Ocwen Financial Corp. (OCN) announced the completion of its public offering of 32.2 million shares of common stock, which includes 4.2 million shares purchased by the underwriters to cover the over-allotment option.

Ocwen received approximately $275.3 million in net proceeds from the common stock offering after deducting underwriting discounts but before estimated offering expenses. The company intends to use the net proceeds for general corporate purposes Incorporatedluding acquisitions and working capital.

J.P. Morgan Securities Inc., Barclays Capital Inc. and Wells Fargo Securities, LLC acted as joint book-running managers for the common stock offering. Piper Jaffray & Co. and Keefe, Bruyette & Woods Inc. acted as co-managers.

Ocwen is a financial services company engaged in the servicing of residential and commercial mortgage loans. Ocwen acquires mortgage-servicing rights (MSRs) for performing, sub-performing and non-performing residential mortgage loans, for which it earns fees such as annual servicing fee and late fees. Ocwen is approved as a loan servicer by the Department of Housing and Urban Development, Freddie Mac (FRE) and Fannie Mae (FNM).

Ocwen’s second-quarter profit of $17.6 million or 26 cents per share, reported on August 4, was ahead of the Zacks Consensus Estimate, helped by strong revenues and cost reduction initiatives.

Zacks Investment Research
View original at: Zacks.com News Feed

1. “Precious Metals” equity mutual fundsToday we are featuring top-performing “Precious Metals” equity mutual funds, which primarily invest in equity...
2. (TEF) Telefonica Speeds Up – expanding the broadband offering to wholesale customers across GermanySpanish telecom giant Telefonica (TEF) is reportedly expanding the broadband offering to wholesale customers across...
3. (OCN) U.S. Banks – Industry OutlookWe think that the worst of the credit crisis is now probably behind us, but...
4. (OCN) U.S. Banks – Industry OutlookThe worst of the credit crisis is now probably behind us, but the banking system...
5. (MCD) Top Global Equity Funds – Mutual Fund CommentaryToday we are featuring top-performing “Global” equity mutual funds, which invest in equity securities of...
6. Convertible Bonds: Income Securities With Positive Equity ExposureConvertible Bonds: Income Securities With Positive Equity Exposure by Alexander Green, Chairman, Investment U Investment...

Search Posts by Tag: Fannie Mae | FNM | FRE | Freddie Mac | OCN | Ocwen Financial Corporation | Financial | Savings & Loans

RSS Feeds by Tag: Fannie Mae | FNM | FRE | Freddie Mac | OCN | Ocwen Financial Corporation | Financial | Savings & Loans |

Other Posts by: vitalstocks | RSS Feed for this author