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PHH

PHH Corp.

$8.52

-0.32 (-3.62%)

, OCN

Ocwen

$3.37

-0.08 (-2.32%)

16:36
02/27/18
02/27
16:36
02/27/18
16:36

PHH Corp. to be acquired by Ocwen Financial for $360M or $11 per share

PHH Corporation ( PHH) announced that it has entered into a definitive agreement in which Ocwen Financial Corporation (OCN) will acquire all of the company's outstanding shares of common stock in an all cash transaction valued at $360 million, or $11.00 per fully-diluted share, representing a premium of 24% over the closing price of PHH's common stock of $8.84 on February 26, 2018. As part of the transaction, Ocwen will assume $119 million of PHH's outstanding unsecured debt. Subject to the satisfaction of various closing conditions, including regulatory and shareholder approvals, the transaction is targeted to close in the third or fourth quarter of 2018. The agreement may be terminated by Ocwen if, among other things, the company's unrestricted cash or net worth decline below certain threshold amounts. Following closing, shares of PHH common stock will no longer be listed on the New York Stock Exchange.

PHH

PHH Corp.

$8.52

-0.32 (-3.62%)

OCN

Ocwen

$3.37

-0.08 (-2.32%)

  • 28

    Feb

  • 28

    Feb

PHH PHH Corp.
$8.52

-0.32 (-3.62%)

03/03/17
WEDB
03/03/17
UPGRADE
WEDB
Outperform
PHH Corp. upgraded to Outperform from Neutral at Wedbush
03/03/17
WEDB
03/03/17
UPGRADE
WEDB
Outperform
PHH Corp. upgraded on capital return outlook at Wedbush
As noted earlier, Wedbush upgraded PHH to Outperform from Neutral. Analyst Henry J. Coffey Jr. says that, following its transition to a subservicing business, the company will be able to return more capital to shareholders than the $550M it has targeted. Target to $15.50 from $17.
06/20/17
WEDB
06/20/17
DOWNGRADE
WEDB
Neutral
PHH Corp. downgraded to Neutral from Outperform at Wedbush
Wedbush analyst Henry Coffey downgraded PHH Corp to Neutral as shares have neared his $14.50 price target.
OCN Ocwen
$3.37

-0.08 (-2.32%)

05/02/17
05/02/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. AMD (AMD) downgraded to Underperform from Neutral at Macquarie with analyst Srini Pajjuri telling investors PC progress was disappointing versus high expectations and margin expansion will be difficult. 2. CNA Financial (CNA) downgraded to Hold from Buy at Deutsche Bank with analyst Joshua Shanker citing valuation with the stock up 56% over the past 12 months. The analyst raised his price target for the shares to $46 from $45 following CNA's first quarter results. 3. Arthur J. Gallagher (AJG) downgraded to Market Perform on valuation at Raymond James with analyst Gregory Peters citing valuation. 4. Ocwen (OCN) downgraded to Neutral on valuation at Compass Point with analyst Fred Small citing the over 40% jump in shares following the announcement of a strategic deal with New Residential (NRZ) on Monday. The analyst maintained a $3.50 price target on Ocwen shares and recommends moving to the sidelines until viability into long-term earnings power emerges. 5. Cerner (CERN) downgraded to Neutral from Buy at Hilliard Lyons with analyst Stephen Turner citing price appreciation and raised its price target to $68. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/15/17
COMP
05/15/17
NO CHANGE
Target $7
COMP
Sell
Altisource price target cut to $7 from $14 at Compass Point
Compass Point analyst Fred Small said Altisource's (ASPS) most profitable unit, Hubzuwhich derives 85% of profits from Ocwen (OCN), and represents over 90% of Altisource's pre-tax income, is "running out of steam" as Ocwen's portfolio declines. The analyst staid there is nothing to replace the high margin business and the recently announced sub servicing deal between Ocwen and New Residential (NRZ) increases risk on Ocwen's-sourced REO sales. The analyst said allegations about Ocwen's improper servicing suggest this is the source of the problems with Altisource's REALServicing platform. Small lowered his FY17 earnings estimate to $1.21 from $1.60 and FY18 to 65c from $1.77, cut his price target to $7 from $14, and reiterates a Sell rating on shares.
05/16/17
PIPR
05/16/17
NO CHANGE
Target $18
PIPR
Overweight
New Residential target raised to $18 after CEO meeting at Piper Jaffray
Piper Jaffray analyst Kevin Barker raised his price target for New Residential Investment (NRZ) after hosting meetings with the company's CEO Michael Nierenberg. The analyst has increased confidence that the Ocwen (OCN) mortgage servicing rights deal will be "meaningfully accretive" to New Residential and provide support for a higher dividend in the future. Barker reiterates an Overweight rating on the shares.
06/20/17
WEDB
06/20/17
DOWNGRADE
WEDB
Neutral
New Residential downgraded on downward rates, regulatory worries at Wedbush
As noted earlier, before the market opened, Wedbush downgraded New Residential (NRZ) to Neutral from Outperform Analyst Jason Weaver downgraded the stock based on falling interest rates and his belief that the CFPB and Florida's attorney general could seek to sue New Residential as part of their lawsuit against Ocwen (OCN). The analyst does not expect New Residential to be hurt by any such lawsuits, but he says that they would create headline risk for the company and could delay the closing of its deal with Ocwen. Target to $16.50 from $17.

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GOOG

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$1,200.65

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$1,200.65

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$39.90

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, FCAU

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$19.37

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$NSD

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