Richmond Hill Investment Lp buys $3.6 Million stake in Ocwen Financial Corp (OCN)

Ocwen Financial Corp (OCN) : Richmond Hill Investment Lp scooped up 228,520 additional shares in Ocwen Financial Corp during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 13, 2016. The investment management firm now holds a total of 1,770,864 shares of Ocwen Financial Corp which is valued at $3.6 Million.Ocwen Financial Corp makes up approximately 4.80% of Richmond Hill Investment Lp’s portfolio.

Other Hedge Funds, Including , Loomis Sayles Co L P sold out all of its stake in OCN during the most recent quarter. The investment firm sold 1,195 shares of OCN which is valued $2,402.Cqs Cayman Lp reduced its stake in OCN by selling 87,949 shares or 6.1% in the most recent quarter. The Hedge Fund company now holds 1,353,344 shares of OCN which is valued at $2.7 Million. Ocwen Financial Corp makes up approx 0.68% of Cqs Cayman Lp’s portfolio.California Public Employees Retirement System boosted its stake in OCN in the latest quarter, The investment management firm added 41,300 additional shares and now holds a total of 441,100 shares of Ocwen Financial Corp which is valued at $891,022.

Ocwen Financial Corp opened for trading at $1.75 and hit $2.11 on the upside on Wednesday, eventually ending the session at $2.06, with a gain of 19.08% or 0.33 points. The heightened volatility saw the trading volume jump to 54,60,573 shares. Company has a market cap of $255 M.

On the company’s financial health, Ocwen Financial Corp reported $-0.90 EPS for the quarter, missing the analyst consensus estimate by $ -0.50 based on the information available during the earnings call on Apr 27, 2016. Analyst had a consensus of $-0.40. The company had revenue of $330.76 million for the quarter, compared to analysts expectations of $346.28 million. The company’s revenue was down -35.2 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.27 EPS.

Many Wall Street Analysts have commented on Ocwen Financial Corp. Shares were Reiterated by Compass Point on Apr 28, 2016 to “Neutral” and Lowered the Price Target to $ 3 from a previous price target of $4 .Shares were Reiterated by Compass Point on Mar 3, 2016 to “Neutral” and Lowered the Price Target to $ 4 from a previous price target of $8 .

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.

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