Ocwen Financial Corp (NYSE:OCN) saw a large decline in short interest in the month of July. As of July 31st, there was short interest totalling 3,046,700 shares, a decline of 17.2% from the June 30th total of 3,681,800 shares. Based on an average trading volume of 387,300 shares, the days-to-cover ratio is presently 7.9 days. Approximately 2.6% of the shares of the company are sold short.
In other news, CEO Glen A. Messina purchased 132,000 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was acquired at an average cost of $1.50 per share, with a total value of $198,000.00. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Timothy J. Yanoti purchased 25,000 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The shares were purchased at an average cost of $1.34 per share, with a total value of $33,500.00. Following the completion of the acquisition, the executive vice president now owns 25,000 shares in the company, valued at approximately $33,500. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 444,018 shares of company stock valued at $665,317. 0.90% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in OCN. BlackRock Inc. raised its stake in shares of Ocwen Financial by 2.1% during the fourth quarter. BlackRock Inc. now owns 8,425,438 shares of the financial services provider’s stock valued at $11,292,000 after purchasing an additional 175,831 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Ocwen Financial by 39.1% during the fourth quarter. Bank of New York Mellon Corp now owns 717,010 shares of the financial services provider’s stock valued at $961,000 after purchasing an additional 201,501 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Ocwen Financial by 0.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,312,717 shares of the financial services provider’s stock valued at $4,439,000 after purchasing an additional 12,477 shares during the period. Geode Capital Management LLC raised its stake in shares of Ocwen Financial by 13.5% during the fourth quarter. Geode Capital Management LLC now owns 1,221,401 shares of the financial services provider’s stock valued at $1,635,000 after purchasing an additional 144,975 shares during the period. Finally, Squarepoint Ops LLC raised its stake in shares of Ocwen Financial by 192.7% during the fourth quarter. Squarepoint Ops LLC now owns 232,626 shares of the financial services provider’s stock valued at $312,000 after purchasing an additional 153,147 shares during the period. 57.24% of the stock is owned by hedge funds and other institutional investors.
NYSE:OCN traded down $0.07 during mid-day trading on Thursday, hitting $1.39. 892,320 shares of the stock were exchanged, compared to its average volume of 561,169. The firm’s 50-day simple moving average is $1.92 and its 200 day simple moving average is $1.86. The company has a debt-to-equity ratio of 18.07, a quick ratio of 9.87 and a current ratio of 9.87. Ocwen Financial has a fifty-two week low of $1.20 and a fifty-two week high of $4.35.
Ocwen Financial (NYSE:OCN) last released its quarterly earnings results on Tuesday, August 6th. The financial services provider reported ($0.67) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.36) by ($0.31). The firm had revenue of $274.34 million for the quarter, compared to analyst estimates of $288.00 million. Ocwen Financial had a negative return on equity of 35.88% and a negative net margin of 15.76%. The business’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same period in the previous year, the business posted ($0.22) earnings per share.
Ocwen Financial 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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