Onity Group (NYSE:ONIT) Cut to Strong Sell at Wall Street Zen

Wall Street Zen cut shares of Onity Group (NYSE:ONIT) from a sell rating to a strong sell rating in a research note issued to investors on Sunday morning,Wall Street Zen reports.

ONIT has been the subject of several other research reports. Keefe, Bruyette & Woods lowered their price target on shares of Onity Group from $58.00 to $55.00 and set an “outperform” rating for the company in a report on Wednesday, August 12th. BTIG Research reduced their price objective on shares of Onity Group from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Monday, October 12th. Finally, Weiss Ratings cut shares of Onity Group from a “sell (d+)” rating to a “sell (d)” rating in a research report on Wednesday, October 21st. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.00.

Onity Group Trading Up 1.2%

NYSE ONIT opened at $26.20 on Friday. The business’s 50-day moving average price is $30.94 and its two-hundred day moving average price is $38.32. Onity Group has a 12 month low of $24.86 and a 12 month high of $54.10.

Onity Group (NYSE:ONIT) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($1.53) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($2.48). The firm had revenue of $281.00 million during the quarter, compared to the consensus estimate of $272.45 million.

Institutional Investors Weigh In On Onity Group

Several institutional investors and hedge funds have recently made changes to their positions in ONIT. Dimensional Fund Advisors LP increased its holdings in Onity Group by 5.8% in the first quarter. Dimensional Fund Advisors LP now owns 464,448 shares of the company’s stock worth $18,238,000 after purchasing an additional 25,390 shares in the last quarter. Bank of New York Mellon Corp bought a new position in shares of Onity Group during the 2nd quarter worth approximately $1,062,000. First Trust Advisors LP boosted its holdings in shares of Onity Group by 6.4% during the 1st quarter. First Trust Advisors LP now owns 21,408 shares of the company’s stock worth $841,000 after buying an additional 1,280 shares in the last quarter. Gratia Capital LLC bought a new position in shares of Onity Group during the 2nd quarter worth approximately $835,000. Finally, Bank of America Corp DE grew its position in shares of Onity Group by 120.4% during the 1st 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 period. Institutional investors own 70.16% of the company’s stock.

About Onity Group

Onity Group Inc (NYSE: ONIT), formerly known as Ocwen Financial Corporation, is a financial services company focused on residential mortgage loan servicing and origination. The company works with mortgage investors, lenders, financial institutions and government-sponsored entities to manage home loans throughout their life cycle.

Through its servicing operations, Onity provides payment processing, borrower assistance, default management, foreclosure prevention and other administrative services for residential mortgages.