Ocwen Financial Co. (NYSE:OCN) Expected to Post Quarterly Sales of $272.13 Million

Wall Street analysts predict that Ocwen Financial Co. (NYSE:OCN – Get Rating) will post $272.13 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Ocwen Financial’s earnings, with estimates ranging from $258.66 million to $285.60 million. Ocwen Financial posted sales of $265.45 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 2.5%. The business is scheduled to issue its next quarterly earnings results on Monday, January 1st.

On average, analysts expect that Ocwen Financial will report full-year sales of $1.10 billion for the current year, with estimates ranging from $1.01 billion to $1.18 billion. For the next fiscal year, analysts expect that the business will report sales of $1.11 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that cover Ocwen Financial.

Ocwen Financial (NYSE:OCN – Get Rating) last released its quarterly earnings results on Thursday, May 5th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.65. The business had revenue of $231.56 million for the quarter, compared to the consensus estimate of $276.06 million. Ocwen Financial had a net margin of 6.30% and a return on equity of 6.98%.

A number of research firms have recently issued reports on OCN. StockNews.com began coverage on shares of Ocwen Financial in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. BTIG Research started coverage on shares of Ocwen Financial in a research note on Wednesday, April 20th. They set a “neutral” rating on the stock. B. Riley cut their target price on shares of Ocwen Financial from $56.00 to $50.00 in a research note on Wednesday, March 16th. Finally, Zacks Investment Research raised shares of Ocwen Financial from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 18th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $42.67.

Ocwen Financial stock opened at $28.83 on Tuesday. The company’s 50 day simple moving average is $22.71 and its 200-day simple moving average is $30.22. The company has a market capitalization of $266.68 million, a price-to-earnings ratio of 4.15 and a beta of 1.92. Ocwen Financial has a 1 year low of $17.76 and a 1 year high of $41.92. The company has a debt-to-equity ratio of 16.12, a quick ratio of 17.58 and a current ratio of 17.58.

In other news, EVP George T. Henley acquired 1,980 shares of the business’s stock in a transaction on Wednesday, May 25th. The stock was bought at an average price of $25.28 per share, for a total transaction of $50,054.40. Following the transaction, the executive vice president now owns 3,666 shares in the company, valued at $92,676.48. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jacques J. Busquet acquired 1,000 shares of the business’s stock in a transaction on Wednesday, June 1st. The shares were purchased at an average price of $28.60 per share, with a total value of $28,600.00. Following the transaction, the director now owns 35,794 shares in the company, valued at approximately $1,023,708.40. The disclosure for this purchase can be found here. Insiders have acquired a total of 6,200 shares of company stock valued at $162,727 in the last quarter. 3.60% of the stock is currently owned by company insiders.

A number of institutional investors have recently made changes to their positions in the business. Royal Bank of Canada increased its holdings in shares of Ocwen Financial by 52.9% in the 3rd quarter. Royal Bank of Canada now owns 887 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 307 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Ocwen Financial by 4.7% in the 4th quarter. Bank of America Corp DE now owns 9,578 shares of the financial services provider’s stock valued at $383,000 after purchasing an additional 430 shares in the last quarter. Citigroup Inc. increased its holdings in shares of Ocwen Financial by 140.2% in the 3rd quarter. Citigroup Inc. now owns 932 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 544 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Ocwen Financial by 3.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 21,417 shares of the financial services provider’s stock valued at $509,000 after purchasing an additional 795 shares in the last quarter. Finally, Captrust Financial Advisors purchased a new position in shares of Ocwen Financial in the 1st quarter valued at about $31,000. Institutional investors own 59.89% of the company’s stock.

Ocwen Financial Company Profile (Get Rating)

Ocwen Financial Corporation, a financial services company, originates and services mortgage loans in the United States, the United States Virgin Islands, India, and the Philippines. The company operates through Servicing and Originations segments. It provides commercial mortgage loan servicing, special servicing, and asset management services, as well as residential mortgage loan servicing, such as forward and reverse conventional, government-insured, and non-agency loans, including the reverse mortgage loans to owners of mortgage loans and foreclosed real estate.

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