Onity Group (NYSE:ONIT) Stock Rating Lowered by Zacks Research

Key Points

• Zacks Research downgraded Onity Group from a "hold" rating to a "strong sell" rating, indicating a significant shift in the sentiment surrounding the company.
• In contrast, other analysts like Keefe, Bruyette & Woods and B. Riley raised their target prices and maintained "buy" ratings, showing mixed analyst opinions on the stock.
• Onity Group reported quarterly earnings that missed estimates, with an EPS of $1.87 against a $2.08 consensus, and a revenue of $246.6 million below the expected $252.9 million.

Onity Group (NYSE:ONIT - Get Free Report) was downgraded by research analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research report issued to clients and investors on Thursday, August 21st,Zacks.com reports.

A number of other research analysts have also recently commented on ONIT. Keefe, Bruyette & Woods upped their target price on Onity Group from $50.00 to $55.00 and gave the company an "outperform" rating in a research note on Wednesday, August 6th. BTIG Research reaffirmed a "buy" rating on shares of Onity Group in a research note on Monday, May 5th. B. Riley upped their target price on Onity Group from $50.00 to $55.00 and gave the company a "buy" rating in a research note on Friday, June 20th. Finally, Wall Street Zen cut Onity Group from a "buy" rating to a "hold" rating in a research note on Sunday, August 17th. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $50.00.

Onity Group Trading Down 2.7%

NYSE ONIT traded down $1.16 during trading hours on Thursday, hitting $41.06. 28,915 shares of the company were exchanged, compared to its average volume of 46,979. The stock has a 50-day moving average price of $38.61 and a 200 day moving average price of $35.57. The company has a quick ratio of 37.90, a current ratio of 37.90 and a debt-to-equity ratio of 23.99. Onity Group has a 52 week low of $25.50 and a 52 week high of $43.00. The stock has a market cap of $330.90 million, a PE ratio of 10.39 and a beta of 1.41.

Onity Group (NYSE:ONIT - Get Free Report) last released its 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 business had revenue of $246.60 million for the quarter, compared to the consensus estimate of $252.90 million. Onity Group had a net margin of 3.74% and a return on equity of 18.99%. Analysts forecast that Onity Group will post 10.51 earnings per share for the current fiscal year.

Institutional Trading of Onity Group

A number of institutional investors have recently made changes to their positions in the business. Cullen Frost Bankers Inc. boosted its position in shares of Onity Group by 169.9% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 988 shares of the company's stock worth $38,000 after purchasing an additional 622 shares in the last quarter. Ameriprise Financial Inc. boosted its position in shares of Onity Group by 9.6% in the 2nd quarter. Ameriprise Financial Inc. now owns 12,147 shares of the company's stock worth $464,000 after purchasing an additional 1,061 shares in the last quarter. Quantinno Capital Management LP boosted its position in shares of Onity Group by 33.7% in the 2nd quarter. Quantinno Capital Management LP now owns 9,489 shares of the company's stock worth $362,000 after purchasing an additional 2,391 shares in the last quarter. BNP Paribas Financial Markets boosted its position in shares of Onity Group by 367.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 3,163 shares of the company's stock worth $121,000 after purchasing an additional 2,486 shares in the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of Onity Group in the 4th quarter worth $84,000. Institutional investors and hedge funds own 70.16% of the company's stock.

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.