Ocwen Financial rises afterhours on $5 mil Buyback

Ocwen Financial (NYSE:OCN) rises 15% in after-hours trading after its board authorizes an open market share repurchase program of up to $5M.

Estimates Q4 pretax income of $37M; net income of $35M; and pretax earnings excluding income statement notables of ~$12M.

Remains on track to achieve pretax profitability, excluding income statement notables and amortization of NRZ lump-sum payments, by Q3 2020.

Boosts 2020 origination volume target from combined lending and flow channels to at least $15B vs. prior target of $10B. January annualized origination volume from these channels was ~$9B.

Q4 realized preliminary estimated adjusted annualized run rate cost savings of $385M exceeds its target established in early 2019.