Ocwen Financial (NYSE:OCN) Upgraded at ValuEngine

ValuEngine upgraded shares of Ocwen Financial (NYSE:OCN) from a hold rating to a buy rating in a research report released on Thursday morning, ValuEngine reports.

NYSE OCN traded down $0.16 during mid-day trading on Thursday, reaching $1.64. 39,123 shares of the stock were exchanged, compared to its average volume of 301,399. The business has a 50 day simple moving average of $1.98. Ocwen Financial has a 1 year low of $1.20 and a 1 year high of $4.35. The company has a debt-to-equity ratio of 14.75, a quick ratio of 10.01 and a current ratio of 10.01.

Ocwen Financial (NYSE:OCN) last posted its quarterly earnings data on Tuesday, May 7th. The financial services provider reported ($0.33) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.38) by $0.05. The business had revenue of $303.88 million for the quarter, compared to the consensus estimate of $284.26 million. Ocwen Financial had a negative net margin of 10.65% and a negative return on equity of 22.25%. The company’s revenue was up 16.8% compared to the same quarter last year. During the same period last year, the firm posted $0.02 earnings per share.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Two Sigma Investments LP raised its position in shares of Ocwen Financial by 526.8% in the fourth quarter. Two Sigma Investments LP now owns 878,760 shares of the financial services provider’s stock valued at $1,178,000 after buying an additional 738,567 shares during the last quarter. Marshall Wace LLP raised its position in shares of Ocwen Financial by 128.5% in the first quarter. Marshall Wace LLP now owns 631,418 shares of the financial services provider’s stock valued at $1,149,000 after buying an additional 355,052 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Ocwen Financial by 39.1% in the fourth quarter. Bank of New York Mellon Corp now owns 717,010 shares of the financial services provider’s stock valued at $961,000 after buying an additional 201,501 shares during the last quarter. BlackRock Inc. raised its position in shares of Ocwen Financial by 2.1% in the fourth quarter. BlackRock Inc. now owns 8,425,438 shares of the financial services provider’s stock valued at $11,292,000 after buying an additional 175,831 shares during the last quarter. Finally, Squarepoint Ops LLC raised its position in shares of Ocwen Financial by 192.7% in the fourth quarter. Squarepoint Ops LLC now owns 232,626 shares of the financial services provider’s stock valued at $312,000 after buying an additional 153,147 shares during the last quarter. 57.22% of the stock is currently owned by institutional investors and hedge funds.

About Ocwen Financial

Ocwen Financial Corporation, a financial services holding company, originates and services loans in the United States, the United States Virgin Islands, India, and Philippines. Its Servicing segment provides residential and commercial mortgage loan servicing, special servicing, and asset management services to owners of mortgage loans and foreclosed real estate.

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