Onity Group (NYSE:ONIT) Raised to "Buy" at Wall Street Zen

Key Points

• Onity Group has been upgraded from a "hold" to a "buy" rating by Wall Street Zen, indicating increased investor confidence.
• Recent earnings reports show that Onity Group missed expectations, reporting $1.87 EPS compared to the consensus estimate of $2.08 EPS.
• Institutional investors hold a significant portion of Onity Group's stock, with 70.16% of the shares owned by hedge funds and other institutional investors.

Wall Street Zen upgraded shares of Onity Group (NYSE:ONIT - Free Report) from a hold rating to a buy rating in a research note issued to investors on Saturday.

ONIT has been the topic of a number of other research reports. BTIG Research reiterated a "buy" rating on shares of Onity Group in a research report on Monday, May 5th. Keefe, Bruyette & Woods upped their price objective 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 upped their price objective 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 Up 2.1%

Shares of ONIT traded up $0.80 during mid-day trading on Friday, hitting $39.15. 54,759 shares of the company traded hands, compared to its average volume of 47,240. Onity Group has a 1-year low of $25.50 and a 1-year high of $41.92. The company has a quick ratio of 37.90, a current ratio of 37.90 and a debt-to-equity ratio of 23.99. The company has a market capitalization of $315.51 million, a PE ratio of 9.99 and a beta of 1.41. The business has a 50 day moving average of $37.79 and a 200 day moving average of $35.18.

Onity Group (NYSE:ONIT - Get Free Report) last posted its quarterly earnings data 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). The company had revenue of $246.60 million for the quarter, compared to analyst estimates of $252.90 million. Onity Group had a net margin of 3.74% and a return on equity of 18.99%. Equities research analysts anticipate that Onity Group will post 10.51 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Millennium Management LLC purchased a new position in Onity Group in the 4th quarter valued at $431,000. Bank of America Corp DE acquired a new stake in shares of Onity Group in the 4th quarter worth $294,000. Two Sigma Investments LP acquired a new stake in shares of Onity Group during the 4th quarter worth about $662,000. Northern Trust Corp acquired a new stake in shares of Onity Group during the 4th quarter worth about $1,577,000. Finally, Ameriprise Financial Inc. acquired a new stake in shares of Onity Group during the 4th quarter worth about $209,000. 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.