Keefe Bruyette & Woods Maintains Ocwen Financial Corp to Market Perform with Price Target $3.00

Brokerage firm Keefe Bruyette & Woods Maintains its rating on Ocwen Financial Corp(NYSE:OCN). In a research note issued to the investors, the brokerage major Lowers the price-target to $3.00 per share. The shares have been rated Market Perform. The rating by Keefe Bruyette & Woods was issued on Jul 28, 2016.

Ocwen Financial Corp (OCN) made into the market gainers list on Thursdays trading session with the shares advancing 0.48% or 0.01 points. Due to strong positive momentum, the stock ended at $2.11, which is also near the day’s high of $2.15. The stock began the session at $2.11 and the volume stood at 12,39,370 shares. The 52-week high of the shares is $8.54 and the 52 week low is $1.29. The company has a current market capitalization of $262 M and it has 12,39,86,954 shares in outstanding.

Ocwen Financial Corp(OCN) last announced its earnings results on Jul 27, 2016 for Fiscal Year 2016 and Q2.Company reported revenue of $373.05M. Analysts had an estimated revenue of $324.05M. Earnings per share were $-0.71. Analysts had estimated an EPS of $-0.43.

Several Insider Transactions has been reported to the SEC. On Mar 14, 2016, Otto J Kumbar (EVP, Lending) purchased 50,000 shares at $2.92 per share price.Also, On Mar 4, 2016, Arthur C Jr Walker (SVP, Global Tax) purchased 10,000 shares at $2.26 per share price.On Nov 24, 2015, Timothy M. Hayes (EVP, Gen. Counsel & Secretary) purchased 2,000 shares at $6.46 per share price, according to the Form-4 filing with the securities and exchange commission.

Ocwen Financial Corporation (Ocwen) is a financial services holding company. The Company through its subsidiaries operates as a mortgage company. The Company operates in segments including Servicing and Lending. The Company’s Servicing business consists of its residential mortgage servicing business. The Servicing involves the collection and remittance of principal and interest payments received from borrowers the administration of mortgage escrow accounts the collection of insurance claims the management of loans that are delinquent or in foreclosure or bankruptcy. In the Company’s Lending business it originates and purchases conventional and government-insured forward mortgage loans through the direct wholesale and correspondent lending channels of its Homeward operations.

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