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

Wall Street Zen upgraded shares of Onity Group (NYSE:ONIT) from a hold rating to a buy rating in a research note released on Sunday morning.

Several other research firms have also recently issued reports on ONIT. Zacks Research cut shares of Onity Group from a “hold” rating to a “strong sell” rating in a research report on Thursday, August 21st. Keefe, Bruyette & Woods increased their price objective on shares of Onity Group from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Monday, November 10th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Onity Group in a research report on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $51.67.

Onity Group Stock Up 0.7%

ONIT stock opened at $43.10 on Friday. The company has a market cap of $347.32 million, a price-to-earnings ratio of 10.99 and a beta of 1.53. The firm has a 50-day moving average of $39.80 and a two-hundred day moving average of $38.95. Onity Group has a 12 month low of $25.50 and a 12 month high of $45.83. The company has a current ratio of 37.90, a quick ratio of 37.90 and a debt-to-equity ratio of 23.99.

Onity Group (NYSE:ONIT) last posted its quarterly earnings results on Thursday, November 6th. The company reported $3.44 EPS for the quarter, beating the consensus estimate of $1.92 by $1.52. The firm had revenue of $62.30 million during the quarter, compared to analysts’ expectations of $257.77 million. Onity Group had a return on equity of 18.99% and a net margin of 3.74%. As a group, analysts forecast that Onity Group will post 10.51 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. increased its holdings in shares of Onity Group by 169.9% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 988 shares of the company’s stock valued at $38,000 after acquiring an additional 622 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in Onity Group by 9.6% in the second quarter. Ameriprise Financial Inc. now owns 12,147 shares of the company’s stock valued at $464,000 after purchasing an additional 1,061 shares in the last quarter. AlphaQuest LLC purchased a new position in Onity Group in the third quarter valued at approximately $77,000. Ritholtz Wealth Management raised its holdings in Onity Group by 29.1% during the third quarter. Ritholtz Wealth Management now owns 9,862 shares of the company’s stock worth $394,000 after purchasing an additional 2,224 shares in the last quarter. Finally, Quantinno Capital Management LP lifted its position in shares of Onity Group by 33.7% during the 2nd quarter. Quantinno Capital Management LP now owns 9,489 shares of the company’s stock worth $362,000 after buying an additional 2,391 shares during the last quarter. Hedge funds and other institutional investors own 70.16% of the company’s stock.

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.