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NRZ

New Residential

$16.70

-1.05 (-5.92%)

, OCN

Ocwen

$2.51

-2.89 (-53.52%)

14:12
04/20/17
04/20
14:12
04/20/17
14:12

New Residential drops after CFPB sues Ocwen, states take action

Shares of Ocwen Financial (OCN) have plunged after the Consumer Financial Protection Bureau sued the mortgage loan servicer and its subsidiaries, saying it has "uncovered substantial evidence that Ocwen has engaged in significant and systemic misconduct at nearly every stage of the mortgage servicing process." Additionally, over 20 state mortgage regulators earlier today said they sent the company a Cease-and-Desist Order. Shares of New Residential Investment (NRZ) are down as well following the Ocwen news. In New Residential's annual report on Form 10-K for the fiscal year ended December 31, 2016, the company stated that regulatory action against Ocwen "could increase our financing costs or operating expenses, reduce our revenues or otherwise materially adversely affect our business, financial condition, results of operations and liquidity." In afternoon trading, Ocwen shares have plunged $3.23, or 60%, to $2.17 while New Residential has declined $2.32, or 13%, to $15.43.

NRZ

New Residential

$16.70

-1.05 (-5.92%)

OCN

Ocwen

$2.51

-2.89 (-53.52%)

  • 03

    May

  • 24

    May

NRZ New Residential
$16.70

-1.05 (-5.92%)

12/30/16
PIPR
12/30/16
NO CHANGE
Target $17
PIPR
Overweight
Piper now believes New Residential does not need capital raise
After further analysis, Piper Jaffray analyst Kevin Barker believes New Residential Investment (NRZ) has the capacity to fully finance the PHH Corp. (PHH) deal without issuing equity capital. The analyst yesterday morning said he expects the company to issue equity. If New Residential were to internally finance the PHH deal, the stock "has the capacity to trade closer to a peer dividend yield or earnings," Barker tells investors in a research note. He raised his price target for New Residential shares to $17 from $16.50 and reiterates an Overweight rating on the name. Barker adds, however, that there is still a chance the company could look to raise equity to finance the deal.
01/30/17
01/30/17
NO CHANGE

New Residential sees Q4 core EPS 59c-63c, consensus 51c
01/31/17
COMP
01/31/17
UPGRADE
COMP
Buy
New Residential upgraded to Buy from Neutral at Compass Point
Compass Point upgraded New Residential to Buy and raised its price target to $16.50 from $15 saying the equity raise removes an overhang.
02/02/17
02/02/17
NO CHANGE
Target $16.75

Outperform
New Residential undervalued at current levels, says FBR Capital
FBR Capital analyst Jessica Levi-Ribner views shares of New Residential Investment as undervalued at current levels. The implied dividend yield of 12.5% should be safe in any interest rate environment, Levi-Ribner tells investors in research note, while pointing out the company is positioned for higher rates. The analyst keeps an Outperform rating on New Residential with a $16.75 price target following the company's Q4 results.
OCN Ocwen
$2.51

-2.89 (-53.52%)

09/14/16
COMP
09/14/16
UPGRADE
COMP
Buy
Ocwen upgraded to Buy from Neutral at Compass Point
10/25/16
PIPR
10/25/16
DOWNGRADE
Target $2
PIPR
Underweight
Ocwen downgraded to Underweight from Neutral at Piper Jaffray
Piper Jaffray analyst Kevin Barker downgraded Ocwen Financial to Underweight on expectations the company will continue burning book value through 2017. The shares have recovered to over $4, or roughly 80% of tangible book value, despite burning $2.83 of book value over the past three quarters, Barker tells investors in a research note. He expects Ocwen's book value to drop "well below" $4.00 per share and does not see how the company can earn money in the future. Barker keeps a $2 price target for Ocwen shares.
01/12/17
COMP
01/12/17
DOWNGRADE
COMP
Neutral
Ocwen downgraded to Neutral from Buy at Compass Point

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$117.83

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$NSD

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$NYE

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WLL

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$8.41

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, NWSA

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AAPL

Apple

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, BABA

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BNPQY

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ETR

Entergy

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TELL

Tellurian

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