Ocwen Financial Stock (NYSE:OCN), Trade Ideas

Ocwen Financial

Ocwen Financial Corp is a financial service company that services and originates loans. Its segment is The Servicing segment provides residential and commercial mortgage loan servicing, special servicing, and asset management services. The Origination segment purchases residential mortgage loans that promptly sell or securitize on a servicing retained basis. The company generates a majority of its revenue from the Servicing segment. The Corporate segment has regulation and supervision by federal, state, local, and foreign governmental authorities, including the CFPB, HUD, the SEC, and various state agencies that license its servicing and lending activities. Geographically, it generates a majority of its revenue from the United States. It generates revenue from the servicing segment.

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Ocwen Financial Corporation NEW Common Stock

Ocwen Financial Corp

OCONOMOWOC BANCSHARES INC by Oconomowoc Bancshares, Inc.

Oconomowoc Bancshares Inc

Keefe, Bruyette &amp; Woods analyst Bose George maintains Ocwen Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OCN#NYSE">OCN</a>) with a Market Perform and lowers the price target from $30 to $28.

Price Target

Analyst Ratings

Keefe, Bruyette & Woods Maintains Market Perform on Ocwen Financial, Lowers Price Target to $28

The Company will submit a proposal to effect the name change at its Annual Meeting of Shareholders scheduled for May 28, 2024.&nbsp;Ocwen&#39;s primary brands, PHH Mortgage Corporation and Liberty Reverse Mortgage, will retain their names at this time. The Company expects to begin rebranding PHH Mortgage Corporation and Liberty Reverse Mortgage to Onity Mortgage later this year to align their names with the new name of the Company.

Ocwen Financial Plans To Change Its Name To Onity Group Inc.; Expects To Begin Trading On NYSE Under The Stock Symbol 'ONIT' In June 2024

B. Riley Securities analyst Matt Howlett reiterates Ocwen Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OCN#NYSE">OCN</a>) with a Buy and maintains $50 price target.

Reiteration

B. Riley Securities Reiterates Buy on Ocwen Financial, Maintains $50 Price Target

Ocwen Financial FY23 Total Revenue $1.067B, Up From $953.9M YoY; FY23 Net Loss $64M, Adj. Pre-Tax Income $49M

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Earnings Scheduled For February 27, 2024

Ocwen Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OCN#NYSE">OCN</a>) is set to give its latest quarterly earnings report on Tuesday, 2024-02-27. Here's what investors need to know before the announcement.
Analysts estimate that Ocwen Financial will report an earnings per share (EPS) of $0.93. 
Ocwen Financial bulls will hope to hear the company announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter.
New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast).
<h3>Historical Earnings Performance</h3>
Last quarter the company missed EPS by $0.03, which was followed by a 0.51% drop in the share price the next day.
Here's a look at Ocwen Financial's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q3 2023</th>
<th>Q2 2023</th>
<th>Q1 2023</th>
<th>Q4 2022</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>1.08</td>
<td>0.45</td>
<td>-0.11</td>
<td>-0.44</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>1.05</td>
<td>1.95</td>
<td>-5.34</td>
<td>-8.49</td>
</tr>
<tr>
<td>Price Change %</td>
<td>-1.0%</td>
<td>3.0%</td>
<td>4.0%</td>
<td>-6.0%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1708977733_0.png" alt="eps graph" />
<h3>Stock Performance</h3>
Shares of Ocwen Financial were trading at $28.29 as of February 23. Over the last 52-week period, shares are down 15.03%. Given that these returns are generally negative, long-term shareholders are likely upset going into this earnings release. 
<a href="https://www.benzinga.com/quote/OCN/earnings">To track all earnings releases for Ocwen Financial visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Ocwen Financial's Earnings: A Preview

