Ocwen Financial Corp(NYSE:OCN) announced the earnings results for Fiscal Year 2016 and Q4. The results came in during After-Market on Feb 22, 2017. Based on the corporate Earnings and Guidance, many Investment Banking firms balance their portfolio to Sell and Buy Stocks based on their strategy of investing in stocks.Company reported revenue of $323.904M. Analysts estimated a revenue of $334.180M. The revenues were -3.07% below the estimates. Earnings per share were $-0.04. The reported EPS was above estimates by 78.95%. Analysts had estimated an EPS of $-0.19.
Ocwen Financial Corp (OCN) shares turned negative on Wednesdays trading session with the shares closing down -0.14 points or -2.53% at a volume of 35,50,097. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $5.5105. The peak price level was also seen at $5.5105 while the days lowest was $5.27. Finally the shares closed at $5.4. The 52-week high of the shares is $6.41 while the 52-week low is $1.29. According to the latest information available, the market cap of the company is $670 M.
Several Insider Transactions has been reported to the SEC. On Mar 14, 2016, Otto J Kumbar (EVP, Lending) purchased 50,000 shares at $2.92 per share price.Also, On Mar 4, 2016, Arthur C Jr Walker (SVP, Global Tax) purchased 10,000 shares at $2.26 per share price.On Nov 24, 2015, Timothy M. Hayes (EVP, Gen. Counsel & Secretary) purchased 2,000 shares at $6.46 per share price, according to the Form-4 filing with the securities and exchange commission.
Ocwen Financial Corporation (Ocwen) is a financial services holding company. The Company through its subsidiaries operates as a mortgage company. The Company operates in segments including Servicing and Lending. The Company’s Servicing business consists of its residential mortgage servicing business. The Servicing involves the collection and remittance of principal and interest payments received from borrowers the administration of mortgage escrow accounts the collection of insurance claims the management of loans that are delinquent or in foreclosure or bankruptcy. In the Company’s Lending business it originates and purchases conventional and government-insured forward mortgage loans through the direct wholesale and correspondent lending channels of its Homeward operations.