Ocwen Financial Corp. (OCN) saw a big move last session, as the company’s shares fell by around 27% on the day. The move came on pretty good volume too with far more shares changing hands than in a normal session. This continues the recent downtrend for OCN, as the stock is now down around 32% since Nov 26.
On Dec 22, the company reported that it has reached a comprehensive settlement with the New York Department of Financial Services ("DFS") related to the agency's recent investigation. Under the terms of the settlement, Ocwen will pay a civil monetary penalty of $100 million to the DFS by Dec 31, 2014.
This financial services holding company has seen a flat track record when it comes to current year estimate revisions over the past few weeks (0 increases, 0 decreases), and the consensus for earnings hasn’t been in a trend either. This recent price action is discouraging, so make sure to keep a close watch on this firm in the near future, and especially on earnings estimates following the recent slump.
OCN currently has a Zacks Rank #5 (Strong Sell) while its Earnings ESP is 0.00%.
A better-ranked stock in the Finance-Mortgage &Related Services is Essent Group Ltd. (ESNT), which currently carries a Zacks Rank #1 (Strong Buy).
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