Onity Group (NYSE:ONIT) Releases Earnings Results, Beats Expectations By $1.52 EPS

Onity Group (NYSE:ONIT) released its earnings results on Thursday. The company reported $3.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.92 by $1.52, Zacks reports. The company had revenue of $62.30 million for the quarter, compared to the consensus estimate of $257.77 million. Onity Group had a net margin of 3.74% and a return on equity of 18.99%.

Onity Group Price Performance

NYSE:ONIT traded down $0.34 on Friday, reaching $38.17. 17,901 shares of the company’s stock traded hands, compared to its average volume of 45,200. The stock has a 50-day simple moving average of $39.87 and a 200-day simple moving average of $38.53. Onity Group has a 12 month low of $25.50 and a 12 month high of $45.83. The firm has a market cap of $307.47 million, a PE ratio of 9.75 and a beta of 1.53. The company has a quick ratio of 37.90, a current ratio of 37.90 and a debt-to-equity ratio of 23.99.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Zacks Research cut Onity Group from a “hold” rating to a “strong sell” rating in a report on Thursday, August 21st. Keefe, Bruyette & Woods boosted their price target on Onity Group from $50.00 to $55.00 and gave the stock an “outperform” rating in a report on Wednesday, August 6th. Weiss Ratings reissued a “hold (c)” rating on shares of Onity Group in a research note on Wednesday, October 8th. Finally, Wall Street Zen upgraded Onity Group from a “hold” rating to a “buy” rating in a report on Friday, September 5th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $50.00.

Institutional Investors Weigh In On Onity Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State of Wyoming purchased a new stake in Onity Group in the 2nd quarter valued at about $119,000. BNP Paribas Financial Markets lifted its stake in shares of Onity Group by 367.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 3,163 shares of the company’s stock valued at $121,000 after purchasing an additional 2,486 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new stake in shares of Onity Group in the second quarter valued at about $184,000. Invesco Ltd. acquired a new position in Onity Group during the second quarter worth about $283,000. Finally, Jane Street Group LLC purchased a new position in Onity Group during the first quarter worth about $256,000. 70.16% of the stock is currently owned by hedge funds and other institutional investors.

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.