Onity Group (NYSE:ONIT) Stock Gets Price Target Trim from BTIG Research

Onity Group (NYSE:ONIT) had its target price cut by BTIG Research from $50.00 to $45.00 in a research note published on Monday,Benzinga reports. They currently have a buy rating on the stock.

Several other brokerages have also commented on ONIT. Keefe, Bruyette & Woods decreased their price objective on Onity Group from $58.00 to $55.00 and set an “outperform” rating for the company in a report on Wednesday, August 12th. Weiss Ratings downgraded Onity Group from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, September 18th. Finally, Wall Street Zen downgraded Onity Group from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.00.

Onity Group Trading Down 5.9%

NYSE:ONIT opened at $25.23 on Monday. The stock has a market capitalization of $210.71 million, a price-to-earnings ratio of 5.03 and a beta of 1.49. Onity Group has a 52 week low of $25.08 and a 52 week high of $54.10. The company has a quick ratio of 16.60, a current ratio of 16.60 and a debt-to-equity ratio of 11.41. The firm has a 50 day moving average of $33.16 and a 200 day moving average of $36.99.

Onity Group (NYSE:ONIT) last announced its earnings results on Thursday, August 6th. The company reported ($1.53) earnings per share for the quarter, missing the consensus estimate of $0.95 by ($2.48). The firm had revenue of $281.00 million during the quarter, compared to analyst estimates of $272.45 million. Onity Group had a net margin of 12.34% and a return on equity of 8.27%.

Hedge Funds Weigh In On Onity Group

Several hedge funds and other institutional investors have recently modified their holdings of ONIT. Gratia Capital LLC purchased a new stake in Onity Group during the 2nd quarter worth approximately $835,000. Pale Fire Capital SE increased its stake in Onity Group by 20.3% during the 2nd quarter. Pale Fire Capital SE now owns 11,833 shares of the company’s stock valued at $470,000 after purchasing an additional 2,000 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Onity Group in the second quarter worth $1,062,000. Bank of America Corp DE raised its holdings in shares of Onity Group by 120.4% in the first quarter. Bank of America Corp DE now owns 16,734 shares of the company’s stock worth $657,000 after buying an additional 9,142 shares during the last quarter. Finally, Quantinno Capital Management LP raised its holdings in shares of Onity Group by 3.3% in the first quarter. Quantinno Capital Management LP now owns 15,254 shares of the company’s stock worth $599,000 after buying an additional 491 shares during the last quarter. 70.16% of the stock is owned by hedge funds and other institutional investors.

About Onity Group

Onity Group Inc (NYSE: ONIT), formerly known as Ocwen Financial Corporation, is a financial services company focused primarily on residential mortgage servicing. Through its operating businesses, the company provides loan servicing and subservicing, including payment processing, borrower support, loss mitigation and other functions that help manage mortgage loans on behalf of loan owners and investors.

Onity also provides mortgage origination services through PHH Mortgage, serving borrowers who are purchasing or refinancing homes.