B. Riley raised the firm’s price target on Onity Group (ONIT) to $55 from $50 and keeps a Buy rating on the shares after meeting with management. The firm “came away with several positive takeaways.” Onity will move to a “more normal valuation” around its stated book value of $58 per share given the good diversification of the business, continued product and service innovations, and supportive public company transaction activity this year, the analyst tells investors in a research note. Riley believes merger activity in the mortgage sector are key support for the shares.

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• PHH Mortgage expands partnership with Blend Labs

• Onity Group management to meet virtually with B. Riley

• Onity Group Holds Annual Shareholder Meeting

• Onity Group files to sell 2.11M shares of Series B Perpetual Preferred stock

• Onity Group price target raised to $50 from $45 at Keefe Bruyette