Wellington Management Group LLP Buys New Position in Ocwen Financial Corporation (NYSE:OCN)

Wellington Management Group LLP acquired a new stake in shares of Ocwen Financial Corporation (NYSE:OCN) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 113,528 shares of the financial services provider’s stock, valued at approximately $621,000. Wellington Management Group LLP owned about 0.09% of Ocwen Financial Corporation as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in OCN. State Street Corp boosted its stake in shares of Ocwen Financial Corporation by 5.3% in the fourth quarter. State Street Corp now owns 1,836,727 shares of the financial services provider’s stock valued at $9,901,000 after buying an additional 91,782 shares in the last quarter. Norges Bank acquired a new stake in shares of Ocwen Financial Corporation during the fourth quarter valued at about $6,555,000. FMR LLC acquired a new stake in shares of Ocwen Financial Corporation during the fourth quarter valued at about $5,764,000. Parametric Portfolio Associates LLC boosted its stake in Ocwen Financial Corporation by 36.5% in the first quarter. Parametric Portfolio Associates LLC now owns 726,593 shares of the financial services provider’s stock valued at $3,974,000 after buying an additional 194,449 shares during the period. Finally, Nordea Investment Management AB boosted its stake in Ocwen Financial Corporation by 9.9% in the first quarter. Nordea Investment Management AB now owns 540,550 shares of the financial services provider’s stock valued at $2,957,000 after buying an additional 48,600 shares during the period. 44.67% of the stock is owned by institutional investors.

Shares of Ocwen Financial Corporation (NYSE:OCN) traded down 0.36% during midday trading on Friday, reaching $2.79. 1,745,008 shares of the company traded hands. The company has a 50 day moving average of $2.82 and a 200 day moving average of $3.64. The firm’s market capitalization is $365.10 million. Ocwen Financial Corporation has a 12 month low of $2.12 and a 12 month high of $6.15.

Ocwen Financial Corporation (NYSE:OCN) last posted its quarterly earnings results on Wednesday, August 2nd. The financial services provider reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by $0.17. The company had revenue of $311.30 million during the quarter, compared to analyst estimates of $295.33 million. Ocwen Financial Corporation had a negative net margin of 5.95% and a negative return on equity of 12.41%. The company’s revenue was down 16.6% on a year-over-year basis. During the same period in the prior year, the company earned ($0.71) earnings per share. On average, equities research analysts predict that Ocwen Financial Corporation will post ($1.04) earnings per share for the current fiscal year.

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OCN has been the subject of several analyst reports. Compass Point raised shares of Ocwen Financial Corporation from a “neutral” rating to a “buy” rating and dropped their price target for the company from $5.00 to $3.50 in a research note on Friday, April 21st. Zacks Investment Research raised shares of Ocwen Financial Corporation from a “hold” rating to a “buy” rating and set a $3.00 price objective for the company in a research report on Thursday, May 11th. Piper Jaffray Companies raised shares of Ocwen Financial Corporation from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $2.00 to $3.50 in a research report on Monday, May 1st. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Ocwen Financial Corporation in a report on Monday, May 8th. Finally, ValuEngine upgraded shares of Ocwen Financial Corporation from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $3.25.

About Ocwen Financial Corporation

Ocwen Financial Corporation is a financial services holding company. The Company, through its subsidiaries, originates and services loans. The Company’s segments include Servicing, Lending, and Corporate Items and Other. The Company’s Servicing segment consists of its residential servicing business. The Company’s Lending segment is focused on originating and purchasing conventional and government-insured residential forward and reverse mortgage loans.

Institutional Ownership by Quarter for Ocwen Financial Corporation (NYSE:OCN)

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