Onity Group Inc. (NYSE:ONIT) Given Average Rating of “Hold” by Brokerages

Shares of Onity Group Inc. (NYSE:ONIT) have received a consensus recommendation of “Hold” from the five brokerages that are currently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating on the company. The average 1 year target price among brokers that have covered the stock in the last year is $57.50.

Several brokerages have commented on ONIT. Wall Street Zen lowered shares of Onity Group from a “buy” rating to a “hold” rating in a report on Saturday, December 27th. Weiss Ratings reiterated a “hold (c)” rating on shares of Onity Group in a research note on Wednesday, October 8th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating on shares of Onity Group in a report on Thursday, December 18th.

Hedge Funds Weigh In On Onity Group

Several hedge funds and other institutional investors have recently bought and sold shares of ONIT. Cullen Frost Bankers Inc. grew its position in Onity Group by 169.9% in 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 period. Bank of America Corp DE increased its position in Onity Group by 23.2% during the third quarter. Bank of America Corp DE now owns 5,027 shares of the company’s stock valued at $201,000 after acquiring an additional 945 shares during the last quarter. Ameriprise Financial Inc. lifted 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 acquiring an additional 1,061 shares during the period. AlphaQuest LLC purchased a new position in Onity Group in the third quarter worth about $77,000. Finally, Ritholtz Wealth Management grew its stake 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 valued at $394,000 after purchasing an additional 2,224 shares during the period. Institutional investors own 70.16% of the company’s stock.

Onity Group Trading Up 7.2%

Shares of ONIT opened at $50.21 on Friday. Onity Group has a 1-year low of $25.50 and a 1-year high of $51.00. The company has a debt-to-equity ratio of 22.41, a current ratio of 38.90 and a quick ratio of 38.90. The company has a market capitalization of $404.71 million, a P/E ratio of 15.22 and a beta of 1.59. The firm’s 50 day simple moving average is $43.54 and its 200 day simple moving average is $40.82.

Onity Group (NYSE:ONIT) last announced its quarterly earnings data on Thursday, November 6th. The company reported $3.44 earnings per share for the quarter, topping analysts’ consensus estimates of $1.92 by $1.52. The firm had revenue of $265.00 million during the quarter, compared to analyst estimates of $257.77 million. Onity Group had a net margin of 3.41% and a return on equity of 17.81%. Sell-side analysts forecast that Onity Group will post 10.51 earnings per share for the current fiscal year.

About Onity Group

Onity Group, listed on the New York Stock Exchange under the ticker ONIT, is a technology company specializing in enterprise operations management software. Its platform is designed to help legal, finance, human resources and corporate services teams automate and streamline mission-critical workflows. Leveraging artificial intelligence and no-code automation tools, Onity’s solutions aim to reduce manual processes, improve visibility and ensure compliance across complex organizational structures.

The company’s flagship offerings include contract lifecycle management, matter management, e-billing and spend management, as well as enterprise deal management.