Today, Brokerages Set Ocwen Financial Corporation (OCN) Target Price at $3.21

Today, Brokerages Set Ocwen Financial Corporation (OCN) Target Price at $3.21

Ocwen Financial Corporation (NYSE:OCN) has earned a consensus recommendation of “Hold” from the eight brokerages that are presently covering the stock. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, one has given a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $3.21.

OCN has been the topic of a number of recent analyst reports. Zacks Investment Research raised Ocwen Financial Corporation from a “hold” rating to a “strong-buy” rating and set a $4.75 price objective on the stock in a report on Monday, October 31st. Oppenheimer Holdings Inc. reaffirmed a “” rating on shares of Ocwen Financial Corporation in a report on Tuesday, August 2nd. Compass Point raised Ocwen Financial Corporation from a “neutral” rating to a “buy” rating and set a $4.50 price objective on the stock in a report on Wednesday, September 14th. Piper Jaffray Cos. lowered Ocwen Financial Corporation from a “neutral” rating to an “underweight” rating and set a $2.00 price objective on the stock. in a report on Tuesday, October 25th. Finally, CL King lowered Ocwen Financial Corporation from a “buy” rating to a “neutral” rating in a report on Thursday, October 27th.

Hedge funds have recently bought and sold shares of the company. Bank of New York Mellon Corp increased its stake in Ocwen Financial Corporation by 8.9% in the second quarter. Bank of New York Mellon Corp now owns 481,424 shares of the company’s stock worth $823,000 after buying an additional 39,233 shares during the last quarter. Nomura Holdings Inc. increased its stake in Ocwen Financial Corporation by 1,525.1% in the second quarter. Nomura Holdings Inc. now owns 362,400 shares of the company’s stock worth $615,000 after buying an additional 340,100 shares during the last quarter. Creative Planning increased its stake in Ocwen Financial Corporation by 1.1% in the second quarter. Creative Planning now owns 80,900 shares of the company’s stock worth $138,000 after buying an additional 896 shares during the last quarter. First Quadrant L P CA increased its stake in Ocwen Financial Corporation by 57.1% in the second quarter. First Quadrant L P CA now owns 481,600 shares of the company’s stock worth $824,000 after buying an additional 175,000 shares during the last quarter. Finally, A.R.T. Advisors LLC purchased a new stake in Ocwen Financial Corporation during the first quarter worth approximately $1,693,000. Institutional investors own 59.04% of the company’s stock.

Shares of Ocwen Financial Corporation (NYSE:OCN) opened at 5.15 on Wednesday. Ocwen Financial Corporation has a 52 week low of $1.29 and a 52 week high of $7.63. The firm has a 50 day moving average price of $4.30 and a 200-day moving average price of $2.91. The firm’s market capitalization is $638.54 million.

Ocwen Financial Corporation (NYSE:OCN) last announced its quarterly earnings data on Wednesday, October 26th. The company reported $0.08 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.32) by $0.40. Ocwen Financial Corporation had a negative return on equity of 25.54% and a negative net margin of 29.01%. The firm had revenue of $359.40 million for the quarter, compared to analyst estimates of $353.08 million. During the same quarter in the prior year, the company posted ($0.53) earnings per share. Ocwen Financial Corporation’s quarterly revenue was down 11.3% on a year-over-year basis. Equities research analysts predict that Ocwen Financial Corporation will post ($1.66) EPS for the current fiscal year.

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