Onity Group (NYSE:ONIT) Downgraded to "Hold" Rating by Wall Street Zen

Key Points

• Onity Group's stock rating was d downgraded from "buy" to "hold" by Wall Street Zen, indicating a shift in analyst sentiment on the company.
• Despite the downgrade, institutions like BTIG Research retained a "buy" rating, showing varying perspectives within the analyst community.
• Onity Group reported earnings per share of $1.87 for the last quarter, which fell short of analysts' expectations, contributing to investor caution.

Onity Group (NYSE:ONIT - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "buy" rating to a "hold" rating in a report released on Sunday.

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

Onity Group Trading Down 1.3%

Shares of NYSE:ONIT traded down $0.5380 during trading on Friday, reaching $39.6420. 23,422 shares of the company traded hands, compared to its average volume of 48,900. The firm has a market capitalization of $319.51 million, a price-to-earnings ratio of 10.11 and a beta of 1.41. Onity Group has a 52-week low of $25.50 and a 52-week high of $41.92. The company has a current ratio of 37.90, a quick ratio of 37.90 and a debt-to-equity ratio of 23.99. The business's fifty day moving average is $38.24 and its 200-day moving average is $35.46.

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

Hedge Funds Weigh In On Onity Group

Several institutional investors and hedge funds have recently modified their holdings of the stock. State of Wyoming bought a new position in shares of Onity Group during the second quarter valued at $119,000. BNP Paribas Financial Markets increased its holdings in shares of Onity Group by 367.2% during the second quarter. BNP Paribas Financial Markets now owns 3,163 shares of the company's stock valued at $121,000 after acquiring an additional 2,486 shares in the last quarter. Bridgeway Capital Management LLC increased its holdings in shares of Onity Group by 4.4% during the second quarter. Bridgeway Capital Management LLC now owns 110,683 shares of the company's stock valued at $4,225,000 after acquiring an additional 4,623 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in shares of Onity Group by 9.6% during the second quarter. Ameriprise Financial Inc. now owns 12,147 shares of the company's stock valued at $464,000 after acquiring an additional 1,061 shares in the last quarter. Finally, Quantinno Capital Management LP increased its holdings in shares of Onity Group by 33.7% during the second quarter. Quantinno Capital Management LP now owns 9,489 shares of the company's stock valued at $362,000 after acquiring an additional 2,391 shares in the last quarter. 70.16% of the stock is currently owned by 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.