Wall Street Zen Downgrades Onity Group (NYSE:ONIT) to Hold

Onity Group (NYSE:ONIT) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

ONIT has been the subject of a number of other reports. Zacks Research lowered Onity Group from a “hold” rating to a “strong sell” rating in a research report on Thursday, August 21st. Weiss Ratings reiterated a “hold (c)” rating on shares of Onity Group in a report on Wednesday, October 8th. Finally, Keefe, Bruyette & Woods lifted 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, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Onity Group presently has an average rating of “Hold” and an average target price of $50.00.

Onity Group Price Performance

Shares of NYSE ONIT opened at $38.30 on Friday. The firm has a 50-day simple moving average of $39.80 and a 200-day simple moving average of $38.59. 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 stock has a market capitalization of $308.51 million, a price-to-earnings ratio of 9.77 and a beta of 1.53. Onity Group has a 52 week low of $25.50 and a 52 week high of $45.83.

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

Institutional Investors Weigh In On Onity Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Cullen Frost Bankers Inc. lifted its position in shares of Onity Group by 169.9% during the 2nd 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 last quarter. Ameriprise Financial Inc. raised its stake 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 buying an additional 1,061 shares in the last quarter. AlphaQuest LLC purchased a new stake in Onity Group during the 3rd quarter worth about $77,000. Ritholtz Wealth Management boosted its position in shares of Onity Group by 29.1% during the 3rd quarter. Ritholtz Wealth Management now owns 9,862 shares of the company’s stock worth $394,000 after acquiring an additional 2,224 shares in the last quarter. Finally, Quantinno Capital Management LP increased its holdings in shares of Onity Group by 33.7% in the 2nd quarter. Quantinno Capital Management LP now owns 9,489 shares of the company’s stock valued at $362,000 after acquiring an additional 2,391 shares during the last quarter. 70.16% of the stock is currently owned by institutional investors and hedge funds.

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.