Ocwen Financial Corp (NYSE:OCN) Sees Large Decline in Short Interest

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Ocwen Financial Corp (NYSE:OCN) saw a large drop in short interest in July. As of July 31st, there was short interest totalling 3,046,700 shares, a drop of 17.2% from the June 30th total of 3,681,800 shares. Based on an average trading volume of 387,300 shares, the short-interest ratio is presently 7.9 days. Currently, 2.6% of the company’s stock are sold short.

Shares of NYSE OCN traded down $0.07 during mid-day trading on Thursday, hitting $1.39. The company had a trading volume of 892,320 shares, compared to its average volume of 561,169. The firm has a 50-day simple moving average of $1.92 and a two-hundred day simple moving average of $1.86. The company has a debt-to-equity ratio of 18.07, a current ratio of 9.87 and a quick ratio of 9.87. Ocwen Financial has a one year low of $1.20 and a one year high of $4.35.

Ocwen Financial (NYSE:OCN) last posted its quarterly earnings results on Tuesday, August 6th. The financial services provider reported ($0.67) EPS for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.31). Ocwen Financial had a negative return on equity of 35.88% and a negative net margin of 15.76%. The business had revenue of $274.34 million for the quarter, compared to the consensus estimate of $288.00 million. During the same quarter in the previous year, the business posted ($0.22) EPS. The company’s revenue for the quarter was up 8.2% on a year-over-year basis.

Separately, ValuEngine upgraded Ocwen Financial from a “hold” rating to a “buy” rating in a report on Thursday, August 1st.

In related news, EVP Timothy J. Yanoti acquired 25,000 shares of the firm’s stock in a transaction dated Friday, August 9th. The stock was bought at an average price of $1.34 per share, for a total transaction of $33,500.00. Following the acquisition, the executive vice president now directly owns 25,000 shares of the company’s stock, valued at $33,500. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Glen A. Messina acquired 132,000 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was bought at an average price of $1.50 per share, with a total value of $198,000.00. The disclosure for this purchase can be found here. Insiders bought a total of 444,018 shares of company stock valued at $665,317 in the last 90 days. 0.90% of the stock is owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of OCN. Bank of New York Mellon Corp boosted its holdings in shares of Ocwen Financial by 39.1% during the fourth quarter. Bank of New York Mellon Corp now owns 717,010 shares of the financial services provider’s stock worth $961,000 after acquiring an additional 201,501 shares during the period. Deutsche Bank AG boosted its holdings in shares of Ocwen Financial by 4.2% during the fourth quarter. Deutsche Bank AG now owns 1,005,646 shares of the financial services provider’s stock worth $1,345,000 after acquiring an additional 40,085 shares during the period. Marshall Wace LLP boosted its holdings in shares of Ocwen Financial by 128.5% during the first quarter. Marshall Wace LLP now owns 631,418 shares of the financial services provider’s stock worth $1,149,000 after acquiring an additional 355,052 shares during the period. Sigma Planning Corp bought a new stake in shares of Ocwen Financial during the first quarter worth approximately $65,000. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Ocwen Financial by 0.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,312,717 shares of the financial services provider’s stock worth $4,439,000 after acquiring an additional 12,477 shares during the period. Institutional investors and hedge funds own 57.24% of the company’s stock.

Ocwen Financial Company Profile

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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