Ocwen Financial Corp.
) reached a new 52-week high, touching $46.79 in the second half
of the trading session on Jun 11, 2013. The closing price of this
financial holding company reflects a solid year-to-date return of
26.9%. The trading volume for the session was 2.7 million shares
versus a 3-month average volume of 2.4 million shares.
Despite the strong price appreciation, this Zacks Rank #3 (Hold)
stock has plenty of upside left, given its expected
year-over-year earnings growth of 204.7% for 2013.
On May 2, 2013, Ocwen reported first-quarter 2013 results with
adjusted earnings of 64 cents per share up from the year-ago
number of 25 cents. On a year-over-year basis, the results
benefited from impressive top-line growth and a rise in interest
income, partially offset by increased operating and interest
Moreover, in Apr 2013, Ocwen acquired Genworth Financial Home
Equity Access, Inc. from
Genworth Financial, Inc.
) with approximately $22 million in cash. In the same month,
Ocwen completed the acquisition of $84.6 billion worth of Fannie
Mae mortgage servicing rights from Ally Bank.
In Feb 2013, the company acquired Residential Capital LLC's MSRs
in collaboration with
Walter Investment Management Corp.
). The company shelled out $2.1 billion for the deal, subject to
Over the last 30 days, the Zacks Consensus Estimate for 2013 fell
1.8% to $4.33 per share but it rose 1.2% to $5.22 for 2014.
Ellington Financial LLC
) is a better performing financial stock with a Zacks Rank #1
ELLINGTON FINL (EFC): Free Stock Analysis
GENWORTH FINL (GNW): Free Stock Analysis
OCWEN FINL CORP (OCN): Free Stock Analysis
WALTER INV MGMT (WAC): Free Stock Analysis
To read this article on Zacks.com click here.