 “Sell”, while 6 “Hold”. This means 13% are positive. Ocwen Financial has been the topic of 16 analyst reports since July 31, 2015 according to StockzIntelligence Inc. The rating was downgraded by Bank of America to “Underperform” on Monday, August 3. The firm has “Buy” rating given on Wednesday, September 14 by Compass Point. Compass Point maintained Ocwen Financial Corp (NYSE:OCN) on Tuesday, August 4 with “Sell” rating. The rating was upgraded by Vetr to “Strong-Buy” on Wednesday, September 2. Piper Jaffray reinitiated the shares of OCN in a report on Friday, December 11 with “Neutral” rating. The rating was upgraded by Compass Point on Wednesday, August 26 to “Neutral”. Oppenheimer maintained the shares of OCN in a report on Friday, August 7 with “Market Perform” rating. The stock of Ocwen Financial Corp (NYSE:OCN) has “Neutral” rating given on Tuesday, March 29 by Citigroup. On Tuesday, September 8 the stock rating was downgraded by Vetr to “Hold”. Zacks downgraded the shares of OCN in a report on Thursday, August 6 to “Buy” rating.
According to Zacks Investment Research, “Ocwen Financial Corporation is a financial services holding company engaged in asset acquisition and resolution, residential finance, commercial finance, investment management and hotel operations. The Company primarily specializes in the aquisition and resolution of non-performing or underperforming loans.”
Insitutional Activity: The institutional sentiment decreased to 0.67 in 2016 Q2. Its down 0.14, from 0.81 in 2016Q1. The ratio worsened, as 28 funds sold all Ocwen Financial Corp shares owned while 42 reduced positions. 11 funds bought stakes while 36 increased positions. They now own 72.59 million shares or 12.47% less from 82.94 million shares in 2016Q1.
Blackrock Inc has 47,945 shares for 0% of their US portfolio. Quinn Opportunity Partners last reported 0.04% of its portfolio in the stock. Moreover, Edge Wealth Management Lc has 0% invested in Ocwen Financial Corp (NYSE:OCN) for 6,000 shares. American Intl holds 0% of its portfolio in Ocwen Financial Corp (NYSE:OCN) for 57,930 shares. The Minnesota-based Whitebox Advisors Limited Liability Corporation has invested 0.02% in Ocwen Financial Corp (NYSE:OCN). Cap Advsr Ltd owns 1,000 shares or 0% of their US portfolio. Blackrock Advsr Ltd Liability Com, a Delaware-based fund reported 62,534 shares. Teachers Advisors last reported 0% of its portfolio in the stock. Principal Fincl Gp Inc holds 0% of its portfolio in Ocwen Financial Corp (NYSE:OCN) for 17,624 shares. State Street holds 0% or 1.82 million shares in its portfolio. Kingstown Cap Mngmt Limited Partnership holds 2.2% of its portfolio in Ocwen Financial Corp (NYSE:OCN) for 11.35 million shares. Bnp Paribas Arbitrage holds 0% of its portfolio in Ocwen Financial Corp (NYSE:OCN) for 78,387 shares. Moreover, Proshare Ltd Liability Corp has 0% invested in Ocwen Financial Corp (NYSE:OCN) for 12,308 shares. Parallax Volatility Advisers L P last reported 0% of its portfolio in the stock. Citigroup Incorporated reported 52,912 shares or 0% of all its holdings.
Insider Transactions: Since April 28, 2016, the stock had 0 buys, and 1 insider sale for $565,300 net activity. KINGSTOWN CAPITAL PARTNERS – LLC had sold 250,000 shares worth $565,300 on Thursday, April 28.
More news for Ocwen Financial Corp (NYSE:OCN) were recently published by: Reuters.com, which released: “BRIEF-Michael Blitzer reports 7.66 pct stake in Ocwen Financial Corp” on September 02, 2016. Law360.com‘s article titled: “Ocwen To Pay $30M To End Whistleblowers’ False Claims Suits” and published on June 23, 2016 is yet another important article.
OCN Company Profile
Ocwen Financial Corporation, incorporated on August 22, 1991, is a financial services holding company. The Company, through its subsidiaries, operates as a mortgage company. The Company’s divisions include Servicing, Lending, and Corporate Items and Other. The Company’s Servicing segment consists of its core residential servicing business. The Company’s Lending segment is focused on originating and purchasing conventional and government-insured residential forward and reverse mortgage loans. The Company’s Corporate Items and Other segment includes business activities that include providing secured floor plan lending to used car dealerships through its Automotive Capital Services (ACS) venture and providing financing to investors to purchase single-family homes and apartments for lease through its Liberty Rental Finance venture. The Corporate Items and Other segment also includes the diversified fee businesses, which provide property valuation, real estate owned (REO) management, title and closing services.
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