NEW YORK (TheStreet) -- Shares of Ocwen Financial (OCN) - Get Report were falling 21.4% to $9.24 on heavy trading volume after the mortgage investment company missed analysts' estimates for the second quarter.
Ocwen Financial reported earnings of 8 cents a share for the quarter, below analysts' estimates of 20 cents a share. Revenue fell 16.3% year over year to $463 million, compared to analysts' estimates of $463.52 million.
The company said that the unpaid principal balance for the mortgages it services and real estate-owned was $321.6 billion at the end of June 2015, down from $435.1 billion at the end of June 2014.
About 4.6 million shares of Ocwen Financial were traded by 10:47 a.m. Friday, above the company's average trading volume of about 2.9 million shares a day.
TheStreet Ratings team rates OCWEN FINANCIAL CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate OCWEN FINANCIAL CORP (OCN) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."
You can view the full analysis from the report here: OCN Ratings Report