This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Ocwen Profit Up 121%, Fed By Acquisitions

NEW YORK ( TheStreet) -- Ocwen Financial (OCN - Get Report) saw profits more than double to $45.1 million, or 31 cents per share in the first quarter versus $19.3 million or 14 cents per share a year ago, though a flurry of deal-making made year over year comparisons difficult.

Earnings per share were "extremely tough to model with acquisitions," wrote Michael Grondahl, an analyst with PiperJaffray. Grondahl, who has an "outperform" recommendation on the mortgage servicer, was nonetheless encouraged by the results.

"Management commentary was very strong, highlighting lower funding costs expected and excellent growth opportunities in the near term," he wrote, adding that Ocwen's roughly 24,000 mortgage modifications were the most important figure, providing "a good looking forward indicator.

"The Company's string of record quarterly revenues will continue into the second quarter as we benefit from a full quarter of ResCap revenue and our recent acquisition of Ally Bank's mortgage servicing rights," commented Bill Erbey, Ocwen's Chairman.

Ocwen shares opened up 0.27% to $36.56.

-- Written by Dan Freed in New York.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
OCN $6.96 3.20%
AAPL $117.82 -0.18%
FB $105.47 0.06%
GOOG $750.27 0.28%
TSLA $231.11 0.64%


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs