Saba Capital Management L.P. reduced its stake in shares of Ocwen Financial Corp (NYSE:OCN) by 37.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 230,086 shares of the financial services provider’s stock after selling 140,254 shares during the quarter. Saba Capital Management L.P. owned about 0.17% of Ocwen Financial worth $948,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Element Capital Management LLC acquired a new position in Ocwen Financial in the first quarter valued at approximately $151,000. MetLife Investment Advisors LLC raised its holdings in Ocwen Financial by 169.0% in the first quarter. MetLife Investment Advisors LLC now owns 51,647 shares of the financial services provider’s stock worth $213,000 after purchasing an additional 32,446 shares during the period. Deer Park Road Corp raised its holdings in Ocwen Financial by 5.0% in the first quarter. Deer Park Road Corp now owns 13,331,147 shares of the financial services provider’s stock worth $54,924,000 after purchasing an additional 640,000 shares during the period. Northern Trust Corp raised its holdings in Ocwen Financial by 1.9% in the first quarter. Northern Trust Corp now owns 2,235,622 shares of the financial services provider’s stock worth $9,211,000 after purchasing an additional 41,217 shares during the period. Finally, Thompson Siegel & Walmsley LLC raised its holdings in shares of Ocwen Financial by 44.7% during the first quarter. Thompson Siegel & Walmsley LLC now owns 101,185 shares of the financial services provider’s stock worth $417,000 after acquiring an additional 31,270 shares during the period. 54.16% of the stock is currently owned by institutional investors and hedge funds.
Ocwen Financial opened at $3.96 on Friday, according to MarketBeat Ratings. The company has a debt-to-equity ratio of 10.16, a current ratio of 7.02 and a quick ratio of 7.02. Ocwen Financial Corp has a 52-week low of $2.65 and a 52-week high of $4.84.
Ocwen Financial (NYSE:OCN) last posted its earnings results on Wednesday, May 2nd. The financial services provider reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.35. Ocwen Financial had a negative net margin of 8.18% and a negative return on equity of 14.22%. The company had revenue of $260.26 million during the quarter, compared to analysts’ expectations of $268.00 million. During the same quarter last year, the company posted ($0.26) EPS. Ocwen Financial’s quarterly revenue was down 19.1% compared to the same quarter last year.
A number of equities research analysts recently commented on OCN shares. ValuEngine upgraded shares of Ocwen Financial from a “sell” rating to a “hold” rating in a report on Saturday, March 17th. Zacks Investment Research raised shares of Ocwen Financial from a “hold” rating to a “buy” rating and set a $5.25 target price for the company in a research report on Wednesday, May 16th.
Ocwen Financial 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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