Trading Report: Today, Bank of New York Mellon Corp invests in Ocwen Financial Corporation (OCN) Shares

Today, Bank of New York Mellon Corp invests in Ocwen Financial Corporation (OCN) Shares

Bank of New York Mellon Corp raised its stake in Ocwen Financial Corporation (NYSE:OCN) by 8.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 481,424 shares of the company’s stock after buying an additional 39,233 shares during the period. Bank of New York Mellon Corp owned approximately 0.39% of Ocwen Financial Corporation worth $823,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. BNP Paribas Arbitrage SA increased its stake in shares of Ocwen Financial Corporation by 134.8% in the second quarter. BNP Paribas Arbitrage SA now owns 78,387 shares of the company’s stock valued at $134,000 after buying an additional 44,999 shares in the last quarter. Creative Planning increased its stake in shares of Ocwen Financial Corporation by 1.1% in the second quarter. Creative Planning now owns 80,900 shares of the company’s stock valued at $138,000 after buying an additional 896 shares in the last quarter. Metropolitan Life Insurance Co. NY increased its stake in shares of Ocwen Financial Corporation by 0.3% in the first quarter. Metropolitan Life Insurance Co. NY now owns 75,206 shares of the company’s stock valued at $186,000 after buying an additional 245 shares in the last quarter. Marathon Asset Management LP acquired a new stake in shares of Ocwen Financial Corporation during the first quarter valued at about $358,000. Finally, Spark Investment Management LLC acquired a new stake in shares of Ocwen Financial Corporation during the first quarter valued at about $505,000. 58.97% of the stock is owned by hedge funds and other institutional investors.

Shares of Ocwen Financial Corporation (NYSE:OCN) traded up 6.44% on Tuesday, hitting $3.80. The company had a trading volume of 984,041 shares. The firm’s market capitalization is $471.15 million. Ocwen Financial Corporation has a 12-month low of $1.29 and a 12-month high of $8.34. The firm has a 50 day moving average of $3.55 and a 200-day moving average of $2.50.

Ocwen Financial Corporation (NYSE:OCN) last announced its quarterly earnings data on Wednesday, July 27th. The company reported ($0.71) EPS for the quarter, missing analysts’ consensus estimates of ($0.43) by $0.28. Ocwen Financial Corporation had a negative return on equity of 31.51% and a negative net margin of 33.29%. The company had revenue of $373.05 million for the quarter, compared to analyst estimates of $324.05 million. During the same period last year, the firm earned $0.08 earnings per share. The firm’s revenue for the quarter was down 19.5% on a year-over-year basis. On average, equities analysts predict that Ocwen Financial Corporation will post ($2.19) EPS for the current year.

Several equities research analysts recently issued reports on OCN shares. Oppenheimer Holdings Inc. reissued a “” rating on shares of Ocwen Financial Corporation in a research note 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 for the company in a research note on Wednesday, September 14th. Keefe, Bruyette & Woods cut their price target on Ocwen Financial Corporation from $5.00 to $3.00 and set a “market perform” rating for the company in a research note on Thursday, July 28th. Finally, Piper Jaffray Cos. cut their price target on Ocwen Financial Corporation from $2.50 to $2.00 and set a “neutral” rating for the company in a research note on Monday, August 8th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company’s stock. Ocwen Financial Corporation currently has a consensus rating of “Hold” and a consensus target price of $3.50.

About Ocwen Financial Corporation

Ocwen Financial Corporation is a financial services holding company. The Company, through its subsidiaries, operates as a mortgage company. The Company’s segments include Servicing, Lending, and Corporate Items and Other. The Company’s Servicing segment consists of its core residential servicing business.

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