B. Riley Weighs in on Ocwen Financial Co.’s Q1 2024 Earnings (NYSE:OCN)

Ocwen Financial Co. (NYSE:OCN) – Equities researchers at B. Riley issued their Q1 2024 EPS estimates for Ocwen Financial in a note issued to investors on Tuesday, March 26th. B. Riley analyst M. Howlett expects that the financial services provider will post earnings of $1.42 per share for the quarter. B. Riley has a “Buy” rating and a $50.00 price objective on the stock. The consensus estimate for Ocwen Financial’s current full-year earnings is $5.15 per share. B. Riley also issued estimates for Ocwen Financial’s Q2 2024 earnings at $1.44 EPS, Q3 2024 earnings at $1.53 EPS, Q4 2024 earnings at $1.61 EPS, FY2024 earnings at $6.00 EPS, Q1 2025 earnings at $1.76 EPS, Q2 2025 earnings at $1.91 EPS, Q3 2025 earnings at $2.08 EPS, Q4 2025 earnings at $2.26 EPS and FY2025 earnings at $8.00 EPS.

Ocwen Financial (NYSE:OCN) last announced its quarterly earnings results on Tuesday, February 27th. The financial services provider reported $1.44 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.35. The firm had revenue of $277.30 million for the quarter, compared to analysts’ expectations of $260.23 million. Ocwen Financial had a negative net margin of 5.97% and a positive return on equity of 10.21%.

Separately, StockNews.com raised shares of Ocwen Financial from a “sell” rating to a “hold” rating in a research report on Friday, December 15th.

Ocwen Financial Price Performance

NYSE OCN opened at $26.77 on Thursday. The company’s fifty day simple moving average is $27.33 and its 200-day simple moving average is $26.67. Ocwen Financial has a 52 week low of $21.15 and a 52 week high of $35.79. The company has a debt-to-equity ratio of 23.13, a current ratio of 18.14 and a quick ratio of 18.14.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in OCN. BlackRock Inc. increased its stake in shares of Ocwen Financial by 221.4% in the second quarter. BlackRock Inc. now owns 441,079 shares of the financial services provider’s stock worth $13,219,000 after buying an additional 303,840 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Ocwen Financial by 2.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 361,471 shares of the financial services provider’s stock worth $11,119,000 after buying an additional 9,842 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Ocwen Financial by 0.8% in the third quarter. Vanguard Group Inc. now owns 335,888 shares of the financial services provider’s stock worth $7,816,000 after buying an additional 2,800 shares during the last quarter. RBF Capital LLC increased its stake in shares of Ocwen Financial by 5.7% in the second quarter. RBF Capital LLC now owns 145,365 shares of the financial services provider’s stock worth $4,357,000 after buying an additional 7,848 shares during the last quarter. Finally, State Street Corp increased its stake in shares of Ocwen Financial by 5.5% in the first quarter. State Street Corp now owns 144,482 shares of the financial services provider’s stock worth $3,433,000 after buying an additional 7,591 shares during the last quarter. 70.16% of the stock is owned by institutional investors and hedge funds.

About Ocwen Financial

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.