Ocwen (OCN) Expected to Post Earnings of -$0.33 Per Share

Analysts predict that Ocwen (NYSE:OCN) will announce ($0.33) earnings per share (EPS) for the current quarter, Zacks reports. Zero analysts have made estimates for Ocwen’s earnings. Ocwen posted earnings per share of ($0.26) in the same quarter last year, which indicates a negative year over year growth rate of 26.9%. The company is expected to announce its next quarterly earnings report on Wednesday, May 2nd.

On average, analysts expect that Ocwen will report full year earnings of ($0.85) per share for the current financial year. For the next financial year, analysts forecast that the firm will post earnings of ($0.22) per share. Zacks’ earnings per share averages are a mean average based on a survey of research analysts that cover Ocwen.

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Ocwen (NYSE:OCN) last announced its earnings results on Wednesday, February 28th. The financial services provider reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.23) by $0.14. The company had revenue of $276.77 million during the quarter, compared to the consensus estimate of $250.00 million. Ocwen had a negative return on equity of 20.31% and a negative net margin of 10.71%. The company’s revenue was down 14.6% on a year-over-year basis. During the same period last year, the firm earned ($0.08) earnings per share.

Separately, ValuEngine raised shares of Ocwen from a “sell” rating to a “hold” rating in a research report on Saturday, March 17th. One investment analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $3.33.

In related news, major shareholder Leon G. Cooperman purchased 178,198 shares of Ocwen stock in a transaction dated Friday, February 2nd. The shares were acquired at an average price of $3.24 per share, with a total value of $577,361.52. Following the completion of the transaction, the insider now owns 1,000,000 shares of the company’s stock, valued at approximately $3,240,000. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Leon G. Cooperman purchased 494,459 shares of Ocwen stock in a transaction dated Tuesday, January 23rd. The shares were bought at an average cost of $3.16 per share, for a total transaction of $1,562,490.44. The disclosure for this purchase can be found here. Insiders have bought 1,517,551 shares of company stock worth $4,985,671 in the last ninety days. Corporate insiders own 2.36% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of OCN. Deer Park Road Corp bought a new position in Ocwen in the fourth quarter worth about $39,723,000. California Public Employees Retirement System lifted its holdings in Ocwen by 33.2% in the third quarter. California Public Employees Retirement System now owns 762,182 shares of the financial services provider’s stock worth $2,622,000 after acquiring an additional 190,082 shares during the last quarter. Two Sigma Investments LP bought a new position in Ocwen in the fourth quarter worth about $580,000. Schwab Charles Investment Management Inc. lifted its holdings in Ocwen by 14.6% in the third quarter. Schwab Charles Investment Management Inc. now owns 1,292,967 shares of the financial services provider’s stock worth $4,448,000 after acquiring an additional 165,068 shares during the last quarter. Finally, Sovarnum Capital L.P. bought a new position in Ocwen in the fourth quarter worth about $470,000. 52.20% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Ocwen stock opened at $4.29 on Tuesday. The company has a debt-to-equity ratio of 11.13, a quick ratio of 5.42 and a current ratio of 5.42. Ocwen has a 1-year low of $2.12 and a 1-year high of $5.55.

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Ocwen Company Profile

Ocwen Financial Corporation, a financial services holding company, originates and services loans in the United States, the United States Virgin Islands, India, and Philippines. Its Servicing segment provides residential and commercial mortgage loan servicing, special servicing, and asset management services to owners of mortgage loans and foreclosed real estate.

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