Bank of America Corp DE Takes Position in Onity Group (NYSE:ONIT)

Bank of America Corp DE purchased a new position in Onity Group (NYSE:ONIT - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 9,566 shares of the company's stock, valued at approximately $294,000. Bank of America Corp DE owned approximately 0.12% of Onity Group at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of ONIT. Corebridge Financial Inc. purchased a new position in shares of Onity Group in the fourth quarter worth about $98,000. New York State Common Retirement Fund purchased a new position in shares of Onity Group in the fourth quarter worth about $100,000. Wells Fargo & Company MN purchased a new position in shares of Onity Group in the fourth quarter worth about $116,000. MetLife Investment Management LLC purchased a new position in shares of Onity Group in the fourth quarter worth about $117,000. Finally, Ameriprise Financial Inc. purchased a new position in Onity Group during the fourth quarter worth about $209,000. 70.16% of the stock is owned by hedge funds and other institutional investors.

Onity Group Price Performance

Shares of ONIT stock opened at $37.85 on Friday. The company has a debt-to-equity ratio of 20.28, a current ratio of 26.46 and a quick ratio of 26.46. The firm's 50-day moving average is $35.31 and its two-hundred day moving average is $33.48. Onity Group has a 12 month low of $22.40 and a 12 month high of $41.27. The company has a market capitalization of $303.13 million, a PE ratio of 9.25 and a beta of 1.66.

Onity Group (NYSE:ONIT - Get Free Report) last issued its earnings results on Wednesday, April 30th. The company reported $2.84 EPS for the quarter, topping analysts' consensus estimates of $1.79 by $1.05. Onity Group had a net margin of 3.47% and a return on equity of 20.50%. The company had revenue of $249.80 million for the quarter, compared to the consensus estimate of $244.63 million. Analysts predict that Onity Group will post 10.51 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ONIT has been the topic of a number of analyst reports. Keefe, Bruyette & Woods lifted their target price on shares of Onity Group from $45.00 to $50.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 7th. BTIG Research reaffirmed a "buy" rating on shares of Onity Group in a research note on Monday, May 5th.

About Onity Group

Onity Group Inc, a financial services company, originates and services mortgage loans in the United States, the United States Virgin Islands, India, and the Philippines. It operates through, Servicing and Originations segments. The company provides commercial forward mortgage loan servicing, reverse mortgage servicing, special servicing, and asset management services for to owners of mortgage loans and foreclosed real estate, as well as residential mortgage loan servicing, such as forward and reverse conventional, government-insured, and non-agency loans, including the reverse mortgage loans classified as loans.

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