Why Has Piper Jaffray Given Ocwen Financial (NYSE:OCN) a $6.50 Price Target
Piper Jaffray has just issued a “Neutral” rating for Ocwen Financial (NYSE:OCN) shares. The firm initiated coverage on shares of OCN in recent note issued on 11 December. This price target would possibly suggest upside of 8.15% from the current stock price of Ocwen Financial (NYSE:OCN).
From a total of 6 analysts covering Ocwen Financial (NYSE:OCN) stock, 1 rate it a ”Buy”, 1 a “Sell”, and 4 a ”Hold”. This means that 17% of the ratings are positive. The highest target price is $12 while the lowest target price is $8. The mean of all analyst targets is $9.33 with a 41.32% above today’s ($5.93) stock price. Ocwen Financial was the topic of 12 analyst reports since July 31, 2015 according to the firm StockzIntelligence Inc. Compass Point maintained shares on December 3 with “Neutral” rating. Oppenheimer maintained OCN stock in a recent report from August 7 with “Market Perform” rating. Finally, Bank of America downgraded the stock to “Underperform” rating in a report issued on an August 3.
Approximately 1.68M shares of stock traded hands. Ocwen Financial Corp (NYSE:OCN) has declined 39.26% since May 8, 2015 and is downtrending. It has underperformed by 36.24% the S&P500.
The overall sentiment of institutions has increased to 1.02 in Q2 2015. Its up 0.14, from 0.88 in 2015Q2. The ratio improved, as 29 institutions have sold all the shares of Ocwen Financial Corp that they owned while 52 funds have taken shares off the table. 20 funds have purchased shares for the first time while 63 added to their positions. These institutions now hold 104.24 million shares or 5.71% less than the 110.55 million shares they owned in 2015Q2.
The Fund Richmond Hill Investments Llc currently is holding shares equating to 13.07% of its total portfolio in Ocwen Financial Corp representing a total of 4.39 million shares. Another fund,Royal Capital Management Llc, is holding a total of 650,000 shares equating to 11.71% of their holdings. Additionally, Richmond Hill Investment Co. Lp has a 1.54 million share stake in Ocwen Financial Corp which represents 11.06% of their total portfolio. The Fund, Kingstown Capital Management L.P., based out of New York, has also built up a stake in the stock, which represents a total of 9.43% of their total portfolio. Finally Newtyn Management Llc, a fund which is based in the state of New York reported a total holdings of 3.30 million shares.
Insider activity is a very important aspect to track on any stock. Going back to August 6, 2015, shareholders of Ocwen Financial Corp have witnessed 0 insider buys, and a total of 1 insider sale equating to a net activity of approximately $904,985 . Devaney John sold 113,609 shares worth approximately $904,985.
Ocwen Financial Corporation is a financial services holding company. The company has a market cap of $789.50 million. The Company, through its subsidiaries operates as a mortgage company. It currently has negative earnings. The Firm operates in divisions, including Servicing and Lending.
According to Zacks Investment Research, “Ocwen Financial Corporation is a financial services holding company engaged in asset acquisition and resolution, residential finance, commercial finance, investment management and hotel operations. The Company primarily specializes in the aquisition and resolution of non-performing or underperforming loans.” Get a free copy of the Zacks research report on Ocwen Financial Corp (OCN).