Onity Group (NYSE:ONIT) Given New $55.00 Price Target at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods raised its price target for Onity Group (NYSE:ONIT) from $50.00 to $55.00, indicating a potential upside of 41.06% from the current price.
• The stock has seen a 3.9% increase, with a current trading price of $38.99 and a market capitalization of $312.31 million.
• Institutional investors currently own 70.16% of Onity Group's shares, reflecting significant interest from large investment firms.

Onity Group (NYSE:ONIT - Free Report) had its price target lifted by Keefe, Bruyette & Woods from $50.00 to $55.00 in a research note published on Wednesday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Other research analysts also recently issued research reports about the company. Wall Street Zen downgraded Onity Group from a "buy" rating to a "hold" rating in a report on Friday, July 18th. 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 report on Friday, June 20th. Finally, BTIG Research reaffirmed a "buy" rating on shares of Onity Group in a report on Monday, May 5th.

Onity Group Stock Down 0.9%

Shares of ONIT stock traded down $0.36 during mid-day trading on Wednesday, hitting $38.33. The company's stock had a trading volume of 44,485 shares, compared to its average volume of 49,110. Onity Group has a 52-week low of $25.50 and a 52-week high of $41.92. The business has a 50-day moving average price of $37.79 and a 200 day moving average price of $35.18. The company has a debt-to-equity ratio of 23.99, a quick ratio of 33.57 and a current ratio of 37.90. The stock has a market cap of $308.75 million, a price-to-earnings ratio of 9.78 and a beta of 1.41.

Onity Group (NYSE:ONIT - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $1.87 EPS for the quarter, missing analysts' consensus estimates of $2.08 by ($0.21). The company had revenue of $246.60 million during the quarter, compared to the consensus estimate of $252.90 million. Onity Group had a return on equity of 18.99% and a net margin of 3.74%. Research analysts predict that Onity Group will post 10.51 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in ONIT. Cullen Frost Bankers Inc. raised its stake in Onity Group by 169.9% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 988 shares of the company's stock worth $38,000 after acquiring an additional 622 shares during the period. Public Employees Retirement System of Ohio purchased a new stake in shares of Onity Group in the fourth quarter worth $84,000. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Onity Group by 40.7% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,331 shares of the company's stock valued at $334,000 after purchasing an additional 2,988 shares during the period. Empowered Funds LLC lifted its stake in shares of Onity Group by 7.1% during the 1st quarter. Empowered Funds LLC now owns 48,029 shares of the company's stock valued at $1,552,000 after buying an additional 3,184 shares in the last quarter. Finally, Corebridge Financial Inc. bought a new position in Onity Group in the 4th quarter worth $98,000. 70.16% of the stock is owned by hedge funds and other institutional investors.

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.