Northern Trust Corp Purchases New Stake in Onity Group (NYSE:ONIT)

Northern Trust Corp bought a new position in shares of Onity Group (NYSE:ONIT - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 51,363 shares of the company's stock, valued at approximately $1,577,000. Northern Trust Corp owned about 0.65% of Onity Group at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Raymond James Financial Inc. acquired a new position in Onity Group during the fourth quarter worth about $886,000. JPMorgan Chase & Co. raised its position in shares of Onity Group by 181.5% in the third quarter. JPMorgan Chase & Co. now owns 17,255 shares of the company's stock valued at $551,000 after buying an additional 11,126 shares during the last quarter. Oaktree Capital Management LP acquired a new position in shares of Onity Group in the fourth quarter valued at approximately $12,604,000. Barclays PLC acquired a new position in shares of Onity Group in the fourth quarter valued at approximately $310,000. Finally, Price T Rowe Associates Inc. MD acquired a new position in shares of Onity Group in the fourth quarter valued at approximately $483,000. Institutional investors and hedge funds own 70.16% of the company's stock.

Onity Group Trading Down 1.7%

Onity Group stock traded down $0.64 during trading on Friday, reaching $37.20. The company had a trading volume of 45,358 shares, compared to its average volume of 36,558. Onity Group has a 12-month low of $22.40 and a 12-month high of $41.27. The stock's 50 day moving average price is $33.87 and its two-hundred day moving average price is $33.00. The firm has a market capitalization of $297.93 million, a price-to-earnings ratio of 9.10 and a beta of 1.89. The company has a debt-to-equity ratio of 20.28, a quick ratio of 26.46 and a current ratio of 26.46.

Onity Group (NYSE:ONIT - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The company reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $244.63 million. As a group, equities analysts expect that Onity Group will post 10.51 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ONIT has been the subject of a number of analyst reports. BTIG Research reissued a "buy" rating on shares of Onity Group in a research report on Monday, May 5th. Keefe, Bruyette & Woods boosted their price objective on shares of Onity Group from $45.00 to $50.00 and gave the company an "outperform" rating in a research report on Wednesday, May 7th.

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.