Ocwen Financial (OCN) Trading Up 6.9%

Ocwen Financial Corp (NYSE:OCN) was up 6.9% during mid-day trading on Wednesday . The company traded as high as $2.07 and last traded at $2.02. Approximately 664,138 shares were traded during trading, an increase of 2% from the average daily volume of 650,291 shares. The stock had previously closed at $1.89.

A number of equities research analysts have issued reports on OCN shares. BTIG Research started coverage on shares of Ocwen Financial in a report on Thursday, November 29th. They set a “neutral” rating on the stock. ValuEngine upgraded shares of Ocwen Financial from a “hold” rating to a “buy” rating in a report on Thursday, November 1st. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $4.00 price objective on shares of Ocwen Financial in a research report on Thursday, November 8th.

The company has a current ratio of 8.31, a quick ratio of 8.31 and a debt-to-equity ratio of 11.76.

In other Ocwen Financial news, major shareholder Leon G. Cooperman sold 200,000 shares of the stock in a transaction that occurred on Monday, December 3rd. The shares were sold at an average price of $2.05, for a total value of $410,000.00. Following the sale, the insider now directly owns 1,000,000 shares of the company’s stock, valued at approximately $2,050,000. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Leon G. Cooperman sold 425,000 shares of the stock in a transaction that occurred on Thursday, December 6th. The shares were sold at an average price of $1.95, for a total transaction of $828,750.00. Following the completion of the sale, the insider now directly owns 1,000,000 shares in the company, valued at $1,950,000. The disclosure for this sale can be found here. Corporate insiders own 0.70% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Marshall Wace LLP purchased a new position in shares of Ocwen Financial in the 3rd quarter valued at $70,000. Canada Pension Plan Investment Board purchased a new position in shares of Ocwen Financial in the 4th quarter valued at $134,000. PEAK6 Investments LLC purchased a new position in shares of Ocwen Financial in the 3rd quarter valued at $161,000. PNC Financial Services Group Inc. grew its position in shares of Ocwen Financial by 62,682.4% in the 3rd quarter. PNC Financial Services Group Inc. now owns 57,132 shares of the financial services provider’s stock valued at $225,000 after buying an additional 57,041 shares during the last quarter. Finally, Rhumbline Advisers grew its position in shares of Ocwen Financial by 40.8% in the 4th quarter. Rhumbline Advisers now owns 172,243 shares of the financial services provider’s stock valued at $231,000 after buying an additional 49,881 shares during the last quarter. 57.67% of the stock is currently owned by hedge funds and other institutional investors.

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About Ocwen Financial (NYSE:OCN)

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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