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 stock analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued on Sunday.

Several other analysts have also recently issued reports on ONIT. BTIG Research reiterated a "buy" rating on shares of Onity Group in a research report on Monday, May 5th. Keefe, Bruyette & Woods increased their target price on Onity Group from $50.00 to $55.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 6th. Finally, B. Riley increased their target price on Onity Group from $50.00 to $55.00 and gave the stock a "buy" rating in a research report on Friday, June 20th.

Onity Group Stock Performance

NYSE ONIT opened at $39.91 on Friday. 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 twelve month low of $25.50 and a twelve month high of $41.92. The business has a 50-day moving average price of $38.11 and a 200-day moving average price of $35.35. The firm has a market cap of $321.67 million, a price-to-earnings ratio of 10.18 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 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.08 by ($0.21). Onity Group had a return on equity of 18.99% and a net margin of 3.74%. The business had revenue of $246.60 million for the quarter, compared to analysts' expectations of $252.90 million. As a group, equities research analysts predict that Onity Group will post 10.51 EPS for the current fiscal year.

Hedge Funds Weigh In On Onity Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ONIT. JPMorgan Chase & Co. boosted its stake in Onity Group by 205.6% during the fourth quarter. JPMorgan Chase & Co. now owns 52,723 shares of the company's stock valued at $1,619,000 after buying an additional 35,468 shares during the last quarter. Geode Capital Management LLC bought a new position in Onity Group during the fourth quarter valued at approximately $4,163,000. Wells Fargo & Company MN bought a new position in Onity Group during the fourth quarter valued at approximately $116,000. Renaissance Technologies LLC bought a new position in Onity Group during the fourth quarter valued at approximately $747,000. Finally, Raymond James Financial Inc. bought a new position in Onity Group during the fourth quarter valued at approximately $886,000. 70.16% of the stock is owned by institutional investors.

About Onity Group

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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