Pacad Investment Ltd. Acquires New Position in Ocwen Financial Corporation (NYSE:OCN)

Pacad Investment Ltd. acquired a new stake in shares of Ocwen Financial Corporation (NYSE:OCN) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 157,000 shares of the financial services provider’s stock, valued at approximately $422,000. Pacad Investment Ltd. owned approximately 0.12% of Ocwen Financial Corporation as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of OCN. Paloma Partners Management Co bought a new stake in shares of Ocwen Financial Corporation in the 1st quarter worth $104,000. BB&T Securities LLC increased its holdings in shares of Ocwen Financial Corporation by 87.5% in the 1st quarter. BB&T Securities LLC now owns 22,500 shares of the financial services provider’s stock worth $123,000 after purchasing an additional 10,500 shares in the last quarter. TFS Capital LLC increased its holdings in shares of Ocwen Financial Corporation by 106.9% in the 1st quarter. TFS Capital LLC now owns 24,249 shares of the financial services provider’s stock worth $133,000 after purchasing an additional 12,528 shares in the last quarter. Stifel Financial Corp increased its holdings in shares of Ocwen Financial Corporation by 15.4% in the 1st quarter. Stifel Financial Corp now owns 45,699 shares of the financial services provider’s stock worth $248,000 after purchasing an additional 6,099 shares in the last quarter. Finally, American International Group Inc. increased its holdings in shares of Ocwen Financial Corporation by 7.1% in the 1st quarter. American International Group Inc. now owns 61,957 shares of the financial services provider’s stock worth $339,000 after purchasing an additional 4,088 shares in the last quarter. 48.48% of the stock is owned by institutional investors.

Ocwen Financial Corporation (OCN) opened at 3.02 on Friday. The stock has a 50 day moving average price of $2.88 and a 200 day moving average price of $3.33. The stock’s market capitalization is $394.54 million. Ocwen Financial Corporation has a 12 month low of $2.12 and a 12 month high of $6.15.

Ocwen Financial Corporation (NYSE:OCN) last issued its quarterly earnings results on Wednesday, August 2nd. The financial services provider reported ($0.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.17). Ocwen Financial Corporation had a negative return on equity of 12.41% and a negative net margin of 5.95%. The firm had revenue of $311.30 million for the quarter, compared to analyst estimates of $295.33 million. During the same quarter last year, the firm earned ($0.71) earnings per share. The company’s revenue was down 16.6% compared to the same quarter last year. Equities analysts predict that Ocwen Financial Corporation will post ($0.87) EPS for the current fiscal year.

A number of equities analysts have recently issued reports on OCN shares. Zacks Investment Research upgraded Ocwen Financial Corporation from a “hold” rating to a “buy” rating and set a $3.00 price target on the stock in a research note on Wednesday, May 24th. BidaskClub upgraded Ocwen Financial Corporation from a “hold” rating to a “buy” rating in a research note on Saturday, August 12th. ValuEngine upgraded Ocwen Financial Corporation from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, Keefe, Bruyette & Woods restated a “hold” rating and issued a $3.00 price target on shares of Ocwen Financial Corporation in a research note on Wednesday, August 16th. One research analyst has rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. Ocwen Financial Corporation has a consensus rating of “Hold” and an average target price of $3.25.

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Ocwen Financial Corporation 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.

Institutional Ownership by Quarter for Ocwen Financial Corporation (NYSE:OCN)

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