Brokers expect Ocwen Financial Co. (NYSE:OCN – Get Rating) to post earnings of $1.12 per share for the current quarter, Zacks reports. Two analysts provided earnings estimates for Ocwen Financial. The highest EPS estimate is $1.49 and the lowest is $0.75. Ocwen Financial reported earnings per share of ($0.01) in the same quarter last year, indicating a positive growth rate of 11,300% year-over-year. The company is expected to release its next quarterly results on Monday, January 1.
On average, analysts expect Ocwen Financial to report annual earnings of $6.50 per share for the current fiscal year. For the next fiscal year, analysts expect the company to post earnings of $5.22 per share. Zacks’ EPS calculations are an average based on a survey of sell-side research analysts who follow Ocwen Financial.
Ocwen Financial (NYSE:OCN – Get Rating) last released its results on Thursday, May 5. The financial services provider reported earnings per share (EPS) of $1.43 for the quarter, beating the consensus estimate of $0.78 by $0.65. Ocwen Financial had a net margin of 6.30% and a return on equity of 6.98%. The company posted revenue of $231.56 million for the quarter, compared to $276.06 million expected by analysts.
A number of brokerages have recently commented on OCN. StockNews.com assumed coverage of Ocwen Financial shares in a Thursday, March 31 report. They have set a “holding” rating on the stock. B. Riley reduced his target price on Ocwen Financial from $56.00 to $50.00 in a Wednesday, March 16 research report. BTIG Research took over Ocwen Financial’s stock coverage in a Wednesday, April 20 research report. They set a “neutral” rating for the company. Finally, Zacks Investment Research upgraded shares of Ocwen Financial from a “strong sell” rating to a “hold” rating in a Wednesday, May 18 research report. Three research analysts rated the stock with a hold rating and two gave the company a buy rating. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $42.67.
In other news from Ocwen Financial, Executive Vice President George T. Henley bought 1,980 shares in a trade on Wednesday, May 25. The shares were acquired at an average price of $25.28 per share, with a total value of $50,054.40. Following the completion of the acquisition, the executive vice president now owns 3,666 shares of the company, valued at $92,676.48. The acquisition was disclosed in a filing with the SEC, which is available at this link. Additionally, director Jacques J. Busquet purchased 1,000 shares in a trade on Wednesday, June 1. The shares were acquired at an average cost of $28.60 per share, with a total value of $28,600.00. Following the acquisition, the director now owns 35,794 shares of the company, valued at approximately $1,023,708.40. Disclosure of this purchase can be found here. Last quarter, insiders acquired 6,200 shares of the company worth $162,727. Insiders hold 3.60% of the shares of the company.
A number of hedge funds have recently changed their positions in OCN. Metropolitan Life Insurance Co NY bought a new position in Ocwen Financial during the first quarter worth approximately $78,000. Morgan Stanley increased its stake in shares of Ocwen Financial by 4,068.2% in the second quarter. Morgan Stanley now owns 9,962 shares of the financial services provider worth $309,000 after acquiring 9,723 additional shares in the last quarter. Bank of America Corp DE increased its stake in shares of Ocwen Financial by 107.4% in the second quarter. Bank of America Corp DE now owns 8,869 shares of the financial services provider worth $275,000 after acquiring 4,593 additional shares in the last quarter. Citigroup Inc. increased its stake in Ocwen Financial by 140.2% during the third quarter. Citigroup Inc. now owns 932 shares of the financial services provider worth $26,000 after buying an additional 544 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Ocwen Financial by 3.2% during the third quarter. Dimensional Fund Advisors LP now owns 168,343 shares of the financial services provider worth $4,735,000 after buying an additional 5,209 shares in the last quarter. Institutional investors hold 59.89% of the company’s shares.
NYSE: OCN opened at $29.27 on Friday. The stock has a market capitalization of $270.75 million, a P/E ratio of 4.21 and a beta of 1.92. The company’s fifty-day simple moving average is $22.71 and its 200-day simple moving average is $30.25. Ocwen Financial has a 12-month low of $17.76 and a 12-month high of $41.92. The company has a quick ratio of 17.58, a current ratio of 17.58 and a debt ratio of 16.12.
About Ocwen Financial (Get a rating)
Ocwen Financial Corporation, a financial services company, originates and services mortgages in the United States, the US Virgin Islands, India and the Philippines. The Company operates through Servicing and Originations segments. It provides commercial mortgage servicing services, special services and asset management, as well as residential mortgage services, such as conventional term and reverse, government-insured and agencyless loans, including reverse mortgages to mortgage owners. and seized real estate.
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