Kingstown Capital Management Lowers stake in Ocwen Financial Corp (OCN)

Ocwen Financial Corp (OCN) : Kingstown Capital Management reduced its stake in Ocwen Financial Corp by 9.2% during the most recent quarter end. The investment management company now holds a total of 11,350,000 shares of Ocwen Financial Corp which is valued at $34,617,500 after selling 1,150,000 shares in Ocwen Financial Corp , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Ocwen Financial Corp makes up approximately 3.47% of Kingstown Capital Management’s portfolio.

Other Hedge Funds, Including , Long Pond Capital Lp sold out all of its stake in OCN during the most recent quarter. The investment firm sold 950,000 shares of OCN which is valued $2,897,500.Teacher Retirement System Of Texas reduced its stake in OCN by selling 1,182 shares or 8.37% in the most recent quarter. The Hedge Fund company now holds 12,944 shares of OCN which is valued at $29,901. Hap Trading sold out all of its stake in OCN during the most recent quarter. The investment firm sold 143,042 shares of OCN which is valued $318,984.Nwam reduced its stake in OCN by selling 650 shares or 4.36% in the most recent quarter. The Hedge Fund company now holds 14,250 shares of OCN which is valued at $31,778. Ocwen Financial Corp makes up approx 0.01% of Nwam’s portfolio.

Ocwen Financial Corp closed down -0.2 points or -5.62% at $3.36 with 59,63,059 shares getting traded on Thursday. Post opening the session at $3.62, the shares hit an intraday low of $3.24 and an intraday high of $3.62 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

On the company’s financial health, Ocwen Financial Corp reported $-0.71 EPS for the quarter, missing the analyst consensus estimate by $ -0.32 based on the information available during the earnings call on Jul 27, 2016. Analyst had a consensus of $-0.39. The company had revenue of $373.05 million for the quarter, compared to analysts expectations of $324.05 million. The company’s revenue was down -19.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.08 EPS.

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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