Prescott Group Capital Management L.L.C. Grows Stock 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 position in shares of Onity Group Inc. (NYSE:ONIT - Free Report) by 7.9% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 164,593 shares of the company's stock after buying an additional 12,000 shares during the quarter. Onity Group makes up 0.8% of Prescott Group Capital Management L.L.C.'s holdings, making the stock its 24th largest 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 quarter.

A number of other large investors also recently modified their holdings of the company. Public Employees Retirement System of Ohio purchased a new stake in Onity Group in the 4th quarter worth $84,000. Corebridge Financial Inc. purchased a new stake in Onity Group in the 4th quarter worth $98,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Onity Group in the 4th quarter worth $115,000. Wells Fargo & Company MN purchased a new stake in Onity Group in the 4th quarter worth $116,000. Finally, MetLife Investment Management LLC purchased a new stake in Onity Group in the 4th quarter worth $117,000. Hedge funds and other institutional investors own 70.16% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on ONIT shares. Keefe, Bruyette & Woods boosted their price target 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 note on Monday, May 5th. Wall Street Zen cut shares of Onity Group from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Finally, B. Riley upped their target price on shares of Onity Group from $50.00 to $55.00 and gave the company a "buy" rating in a research report on Friday, June 20th.

Onity Group Stock Up 0.3%

Shares of NYSE ONIT opened at $38.48 on Friday. The firm's 50-day moving average price is $37.63 and its 200-day moving average price is $34.68. The company has a current ratio of 33.57, a quick ratio of 33.57 and a debt-to-equity ratio of 25.88. The stock has a market capitalization of $308.26 million, a price-to-earnings ratio of 13.50 and a beta of 1.65. Onity Group Inc. has a 12-month low of $24.26 and a 12-month high of $41.27.

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

Onity Group Company 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.

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