By Robb M. Stewart
Ocwen Financial Corp. has the green light from its board to buy back up to $50 million of its issued and outstanding shares.
The non-bank mortgage company said Monday it is authorized to repurchase outstanding shares on the open market, through Nov. 20.
“As we have previously said, we believe our recent share price is currently undervalued and does not reflect our financial position, earnings power or the strength of our balanced business model,” President and Chief Executive Glen Messina said.
Ocwen’s shares last closed at $23.11, down 42% so far this year.
Write to Robb M. Stewart at robb.stewart@wsj.com
