Zacks Investment Research downgraded shares of New Residential Investment (NYSE:NRZ) from a buy rating to a hold rating in a research note issued to investors on Tuesday morning.
According to Zacks, “New Residential Investment Corp. is a real estate investment trust. It focuses on investing in, and actively managing, investments related to residential real estate. The Company primarily target investments in excess mortgage servicing rights, residential mortgage backed securities, residential mortgage loans and other related investments. New Residential Investment Corp. is based in New York. “
Several other equities research analysts have also issued reports on the stock. Vetr upgraded shares of New Residential Investment from a buy rating to a strong-buy rating and set a $18.86 target price for the company in a report on Friday, March 23rd. ValuEngine lowered shares of New Residential Investment from a buy rating to a hold rating in a report on Saturday, June 2nd. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of Buy and a consensus price target of $19.01.
New Residential Investment opened at $18.17 on Tuesday, Marketbeat.com reports. The stock has a market capitalization of $6.06 billion, a PE ratio of 6.42 and a beta of 0.90. New Residential Investment has a 12-month low of $15.04 and a 12-month high of $18.74.
New Residential Investment (NYSE:NRZ) last released its earnings results on Friday, April 27th. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.03. The firm had revenue of $259.19 million during the quarter, compared to analyst estimates of $185.89 million. New Residential Investment had a net margin of 89.43% and a return on equity of 18.15%. During the same quarter last year, the business earned $0.54 EPS. research analysts expect that New Residential Investment will post 2.2 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 27th. Investors of record on Monday, July 2nd will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, June 29th. This represents a $2.00 dividend on an annualized basis and a yield of 11.01%. New Residential Investment’s payout ratio is 70.67%.
In related news, CEO Michael Nierenberg sold 339,177 shares of New Residential Investment stock in a transaction dated Tuesday, June 26th. The shares were sold at an average price of $18.30, for a total transaction of $6,206,939.10. Following the completion of the sale, the chief executive officer now owns 2,085,352 shares in the company, valued at approximately $38,161,941.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 4.00% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in NRZ. Wells Fargo & Company MN lifted its holdings in New Residential Investment by 17.4% during the 4th quarter. Wells Fargo & Company MN now owns 832,654 shares of the real estate investment trust’s stock valued at $14,889,000 after buying an additional 123,113 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its holdings in New Residential Investment by 33.1% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 75,652 shares of the real estate investment trust’s stock valued at $1,353,000 after buying an additional 18,826 shares in the last quarter. American International Group Inc. bought a new stake in New Residential Investment during the 4th quarter valued at about $115,000. OppenheimerFunds Inc. lifted its holdings in New Residential Investment by 32.4% during the 4th quarter. OppenheimerFunds Inc. now owns 13,865 shares of the real estate investment trust’s stock valued at $248,000 after buying an additional 3,395 shares in the last quarter. Finally, Amalgamated Bank lifted its holdings in New Residential Investment by 6.3% during the 4th quarter. Amalgamated Bank now owns 58,893 shares of the real estate investment trust’s stock valued at $1,053,000 after buying an additional 3,504 shares in the last quarter. Institutional investors own 53.27% of the company’s stock.
New Residential Investment Company Profile
New Residential Investment Corp., a real estate investment trust, focuses on investing in and managing residential mortgage related assets in the United States. It operates through Servicing Related Assets, Residential Securities and Loans, and Other Investments segments. The company invests in excess mortgage servicing rights (MSRs) on residential mortgage loans; and in servicer advances, including the basic fee component of the related MSRs.
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