Ocwen Financial Co. (NYSE: OCN – Get a rating) saw a sharp drop in short-term interest rates during the month of June. As of June 30, there was short interest totaling 176,500 shares, down 58.9% from the June 15 total of 429,200 shares. Approximately 2.1% of the company’s shares are sold short. Based on an average trading volume of 115,000 shares, the short interest ratio is currently 1.5 days.
In related news, director Jacques J. Busquet purchased 1,000 shares in a trade dated Wednesday, June 1. The stock was purchased at an average price of $28.60 per share, with a total value of $28,600.00. Following the purchase, the administrator now owns 35,794 shares of the company, valued at approximately $1,023,708.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, accessible via this hyperlink. Separately, CEO Glen A. Messina purchased 3,000 shares in a trade dated Tuesday, May 24. The stock was purchased at an average price of $26.18 per share, with a total value of $78,540.00. As a result of the purchase, the CEO now owns 116,074 shares of the company, valued at approximately $3,038,817.32. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, accessible via this hyperlink. Additionally, director Jacques J. Busquet purchased 1,000 shares in a trade on Wednesday, June 1. The shares were acquired at an average cost of $28.60 per share, with a total value of $28,600.00. Following the transaction, the administrator now directly owns 35,794 shares of the company, valued at $1,023,708.40. Disclosure of this purchase can be found here. During the last quarter, insiders purchased 6,200 shares of the company worth $162,727. Insiders hold 3.60% of the shares of the company.
Hedge funds weigh on Ocwen Financial
Several hedge funds and other institutional investors have recently increased or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its position in Ocwen Financial by 3.9% in Q1. Charles Schwab Investment Management Inc. now owns 21,417 shares of the financial services provider valued at $509,000 after acquiring 795 additional shares last quarter. Captrust Financial Advisors bought a new position in Ocwen Financial in Q1 worth around $31,000. Dorsey Wright & Associates bought a new position in Ocwen Financial in Q4 worth around $54,000. Advisor Group Holdings Inc. raised its position in Ocwen Financial by 3,527.9% in Q4. Advisor Group Holdings Inc. now owns 1,560 shares of the financial services provider valued at $63,000 after acquiring 1,517 additional shares in the last quarter. Finally, Invesco Ltd. increased its position in Ocwen Financial by 10.5% in the 1st quarter. Invesco Ltd. now owns 21,781 shares of the financial services provider valued at $518,000 after acquiring an additional 2,075 shares last quarter. 59.89% of the shares are held by institutional investors.
Changes to analyst ratings
A number of research analysts have commented on the company. StockNews.com assumed coverage of Ocwen Financial in a research report on Thursday, March 31. They set a “hold” rating for the company. BTIG Research supported coverage from Ocwen Financial in a Wednesday, April 20 research report. They set a “neutral” rating for the company.
Ocwen Financial Stock up 6.8%
Shares of Ocwen Financial were up $1.97 midday Friday, hitting $30.74. The company had a trading volume of 1,333 shares, compared to an average volume of 142,752. The company has a debt ratio of 16.12, a quick ratio of 17.58 and a current ratio of 17.58. The stock has a market capitalization of $284.35 million, a P/E ratio of 4.28 and a beta of 1.83. The company has a 50-day moving average of $25.80 and a 200-day moving average of $28.45. Ocwen Financial has a 52-week low of $17.76 and a 52-week high of $41.92.
Ocwen Financial (NYSE:OCN- Get a rating) last released its quarterly results on Thursday, May 5. The financial services provider reported earnings per share of $1.43 for the quarter, beating the consensus estimate of $0.78 by $0.65. The company posted revenue of $231.56 million for the quarter, versus a consensus estimate of $276.06 million. Ocwen Financial had a return on equity of 6.98% and a net margin of 6.30%. On average, stock analysts predict Ocwen Financial will post 6.5 earnings per share for the current fiscal year.
About Ocwen Financial
Ocwen Financial Corporation, a financial services company, originates and services mortgages in the United States, the US Virgin Islands, India and the Philippines. The Company operates through Servicing and Originations segments. It provides commercial mortgage servicing services, special services and asset management, as well as residential mortgage services, such as conventional term and reverse, government-insured and agencyless loans, including reverse mortgages to mortgage owners. and seized real estate.
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