Jacobs Levy Equity Management Inc. Makes New Investment in Onity Group (NYSE:ONIT)

Jacobs Levy Equity Management Inc. purchased a new position in Onity Group (NYSE:ONIT) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 19,621 shares of the company’s stock, valued at approximately $603,000. Jacobs Levy Equity Management Inc. owned approximately 0.25% of Onity Group as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also added to or reduced their stakes in ONIT. Corebridge Financial Inc. bought a new position in Onity Group in the fourth quarter worth approximately $98,000. New York State Common Retirement Fund bought a new position in shares of Onity Group in the fourth quarter valued at approximately $100,000. Wells Fargo & Company MN bought a new position in shares of Onity Group in the fourth quarter valued at approximately $116,000. MetLife Investment Management LLC bought a new position in shares of Onity Group in the fourth quarter valued at approximately $117,000. Finally, Ameriprise Financial Inc. bought a new position in shares of Onity Group in the fourth quarter valued at approximately $209,000. Institutional investors own 70.16% of the company’s stock.

Onity Group Stock Performance

Shares of ONIT opened at $38.13 on Friday. The company has a current ratio of 26.46, a quick ratio of 26.46 and a debt-to-equity ratio of 20.28. The company has a market capitalization of $305.38 million, a price-to-earnings ratio of 9.32 and a beta of 1.89. The stock has a 50 day moving average of $32.66 and a 200 day moving average of $32.52. Onity Group has a 12 month low of $22.40 and a 12 month high of $41.27.

Onity Group (NYSE:ONIT) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $2.84 EPS for the quarter, beating analysts’ consensus estimates of $1.79 by $1.05. The company had revenue of $249.80 million during the quarter, compared to the consensus estimate of $244.63 million. Onity Group had a return on equity of 20.50% and a net margin of 3.47%. As a group, sell-side analysts forecast that Onity Group will post 10.51 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on ONIT shares. BTIG Research restated a “buy” rating on shares of Onity Group in a report on Monday, May 5th. Keefe, Bruyette & Woods raised their target price on Onity Group from $45.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, May 7th.

Onity Group 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.