Ocwen Financial Corp (OCN) Posts Quarterly Earnings, Misses Expectations By $0.44 EPS

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Ocwen Financial Corp (NYSE:OCN) released its earnings data on Thursday. The company reported $0.54 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.98 by $0.44, Analyst Ratings.Net reports. The company had revenue of $551.30 million for the quarter, compared to the consensus estimate of $570.58 million. During the same quarter last year, the company posted $0.31 earnings per share. Ocwen Financial Corp’s revenue was up 46.7% compared to the same quarter last year.

A number of analysts have recently weighed in on OCN shares. Analysts at Zacks reiterated a “neutral” rating on shares of Ocwen Financial Corp in a research note on Tuesday, April 15th. They now have a $42.00 price target on the stock. On the ratings front, analysts at Bank of America reiterated a “buy” rating on shares of Ocwen Financial Corp in a research note on Tuesday, March 4th. They now have a $57.00 price target on the stock, down previously from $68.00. Finally, analysts at Keefe, Bruyette & Woods cut their price target on shares of Ocwen Financial Corp from $57.00 to $43.00 in a research note on Tuesday, March 4th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Ocwen Financial Corp currently has a consensus rating of “Buy” and a consensus target price of $54.17.

Ocwen Financial Corp (NYSE:OCN) traded down 7.26% on Thursday, hitting $35.15. The stock had a trading volume of 6,333,259 shares. Ocwen Financial Corp has a 52 week low of $33.54 and a 52 week high of $60.18. The stock’s 50-day moving average is $38.8 and its 200-day moving average is $47.29. The company has a market cap of $4.751 billion and a P/E ratio of 18.76.

Ocwen Financial Corporation is a financial services holding company. The Company is engaged in the servicing and origination of mortgage loans.

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