Ocwen Financial Corporation (OCN) : Traders are bullish on Ocwen Financial Corporation (OCN) as it has outperformed the S&P 500 by a wide margin of 97.99% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 4.29%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 4.26% in the last 1 week, and is up 98.75% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
Ocwen Financial Corp. is up 100% in the last 3-month period. Year-to-Date the stock performance stands at -54.38%. The stock has recorded a 20-day Moving Average of 32.33% and the 50-Day Moving Average is 61.98%.
Ocwen Financial Corporation (NYSE:OCN): The stock opened at $3.25 on Friday but the bulls could not build on the opening and the stock topped out at $3.27 for the day. The stock traded down to $3.14 during the day, due to lack of any buying support eventually closed down at $3.18 with a loss of -2.45% for the day. The stock had closed at $3.26 on the previous day. The total traded volume was 1,378,601 shares.
Also, Brokerage firm Keefe Bruyette & Woods maintains its rating on Ocwen Financial Corporation (NYSE:OCN). As per the latest information, the brokerage house lowers the price target to $3 per share from a prior target of $5. The shares have been rated Market Perform. The rating by the firm was issued on July 28, 2016.
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 Companys 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 Companys 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.