Oppenheimer Reiterates a Hold Rating on Ocwen Financial

By Jason Carr

Oppenheimer analyst Ben Chittenden reiterated a Hold rating on Ocwen Financial (NYSE: OCN) today. The company’s shares opened today at $2.72.

According to TipRanks.com, Chittenden is a 1-star analyst with an average return of -0.3% and a 49.7% success rate. Chittenden covers the Financial sector, focusing on stocks such as Sutherland Asset Management Corporation, America First Tax Exempt LP, and Discover Financial Services.

Currently, the analyst consensus on Ocwen Financial is Moderate Buy and the average price target is $4.25, representing a 56.3% upside.

In a report issued on April 10, KBW also reiterated a Hold rating on the stock with a $5 price target.

Based on the recent corporate insider activity of 31 insiders, corporate insider sentiment is negative on the stock.

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Ocwen Financial Corp. is a financial services holding company, which through its subsidiaries engages in the servicing and origination of mortgage loans. It operates through the following segments: Servicing, Lending, and Corporate Items and Other. The Servicing segment engages in residential servicing business, which offers residential and commercial mortgage loan servicing, special servicing and asset management services. The Lending segment involves in the originating and purchasing conventional and government-insured residential forward and reverse mortgage loans mainly through correspondent lending arrangements, broker relationships and directly with mortgage customers. The Corporate Items and Other segment include revenues and expenses that are not directly related to other reportable segment. The company was founded in February 1988 and is headquartered in West Palm Beach, FL.