Onity Group (NYSE:ONIT) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded Onity Group from “strong sell” to “sell,” while analyst sentiment remains mixed. MarketBeat’s consensus rating is “Moderate Buy,” with an average price target of $50.
• Onity Group shares opened at $25.58, near their 52-week low of $25.08 and well below the 52-week high of $54.10. The company has a market capitalization of approximately $213.6 million and a high debt-to-equity ratio of 11.41.
• The company reported a quarterly loss of $1.53 per share, missing the consensus estimate of $0.95 earnings per share, although revenue of $281 million exceeded analysts’ expectations of $272.45 million.

Onity Group (NYSE:ONIT - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "strong sell" rating to a "sell" rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

ONIT has been the topic of several other reports. BTIG Research decreased their target price on shares of Onity Group from $50.00 to $45.00 and set a "buy" rating on the stock in a research report on Monday, October 12th. Weiss Ratings lowered shares of Onity Group from a "hold (c-)" rating to a "sell (d+)" rating in a report on Friday, September 18th. Finally, Keefe, Bruyette & Woods cut their price objective on Onity Group from $58.00 to $55.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, Onity Group presently has a consensus rating of "Moderate Buy" and an average target price of $50.00.

Onity Group Stock Performance

NYSE ONIT opened at $25.58 on Friday. The company has a market capitalization of $213.59 million, a PE ratio of 5.00 and a beta of 1.49. Onity Group has a 1 year low of $25.08 and a 1 year high of $54.10. The company has a fifty day moving average of $32.69 and a two-hundred day moving average of $36.84. The company has a debt-to-equity ratio of 11.41, a current ratio of 16.60 and a quick ratio of 16.60.

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

Institutional Trading of Onity Group

Institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP lifted its holdings in shares of Onity Group by 5.8% during the first quarter. Dimensional Fund Advisors LP now owns 464,448 shares of the company's stock valued at $18,238,000 after purchasing an additional 25,390 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Onity Group in the 2nd quarter valued at approximately $1,062,000. First Trust Advisors LP increased its stake in shares of Onity Group by 6.4% during the 1st quarter. First Trust Advisors LP now owns 21,408 shares of the company's stock worth $841,000 after purchasing an additional 1,280 shares during the last quarter. Gratia Capital LLC acquired a new position in shares of Onity Group during the 2nd quarter valued at about $835,000. Finally, Bank of America Corp DE grew its stake in Onity Group by 120.4% in the 1st 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 during the last quarter. Institutional investors and hedge funds 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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