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OCN

Ocwen

$3.37

-0.08 (-2.32%)

, PHH

PHH Corp.

$8.52

-0.32 (-3.62%)

16:42
02/27/18
02/27
16:42
02/27/18
16:42

Ocwen to acquire PHH Corporation for $11 per share

Ocwen Financial Corporation (OCN) announced a definitive agreement under which Ocwen will acquire all of the outstanding shares of PHH Corporation (PHH) for approximately $360M in cash or $11 per diluted common share. The purchase price represents a 35% discount to PHH's GAAP book equity at December 31, 2017. It is anticipated that at closing, which is expected to occur during the second half of 2018 following various required approvals, there will be sufficient available cash on PHH's balance sheet to enable $260M of the $360M purchase price to be funded out of PHH's available cash, while providing for sufficient additional liquidity to fund its operations going forward. Ocwen will also assume $119M of PHH's outstanding corporate debt.

OCN

Ocwen

$3.37

-0.08 (-2.32%)

PHH

PHH Corp.

$8.52

-0.32 (-3.62%)

  • 28

    Feb

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.
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.

TODAY'S FREE FLY STORIES

AGIO

Agios Pharmaceuticals

$91.06

-0.23 (-0.25%)

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Celgene

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-0.26 (-0.30%)

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SYNT

Syntel

$39.15

0.14 (0.36%)

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PM

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RACE

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NFLX

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TSLA

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SNE

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AB

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BLK

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IVZ

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LM

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TROW

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-0.85 (-0.70%)

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INDB

Independent Bank

$88.10

6.45 (7.90%)

17:48
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Upgrade
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BHLB

Berkshire Hills Bancorp

$41.40

0.45 (1.10%)

17:47
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Downgrade
Berkshire Hills Bancorp rating change at Keefe Bruyette »

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TWX

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$0.00

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, CMCSA

Comcast

$34.30

-0.61 (-1.75%)

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CMCSA

Comcast

$34.30

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CMCSK

Comcast

$0.00

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SNE

Sony

$52.97

0.355 (0.67%)

FOX

21st Century Fox

$45.69

-0.5 (-1.08%)

FOXA

21st Century Fox

$46.01

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LGF.A

Lionsgate

$24.88

-0.08 (-0.32%)

DIS

Disney

$111.48

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VIAB

Viacom

$27.49

-0.51 (-1.82%)

VIA

Viacom

$32.10

-0.3 (-0.93%)

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BGNE

BeiGene

$169.98

5.95 (3.63%)

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BGNE

BeiGene

$169.98

5.95 (3.63%)

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SYNT

Syntel

$39.15

0.14 (0.36%)

16:17
07/22/18
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16:17
Earnings
Syntel reports preliminary Q2 EPS 49c, consensus 44c »

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SYNT

Syntel

$39.15

0.14 (0.36%)

16:13
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DDE

Dover Downs

$2.04

0.01 (0.49%)

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TWO

Two Harbors

$15.92

-0.05 (-0.31%)

, CYS

CYS Investments

$7.57

-0.025 (-0.33%)

13:36
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Conference/Events
CYS Investments to host special shareholder meeting »

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TWO

Two Harbors

$15.92

-0.05 (-0.31%)

CYS

CYS Investments

$7.57

-0.025 (-0.33%)

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  • 27

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CYS

CYS Investments

$7.57

-0.025 (-0.33%)

, TWO

Two Harbors

$15.92

-0.05 (-0.31%)

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CYS

CYS Investments

$7.57

-0.025 (-0.33%)

TWO

Two Harbors

$15.92

-0.05 (-0.31%)

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  • 08

    Aug

JD

JD.com

$35.50

-1.37 (-3.72%)

13:28
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JD.com plans move into Europe, Reuters reports »

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AAPL

Apple

$191.29

-0.66 (-0.34%)

12:37
07/22/18
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China aiming to supply Apple with OLED smartphone screens, WSJ says »

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  • 31

    Jul

PZZA

Papa John's

$51.61

0.62 (1.22%)

12:30
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EADSY

Airbus

$0.00

(0.00%)

, BAESY

BAE Systems

$0.00

(0.00%)

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EADSY

Airbus

$0.00

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BAESY

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VLKAY

Volkswagen

$0.00

(0.00%)

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Volkswagen parking cars due to new emissions testing bottlenecks, Reuters says »

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KKR

KKR

$27.26

0.21 (0.78%)

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  • 26

    Jul

PM

Philip Morris

$84.31

3.41 (4.22%)

, RACE

Ferrari

$139.98

-2.65 (-1.86%)

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Philip Morris' non-executive board chairman to assume CEO role at Ferrari »

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PM

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3.41 (4.22%)

RACE

Ferrari

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-2.65 (-1.86%)

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  • 01

    Aug

MDLZ

Mondelez

$42.46

0.21 (0.50%)

11:55
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  • 25

    Jul

ACN

Accenture

$166.47

-0.47 (-0.28%)

, EADSY

Airbus

$0.00

(0.00%)

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Farnborough International to hold an airshow »

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ACN

Accenture

$166.47

-0.47 (-0.28%)

EADSY

Airbus

$0.00

(0.00%)

ATI

Allegheny Technologies

$26.65

0.08 (0.30%)

BAESY

BAE Systems

$0.00

(0.00%)

BDRBF

Bombardier

$0.00

(0.00%)

CAE

CAE

$20.96

0.17 (0.82%)

CW

Curtiss-Wright

$125.79

-0.12 (-0.10%)

DASTY

Dassault Systemes

$0.00

(0.00%)

ESLT

Elbit Systems

$118.98

0.64 (0.54%)

LMT

Lockheed Martin

$322.76

3.09 (0.97%)

BA

Boeing

$354.92

-0.57 (-0.16%)

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FCAU

Fiat Chrysler

$19.33

-0.195 (-1.00%)

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RACE

Ferrari

$139.98

-2.65 (-1.86%)

, PM

Philip Morris

$84.31

3.41 (4.22%)

13:10
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RACE

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$139.98

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PM

Philip Morris

$84.31

3.41 (4.22%)

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  • 01

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AMZN

Amazon.com

$1,813.84

0.99 (0.05%)

, TM

Toyota

$131.87

0.11 (0.08%)

12:51
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AMZN

Amazon.com

$1,813.84

0.99 (0.05%)

TM

Toyota

$131.87

0.11 (0.08%)

AA

Alcoa

$40.32

-1.36 (-3.26%)

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  • 26

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FCAU

Fiat Chrysler

$19.33

-0.195 (-1.00%)

12:47
07/21/18
07/21
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12:47
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Fiat Chrysler's Sergio Marchionne to step down, NYTimes reports »

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