Ocwen Financial Rises On Unusually High Volume (OCN)
Ocwen Financial Corporation (NYSE:OCN) is trading at unusually high volume Wednesday with 6.4 million shares changing hands. It is currently at four times its average daily volume and trading up $4.61 (+15.9%).
Editor's Note: TheStreet ratings do not represent the views of TheStreet's staff or its contributors. Ratings are established by computer based on metrics for performance (which includes growth, stock performance, efficiency and valuation) and risk (volatility and solvency). Companies with poor cash flow or high debt levels tend to earn lower ratings in our model. NEW YORK ( TheStreet) -- Ocwen Financial Corporation (NYSE: OCN) is trading at unusually high volume Wednesday with 6.4 million shares changing hands. It is currently at four times its average daily volume and trading up $4.61 (+15.9%) at $33.57 as of 12:50 p.m. ET.
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Ocwen Financial has a market cap of $3.86 billion and is part of the financial sector and banking industry. Shares are up 97.8% year to date as of the close of trading on Tuesday. Ocwen Financial Corporation, through its subsidiaries, provides residential and commercial mortgage loan servicing, special servicing, and asset management services in the United States and internationally. The company has a P/E ratio of 39.2, below the average banking industry P/E ratio of 39.8 and above the S&P 500 P/E ratio of 17.7. TheStreet Ratings rates Ocwen Financial as a hold. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance and impressive record of earnings per share growth. However, as a counter to these strengths, we find that the stock itself is trading at a premium valuation. You can view the full Ocwen Financial Ratings Report. See all heavy volume stocks in our stocks moving on unusual volume list or get investment ideas from our investment research center. FREE from Real Money's Jim Cramer: Winners and Losers Election 2012 - Steps to take NOW so you can profit no matter who is in charge! Free download now.