Corsair Capital Management L.P. Decreases Position in Ocwen Financial Corp (OCN)

Corsair Capital Management L.P. trimmed its position in shares of Ocwen Financial Corp (NYSE:OCN) by 45.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,861 shares of the financial services provider’s stock after selling 21,214 shares during the period. Corsair Capital Management L.P.’s holdings in Ocwen Financial were worth $102,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Bridgeway Capital Management Inc. raised its holdings in shares of Ocwen Financial by 13.6% during the 3rd quarter. Bridgeway Capital Management Inc. now owns 1,525,100 shares of the financial services provider’s stock valued at $6,009,000 after buying an additional 183,000 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Ocwen Financial by 5.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 3,300,240 shares of the financial services provider’s stock valued at $13,002,000 after buying an additional 178,435 shares in the last quarter. PEAK6 Investments LLC purchased a new position in shares of Ocwen Financial during the 3rd quarter valued at about $161,000. Prescott Group Capital Management L.L.C. raised its holdings in shares of Ocwen Financial by 9.0% during the 3rd quarter. Prescott Group Capital Management L.L.C. now owns 389,000 shares of the financial services provider’s stock valued at $1,533,000 after buying an additional 32,000 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Ocwen Financial by 62,682.4% during 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 in the last quarter. 57.80% of the stock is currently owned by institutional investors.

OCN opened at $1.79 on Friday. The company has a debt-to-equity ratio of 11.76, a quick ratio of 8.31 and a current ratio of 8.31. Ocwen Financial Corp has a 1 year low of $1.73 and a 1 year high of $4.84.

Ocwen Financial (NYSE:OCN) last posted its quarterly earnings results on Tuesday, November 6th. The financial services provider reported ($0.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.15). Ocwen Financial had a negative return on equity of 13.76% and a negative net margin of 10.97%. The company had revenue of $238.30 million for the quarter, compared to the consensus estimate of $241.00 million. During the same quarter in the previous year, the business earned ($0.05) earnings per share. Ocwen Financial’s revenue was down 16.3% compared to the same quarter last year.

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

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

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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.

Read More: Preferred Stock

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

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