Agreement expands existing correspondent relationship to strategic servicing partner
Initial onboarding of loans completed in August 2023
WEST PALM BEACH, Fla., Nov. 13, 2023 (GLOBE NEWSWIRE) -- <a href="https://www.globenewswire.com/Tracker?data=V-1nsu_6rEgED9uiL7DOVsX7bmc7LmWL20rri9jZoJuAnTIvrIh0y2j95dOZic0x8eicBJQ4GMAG-bmaJHidAe0l_S2aSfZUskp8Wh9tnP4=">PHH Mortgage Corporation</a> ("PHH" or the "Company"), a subsidiary of <a href="https://www.globenewswire.com/Tracker?data=Mc3KBqdz0yQBnbCMWXUlW18rzLp9skSM_ZLjvQe3C1sPgFSfz9UzFvdLfSnbeOXiToouX2OoZMsp3x-DGwaQs1ZVPQmigfpGM2px7uGndbk=">Ocwen Financial Corporation</a> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OCN#NYSE">OCN</a>) and a leading non-bank mortgage servicer and originator, today announced that it has entered into a mortgage subservicing agreement with Zillow Home Loans, LLC ("Zillow Home Loans").
Earlier this year, Zillow Home Loans selected PHH Mortgage to provide subservicing for its residential mortgage portfolio. Following a collaborative onboarding and integration cycle, Zillow Home Loans and PHH completed an initial transfer of loans in August. PHH has worked with Zillow Home Loans to purchase loans on a correspondent and co-issue basis since 2019 and 2021, respectively.
George Henley, Executive Vice President and Chief Growth Officer at PHH, said, "Our subservicing agreement with Zillow Home Loans is consistent with one of our core business strategies of growing our subservicing portfolio and strengthening our standing as one of the premier subservicers in the industry. We're excited to be working with Zillow Home Loans, Zillow's affiliated mortgage lender, to support their vision to create a more seamless real estate experience."
As of September 30, 2023, PHH Mortgage's total servicing portfolio was approximately $296 billion, which included approximately $167 billion of subservicing. Earlier this year, PHH was recognized for servicing excellence for the third consecutive year through Freddie Mac's Servicer Honors and Rewards Program (SHARP)SM in the top-tier servicing group and for the second consecutive year through Fannie Mae's Servicer Total Achievement and Rewards (STAR)TM performer recognition. The Company also achieved HUD's Tier 1 servicer ranking. No other servicer in the U.S. has been more highly decorated with these top awards from all three agencies over the past two years.

Contracts

PHH Mortgage Announces New Subservicing Agreement With Zillow Home Loans; Agreement Expands Existing Correspondent Relationship To Strategic Servicing Partner

UPDATE: Ocwen Financial Diluted EPS $1.05

Earnings Beats

Ocwen Financial Q3 EPS $1.05, Sales $255.50M Miss $268.01M Estimate

Ocwen Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OCN#NYSE">OCN</a>) is set to give its latest quarterly earnings report on Tuesday, 2023-11-07. Here's what investors need to know before the announcement.
Analysts estimate that Ocwen Financial will report an earnings per share (EPS) of $1.08. 
Ocwen Financial bulls will hope to hear the company announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter.
New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast).
<h3>Historical Earnings Performance</h3>
Last quarter the company beat EPS by $1.50, which was followed by a 2.59% increase in the share price the next day.
Here's a look at Ocwen Financial's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q2 2023</th>
<th>Q1 2023</th>
<th>Q4 2022</th>
<th>Q3 2022</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>0.45</td>
<td>-0.11</td>
<td>-0.44</td>
<td>0.42</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>1.95</td>
<td>-5.34</td>
<td>-8.49</td>
<td>4.17</td>
</tr>
<tr>
<td>Price Change %</td>
<td>2.59%</td>
<td>3.81%</td>
<td>-5.63%</td>
<td>7.39%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2023/1699304490_0.png" alt="eps graph" />
<h3>Stock Performance</h3>
Shares of Ocwen Financial were trading at $25.2 as of November 03. Over the last 52-week period, shares are down 32.03%. Given that these returns are generally negative, long-term shareholders are likely upset going into this earnings release. 
<a href="https://www.benzinga.com/quote/OCN/earnings">To track all earnings releases for Ocwen Financial visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Earnings Outlook For Ocwen Financial

