Onity Group (NYSE:ONIT) Upgraded by Wall Street Zen to "Buy" Rating

Key Points

• Onity Group has been upgraded to a "Buy" rating by Wall Street Zen, showing increased confidence in the company's stock performance.
• Research firms B. Riley and Keefe, Bruyette & Woods have both raised their target price for Onity Group to $55.00, reinforcing its status as a strong investment.
• Despite a reported missed earnings estimate of $1.87 EPS, Onity Group maintains a moderate buy consensus and demonstrates significant institutional investment, with hedge funds owning over 70% of the stock.

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

A number of other research firms also recently commented on ONIT. B. Riley lifted their target price on Onity Group from $50.00 to $55.00 and gave the company a "buy" rating in a research report on Friday, June 20th. Zacks Research lowered shares of Onity Group from a "hold" rating to a "strong sell" rating in a report on Thursday, August 21st. Finally, Keefe, Bruyette & Woods increased their target price on shares of Onity Group from $50.00 to $55.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 6th. Three investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $50.00.

Onity Group Stock Performance

NYSE:ONIT opened at $42.34 on Friday. The company's 50-day moving average is $39.25 and its two-hundred day moving average is $35.80. Onity Group has a 1-year low of $25.50 and a 1-year high of $43.26. The company has a debt-to-equity ratio of 23.99, a current ratio of 37.90 and a quick ratio of 37.90. The firm has a market capitalization of $341.28 million, a price-to-earnings ratio of 10.80 and a beta of 1.44.

Onity Group (NYSE:ONIT - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported $1.87 EPS for the quarter, missing the consensus estimate of $2.08 by ($0.21). The firm 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%. Analysts forecast that Onity Group will post 10.51 EPS for the current year.

Hedge Funds Weigh In On Onity Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Cullen Frost Bankers Inc. increased its position 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 acquiring an additional 622 shares during the period. Public Employees Retirement System of Ohio acquired a new position in Onity Group during the 4th quarter worth $84,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Onity Group during the 4th quarter worth $115,000. Wells Fargo & Company MN acquired a new position in Onity Group during the 4th quarter worth $116,000. Finally, MetLife Investment Management LLC acquired a new position in Onity Group during the 4th quarter worth $117,000. Hedge funds and other institutional investors 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.

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