Wall Street Zen Upgrades Onity Group (NYSE:ONIT) to Buy

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 report published on Saturday.

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

Onity Group Stock Performance

NYSE ONIT traded up $0.57 during trading on Friday, reaching $40.84. The company's stock had a trading volume of 23,985 shares, compared to its average volume of 47,186. The company has a debt-to-equity ratio of 23.99, a quick ratio of 37.90 and a current ratio of 37.90. The firm has a market cap of $328.96 million, a price-to-earnings ratio of 10.42 and a beta of 1.41. Onity Group has a twelve month low of $25.50 and a twelve month high of $41.92. The business's fifty day moving average price is $37.88 and its 200-day moving average price is $35.24.

Onity Group (NYSE:ONIT - Get Free Report) last posted its quarterly earnings data 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 during 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%. As a group, analysts anticipate that Onity Group will post 10.51 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Cullen Frost Bankers Inc. raised its holdings in shares of Onity Group by 169.9% during the second quarter. Cullen Frost Bankers Inc. now owns 988 shares of the company's stock worth $38,000 after purchasing an additional 622 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in shares of Onity Group in the 4th quarter worth about $84,000. Corebridge Financial Inc. acquired a new position in Onity Group during the 4th quarter valued at about $98,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Onity Group during the 4th quarter valued at about $115,000. Finally, Wells Fargo & Company MN bought a new position in shares of Onity Group during the 4th quarter valued at about $116,000. 70.16% of the stock is currently 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.