The siren song of homeownership has hit a sour note for many <a href="https://www.benzinga.com/topic/housing">prospective buyers</a>.
The nationwide median home-sale price has surged to an eye-watering $380,000, according <a href="https://www.redfin.com/news/housing-market-update-home-prices-increase-miami/">to</a> a Thursday Redfin Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RDFN#NASDAQ">RDFN</a>) report, reflecting a 5% year-over-year increase — the most substantial uptick in almost a year.
The rising tide of home prices, propelled by a severe lack of inventory, swelled the typical monthly mortgage payment to an all-time high of $2,649, Redfin said.
Here&#8217;s a look into the data and its implications for the housing market and key players like Rocket Companies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RKT#NYSE">RKT</a>), Lennar Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEN#NYSE">LEN</a>) and Wells Fargo &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>).
The Redfin Data: A severe inventory shortage is driving the price surge, Redfin noted, as new listings are down 10% while the total number of U.S. homes for sale plummeted 19%. The <a href="https://www.benzinga.com/news/mid-cap/23/07/33478435/rate-locked-homeowners-fuel-housing-shortage-amid-still-high-mortgage-rates">lock-in effect</a> is keeping homeowners in place, as they don't want to part with their low mortgage rates, most of which are below 6%. Current rates are climbing toward 8%.
Notably, pending sales declined 14%, Redfin said, and mortgage-purchase applications dipped 27%, implying a smaller pool of potential borrowers for lenders like JPMorgan Chase &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>). Read also: <a href="https://www.benzinga.com/news/23/08/34085014/we-are-actually-like-an-automobile-company-zennihome-wants-to-solve-affordable-housing-crisis">ZenniHome Wants To Solve Affordable Housing Crisis</a>
Despite sluggish demand, there is competition persisting for the few available homes. It's a double-edged sword for mortgage originators like Ocwen Financial Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OCN#NYSE">OCN</a>), whose revenues are likely to be affected by fewer mortgage applications.
Miami An Outlier: While nationwide trends are significant, the Miami real estate market is charting its own course. With a staggering 17% year-over-year increase in median home-sale prices, the metro area is in a league of its own.
A combination of supply shortage and influx of cash-rich out-of-town buyers is fueling the unique situation. That resilience could be an appealing factor for home builders like PulteGroup, Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PHM#NYSE">PHM</a>) considering the market&#8217;s resistance to broader economic trends and its allure for wealthy buyers.
The Last Word: Continued inventory shortages and climbing mortgage rates are signaling a cautionary note in the sector, but as Miami&#8217;s market shows, local factors can buck the trend. The data sends mixed signals for companies like Bank of America Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), who are deeply embedded in the home loan ecosystem. Read next: <a href="https://www.benzinga.com/news/earnings/23/08/33987978/lowes-earnings-shed-light-on-housing-trends-as-sales-drop-toll-brothers-in-the-crosshairs">Lowe&#8217;s Earnings Shed Light On Housing Trends As Sales Drop</a>
Photo via Shutterstock.

Ocwen Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OCN#NYSE">OCN</a>) reported quarterly earnings of $1.95 per share which beat the analyst consensus estimate of $0.45 by 333.33 percent. This is a 75.68 percent increase over earnings of $1.11 per share from the same period last year. The company reported quarterly sales of $272.00 million which beat the analyst consensus estimate of $262.35 million by 3.68 percent. This is a 22.43 percent increase over sales of $222.16 million the same period last year.

CORRECTION: Ocwen Financial Q2 EPS $1.95 Beats $0.45 Estimate, Sales $272.00M Beat $262.35M Estimate