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NRZ

New Residential

$16.39

-1.36 (-7.66%)

, OCN

Ocwen

$2.49

-2.91 (-53.89%)

08:38
04/21/17
04/21
08:38
04/21/17
08:38

New Residential has protections investors are overlooking, says Citi

Citi analyst Michael Kaye views the Ocwen's (OCN) CFPB lawsuit and state cease and desist orders as a clear negative development for New Residential Investment (NRZ), but the analyst yesterday afternoon kept a Buy rating on the shares. The analyst believes Ocwen services about $120B of New Residential's $600B servicing portfolio. Kaye, however, thinks New Residential has some flexibility since Ocwen's Moody's servicer rating is below SQ3, which qualifies as a potential legal termination event. As such, New Residential has the legal right to move the servicing into its own name and let Ocwen stay on as a sub-servicer, which would provide additional protection, Kaye told investors in a research note. The company can also pull the servicing agreement from Ocwen to another sub-servicer, he adds. Kaye believes New Residential "has some built in protections that investors might be overlooking."

NRZ

New Residential

$16.39

-1.36 (-7.66%)

OCN

Ocwen

$2.49

-2.91 (-53.89%)

  • 03

    May

  • 24

    May

NRZ New Residential
$16.39

-1.36 (-7.66%)

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
FBRC
02/02/17
NO CHANGE
Target $16.75
FBRC
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.
04/20/17
SBSH
04/20/17
NO CHANGE
SBSH
New Residential shares defended at Citi
04/21/17
COMP
04/21/17
UPGRADE
Target $3.5
COMP
Buy
Ocwen upgraded to Buy from Neutral at Compass Point
Compass Point analyst Frederick Small upgraded Ocwen (OCN) to Buy from Neutral as he sees regulatory risk as mispriced following yesterday's CFPB lawsuit and states' cease-and-desist orders. He also does not think New Residential (NRZ) will transfer the majority of Ocwen's subservicing to another servicer, though he lowered his price target on Ocwen shares to $3.50 from $5.
OCN Ocwen
$2.49

-2.91 (-53.89%)

01/12/17
COMP
01/12/17
DOWNGRADE
COMP
Neutral
Ocwen downgraded to Neutral from Buy at Compass Point
04/20/17
KBWI
04/20/17
NO CHANGE
Target $5
KBWI
Market Perform
Immediate Ocwen impact from orders, lawsuit should be small, says Keefe Bruyette
Keefe Bruyette analyst Bose George noted that Ocwen is not currently purchasing servicing, so he believes the immediate impact from states issuing Cease-and-Desist orders and from the CFPB lawsuit against the company should be small. However, expenses could stay elevated and growth may be limited, even if it the company settles with NY DFS as expected, he added. George has a Market Perform rating and $5 price target on Ocwen shares, which are off their lows but remain down about 50% at $2.69.
04/21/17
COWN
04/21/17
NO CHANGE
COWN
CFPB, states not looking to put Ocwen out of business, says Cowen
Cowen analyst Jaret Seiberg does not believe the CFPB and the states are looking to put Ocwen out of business despite the latest litigation over how the company services mortgages. He believes forcing the movement of mortgages servicing is fraught with risk for the borrowers as payments can get misplaced, data can be lost, and modification efforts could be derailed. Seiberg said the mortgage servicing business is complex and technical and proving any violations is a low hurdle to clear. He believes the company's fight with NY regulators put them in the crosshairs of other states and that Ocwen "will always attract additional attention." He also noted there are supposedly 1,000 customers that claim they wrongfully had foreclosure proceedings initiated because of Ocwen errors, but based on previous history, he doubts that will end up being the case. Ocwen is not covered by Cowen research and the firm does not have a rating on the stock.

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