Prescott Group Capital Management L.L.C. Boosts Holdings in Onity Group Inc. (NYSE:ONIT)

Key Points

• Prescott Group Capital Management L.L.C. increased its stake in Onity Group Inc. by 7.9%, now holding 164,593 shares valued at approximately $5.32 million.
• Analysts have favorable views on Onity Group, with price targets being raised, including a boost from $45.00 to $50.00 by Keefe, Bruyette & Woods and from $50.00 to $55.00 by B. Riley.
• Onity Group reported an effective earnings per share of $2.84, exceeding the consensus estimate and showing a net margin of 2.62% for the quarter.

Prescott Group Capital Management L.L.C. lifted its stake in shares of Onity Group Inc. (NYSE:ONIT - Free Report) by 7.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 164,593 shares of the company's stock after buying an additional 12,000 shares during the period. Onity Group makes up approximately 0.8% of Prescott Group Capital Management L.L.C.'s investment portfolio, making the stock its 24th biggest holding. Prescott Group Capital Management L.L.C. owned 2.06% of Onity Group worth $5,320,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Public Employees Retirement System of Ohio acquired a new position in Onity Group during the fourth quarter valued at $84,000. Corebridge Financial Inc. acquired a new position in shares of Onity Group in the 4th quarter valued at about $98,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Onity Group in the fourth quarter worth about $115,000. Wells Fargo & Company MN acquired a new stake in Onity Group during the fourth quarter worth about $116,000. Finally, MetLife Investment Management LLC acquired a new stake in Onity Group during the fourth quarter worth about $117,000. 70.16% of the stock is currently owned by institutional investors and hedge funds.

Onity Group Price Performance

Shares of Onity Group stock traded down $0.26 during trading hours on Tuesday, reaching $38.10. The stock had a trading volume of 11,382 shares, compared to its average volume of 46,611. The stock's 50 day moving average is $37.64 and its 200 day moving average is $34.85. The firm has a market capitalization of $305.14 million, a PE ratio of 13.37 and a beta of 1.65. Onity Group Inc. has a twelve month low of $24.26 and a twelve month high of $41.27. The company has a current ratio of 33.57, a quick ratio of 33.57 and a debt-to-equity ratio of 25.88.

Onity Group (NYSE:ONIT - Get Free Report) last released its earnings results on Wednesday, April 30th. The company reported $2.84 earnings per share for the quarter, beating the consensus estimate of $1.79 by $1.05. The business had revenue of $249.80 million for the quarter, compared to the consensus estimate of $244.63 million. Onity Group had a return on equity of 22.67% and a net margin of 2.62%. Equities analysts expect that Onity Group Inc. will post 10.51 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently commented on ONIT. B. Riley raised their price objective on shares of Onity Group from $50.00 to $55.00 and gave the stock a "buy" rating in a research note on Friday, June 20th. Keefe, Bruyette & Woods raised their price objective 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 reiterated a "buy" rating on shares of Onity Group in a research report on Monday, May 5th. Finally, Wall Street Zen downgraded shares of Onity Group from a "buy" rating to a "hold" rating in a research report on Friday, July 18th.

Onity Group Profile

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.