California Public Employees Retirement System raised its stake in Ocwen (NYSE:OCN) by 5.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 805,604 shares of the financial services provider’s stock after acquiring an additional 43,422 shares during the period. California Public Employees Retirement System owned approximately 0.60% of Ocwen worth $2,522,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Schwab Charles Investment Management Inc. increased its holdings in Ocwen by 14.6% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 1,292,967 shares of the financial services provider’s stock valued at $4,448,000 after acquiring an additional 165,068 shares during the last quarter. Wells Fargo & Company MN increased its holdings in Ocwen by 53.4% in the 3rd quarter. Wells Fargo & Company MN now owns 117,498 shares of the financial services provider’s stock valued at $404,000 after acquiring an additional 40,919 shares during the last quarter. State Street Corp increased its holdings in Ocwen by 5.3% in the 2nd quarter. State Street Corp now owns 1,962,268 shares of the financial services provider’s stock valued at $5,275,000 after acquiring an additional 98,624 shares during the last quarter. FNY Partners Fund LP bought a new stake in Ocwen in the 4th quarter valued at $423,000. Finally, Teacher Retirement System of Texas bought a new stake in Ocwen in the 4th quarter valued at $111,000. Institutional investors own 52.20% of the company’s stock.
In other news, major shareholder Leon G. Cooperman purchased 29,187 shares of the company’s stock in a transaction that occurred on Friday, March 2nd. The stock was purchased at an average cost of $3.54 per share, with a total value of $103,321.98. Following the purchase, the insider now owns 1,000,000 shares in the company, valued at $3,540,000. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Leon G. Cooperman purchased 314,448 shares of the company’s stock in a transaction that occurred on Wednesday, February 28th. The shares were purchased at an average cost of $3.59 per share, with a total value of $1,128,868.32. Following the completion of the purchase, the insider now owns 1,000,000 shares in the company, valued at approximately $3,590,000. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 1,517,551 shares of company stock valued at $4,985,671. 2.36% of the stock is owned by corporate insiders.
Shares of NYSE:OCN traded up $0.04 on Thursday, reaching $4.17. The company’s stock had a trading volume of 559,370 shares, compared to its average volume of 1,508,574. Ocwen has a 52-week low of $2.12 and a 52-week high of $5.55. The stock has a market capitalization of $556.11, a P/E ratio of -4.44 and a beta of 1.19. The company has a quick ratio of 5.42, a current ratio of 5.42 and a debt-to-equity ratio of 11.13.
Ocwen (NYSE:OCN) last issued its quarterly earnings data on Wednesday, February 28th. The financial services provider reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.14. Ocwen had a negative net margin of 10.71% and a negative return on equity of 20.31%. The business had revenue of $276.77 million during the quarter, compared to analysts’ expectations of $250.00 million. During the same period last year, the company posted ($0.08) EPS. The business’s revenue was down 14.6% on a year-over-year basis. analysts expect that Ocwen will post -0.85 earnings per share for the current year.
Separately, ValuEngine cut shares of Ocwen from a “hold” rating to a “sell” rating in a research note on Monday, April 2nd. One investment analyst has rated the stock with a sell rating and five have given 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.
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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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