Onity Group (NYSE:ONIT) Stock Price Target Lowered at BTIG Research

Key Points

• BTIG Research lowered Onity Group’s price target from $50 to $45 while maintaining a “buy” rating, implying approximately 69% upside from the stock’s $26.61 price.
• Analyst sentiment is mixed: MarketBeat reports a “Moderate Buy” consensus with an average $50 target, while other firms recently reduced ratings or targets, including “strong sell” and “sell” assessments.
• Onity Group recently reported a significant quarterly EPS loss of $1.53, missing estimates by $2.48, despite revenue of $281 million exceeding expectations; institutional investors own about 70.16% of the company.

Onity Group (NYSE:ONIT - Get Free Report) had its price objective decreased by investment analysts at BTIG Research from $50.00 to $45.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. BTIG Research's target price would suggest a potential upside of 69.08% from the stock's current price.

Several other research analysts have also recently issued reports on ONIT. Wall Street Zen cut Onity Group from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 8th. Keefe, Bruyette & Woods decreased their target price on shares of Onity Group from $58.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 12th. Finally, Weiss Ratings lowered shares of Onity Group from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Friday, September 18th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $50.00.

Onity Group Price Performance

Shares of ONIT opened at $26.61 on Monday. The company has a current ratio of 16.60, a quick ratio of 16.60 and a debt-to-equity ratio of 11.41. The stock's 50 day moving average is $33.85 and its two-hundred day moving average is $37.24. Onity Group has a twelve month low of $25.50 and a twelve month high of $54.10. The firm has a market capitalization of $222.34 million, a PE ratio of 1.72 and a beta of 1.49.

Onity Group (NYSE:ONIT - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported ($1.53) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.95 by ($2.48). The business had revenue of $281.00 million for the quarter, compared to analysts' expectations of $272.45 million. Onity Group had a return on equity of 8.27% and a net margin of 12.34%.

Institutional Investors Weigh In On Onity Group

Institutional investors have recently modified their holdings of the company. State of Wyoming acquired a new position in Onity Group during the first quarter worth $126,000. Hillsdale Investment Management Inc. purchased a new stake in Onity Group during the first quarter worth $357,000. Pale Fire Capital SE grew its holdings in Onity Group by 43.9% in the first quarter. Pale Fire Capital SE now owns 9,833 shares of the company's stock valued at $386,000 after purchasing an additional 3,000 shares during the last quarter. Quantinno Capital Management LP grew its holdings in Onity Group by 3.3% in the first quarter. Quantinno Capital Management LP now owns 15,254 shares of the company's stock valued at $599,000 after purchasing an additional 491 shares during the last quarter. Finally, Bank of America Corp DE increased its position in shares of Onity Group by 120.4% in the first quarter. Bank of America Corp DE now owns 16,734 shares of the company's stock valued at $657,000 after buying an additional 9,142 shares in the last quarter. Hedge funds and other institutional investors own 70.16% of the company's stock.

Onity Group Company Profile

Onity Group Inc NYSE: ONIT, formerly known as Ocwen Financial Corporation, is a financial services company focused primarily on residential mortgage servicing. Through its operating businesses, the company provides loan servicing and subservicing, including payment processing, borrower support, loss mitigation and other functions that help manage mortgage loans on behalf of loan owners and investors.

Onity also provides mortgage origination services through PHH Mortgage, serving borrowers who are purchasing or refinancing homes.

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