Bank of New York Mellon Corp Takes $851,000 Position in Onity Group (NYSE:ONIT)

Bank of New York Mellon Corp bought a new stake in Onity Group (NYSE:ONIT) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 27,702 shares of the company’s stock, valued at approximately $851,000.

A number of other institutional investors have also added to or reduced their stakes in ONIT. New York State Common Retirement Fund acquired a new stake in Onity Group in the fourth quarter valued at $100,000. Rhumbline Advisers bought a new stake in shares of Onity Group in the 4th quarter valued at about $313,000. JPMorgan Chase & Co. lifted its stake in Onity Group by 181.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 17,255 shares of the company’s stock valued at $551,000 after purchasing an additional 11,126 shares during the last quarter. Finally, Empowered Funds LLC acquired a new stake in Onity Group in the 4th quarter valued at about $1,377,000. 70.16% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ONIT has been the topic of several research analyst reports. B. Riley upgraded Onity Group to a “strong-buy” rating in a research note on Tuesday, January 7th. BTIG Research upgraded Onity Group from a “neutral” rating to a “buy” rating and set a $40.00 price target on the stock in a research note on Monday, December 9th.

Onity Group Stock Down 0.9 %

Shares of ONIT opened at $32.65 on Wednesday. The firm’s 50-day simple moving average is $33.72 and its 200 day simple moving average is $31.69. The company has a debt-to-equity ratio of 20.28, a quick ratio of 26.46 and a current ratio of 26.46. The firm has a market cap of $257.01 million, a P/E ratio of 7.98 and a beta of 1.98. Onity Group has a 52 week low of $22.40 and a 52 week high of $41.27.

Onity Group (NYSE:ONIT) last posted its earnings results on Thursday, February 13th. The company reported $1.39 EPS for the quarter, missing the consensus estimate of $2.34 by ($0.95). The firm had revenue of $224.80 million during the quarter, compared to analyst estimates of $253.37 million. Onity Group had a net margin of 3.47% and a return on equity of 20.50%. On average, analysts forecast that Onity Group will post 10.51 earnings per share for the current year.

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.