Ocwen Financial Corp (OCN) Bonds Trading 18% Lower

An issue of Ocwen Financial Corp (NYSE:OCN) debt fell 18% as a percentage of its face value during trading on Thursday. The high-yield debt issue has a 8.375% coupon and is set to mature on November 15, 2022. The bonds in the issue are now trading at $85.00 and were trading at $103.00 one week ago. Price moves in a company’s debt in credit markets often predict parallel moves in its share price.

Several research analysts have weighed in on OCN shares. Compass Point reissued a “neutral” rating on shares of Ocwen Financial Corp in a report on Thursday, January 12th. Zacks Investment Research cut shares of Ocwen Financial Corp from a “buy” rating to a “hold” rating in a report on Wednesday, December 28th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $5.00 price target on shares of Ocwen Financial Corp in a report on Monday, April 10th. Finally, Oppenheimer Holdings Inc. reissued a “hold” rating on shares of Ocwen Financial Corp in a report on Saturday, February 25th. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. Ocwen Financial Corp presently has a consensus rating of “Hold” and a consensus price target of $4.06.

Shares of Ocwen Financial Corp (NYSE:OCN) traded down 53.89% on Thursday, hitting $2.49. 65,530,775 shares of the stock traded hands. The stock has a 50 day moving average price of $4.95 and a 200-day moving average price of $4.92. The stock’s market cap is $308.73 million. Ocwen Financial Corp has a 52 week low of $1.29 and a 52 week high of $6.15.

Ocwen Financial Corp (NYSE:OCN) last posted its earnings results on Wednesday, February 22nd. The financial services provider reported ($0.08) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.19) by $0.11. The business had revenue of $323.90 million for the quarter, compared to analyst estimates of $334.18 million. Ocwen Financial Corp had a negative net margin of 29.01% and a negative return on equity of 25.54%. Ocwen Financial Corp’s revenue was down 10.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.79) EPS. On average, equities research analysts forecast that Ocwen Financial Corp will post ($0.49) EPS for the current year.

Hedge funds have recently bought and sold shares of the company. Metropolitan Life Insurance Co. NY raised its stake in Ocwen Financial Corp by 1.7% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 69,397 shares of the financial services provider’s stock worth $374,000 after buying an additional 1,178 shares during the period. Teachers Advisors LLC raised its position in shares of Ocwen Financial Corp by 4.8% in the fourth quarter. Teachers Advisors LLC now owns 112,253 shares of the financial services provider’s stock worth $605,000 after buying an additional 5,103 shares during the last quarter. Bayesian Capital Management LP raised its position in shares of Ocwen Financial Corp by 64.3% in the fourth quarter. Bayesian Capital Management LP now owns 39,100 shares of the financial services provider’s stock worth $211,000 after buying an additional 15,300 shares during the last quarter. Pacific Ridge Capital Partners LLC raised its position in shares of Ocwen Financial Corp by 14.2% in the third quarter. Pacific Ridge Capital Partners LLC now owns 131,880 shares of the financial services provider’s stock worth $484,000 after buying an additional 16,430 shares during the last quarter. Finally, First Trust Advisors LP raised its position in shares of Ocwen Financial Corp by 57.6% in the third quarter. First Trust Advisors LP now owns 52,805 shares of the financial services provider’s stock worth $194,000 after buying an additional 19,291 shares during the last quarter. 53.65% of the stock is currently owned by institutional investors and hedge funds.

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Ocwen Financial Corp Company Profile

Ocwen Financial Corporation is a financial services holding company. The Company, through its subsidiaries, originates and services loans. The Company’s segments include Servicing, Lending, and Corporate Items and Other. The Company’s Servicing segment consists of its residential servicing business. The Company’s Lending segment is focused on originating and purchasing conventional and government-insured residential forward and reverse mortgage loans.

5 Day Chart for NYSE:OCN

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