Keefe, Bruyette & Woods Boosts Ocwen Financial (NYSE:OCN) Price Target to $32.00

Ocwen Financial (NYSE:OCN) had its price objective boosted by Keefe, Bruyette & Woods from $28.00 to $32.00 in a research note published on Wednesday morning, Benzinga reports. They currently have a market perform rating on the financial services provider’s stock.

Separately, B. Riley reiterated a buy rating and set a $50.00 price target on shares of Ocwen Financial in a research report on Tuesday, March 26th.

Ocwen Financial Stock Performance

OCN stock opened at $27.41 on Wednesday. Ocwen Financial has a 1 year low of $21.15 and a 1 year high of $35.79. The stock has a market capitalization of $214.07 million, a price-to-earnings ratio of 51.72 and a beta of 1.92. The company has a debt-to-equity ratio of 21.76, a quick ratio of 21.72 and a current ratio of 21.72. The stock’s fifty day moving average is $25.12 and its two-hundred day moving average is $26.72.

Ocwen Financial (NYSE:OCN) last released its quarterly earnings data on Tuesday, February 27th. The financial services provider reported $1.44 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.35. The business had revenue of $277.30 million for the quarter, compared to analysts’ expectations of $260.23 million. Ocwen Financial had a net margin of 0.63% and a return on equity of 13.66%. On average, research analysts predict that Ocwen Financial will post 5.58 EPS for the current year.

Hedge Funds Weigh In On Ocwen Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC lifted its position in shares of Ocwen Financial by 113.1% in the first quarter. Commonwealth Equity Services LLC now owns 21,976 shares of the financial services provider’s stock worth $594,000 after purchasing an additional 11,665 shares in the last quarter. Acadian Asset Management LLC grew its position in Ocwen Financial by 126.8% during the third quarter. Acadian Asset Management LLC now owns 9,536 shares of the financial services provider’s stock valued at $245,000 after purchasing an additional 5,332 shares in the last quarter. SG Americas Securities LLC acquired a new position in Ocwen Financial in the 4th quarter valued at approximately $111,000. Empowered Funds LLC lifted its position in Ocwen Financial by 8.0% in the 1st quarter. Empowered Funds LLC now owns 37,692 shares of the financial services provider’s stock worth $1,018,000 after buying an additional 2,800 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Ocwen Financial by 3.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 42,815 shares of the financial services provider’s stock valued at $1,108,000 after buying an additional 1,429 shares during the period. 70.16% of the stock is currently owned by hedge funds and other institutional investors.

Ocwen Financial Company Profile

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. It operates through, Servicing and Originations segments. The company provides commercial forward mortgage loan servicing, reverse mortgage servicing, special servicing, and asset management services for to owners of mortgage loans and foreclosed real estate, as well as residential mortgage loan servicing, such as forward and reverse conventional, government-insured, and non-agency loans, including the reverse mortgage loans classified as loans.