Equities research analysts forecast that Front Yard Residential Corp (NYSE:RESI) will announce sales of $50.14 million for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for Front Yard Residential’s earnings, with the highest sales estimate coming in at $51.60 million and the lowest estimate coming in at $48.68 million. Front Yard Residential posted sales of $27.76 million in the same quarter last year, which would suggest a positive year over year growth rate of 80.6%. The company is expected to announce its next earnings report on Thursday, March 7th.
On average, analysts expect that Front Yard Residential will report full-year sales of $179.12 million for the current fiscal year, with estimates ranging from $177.66 million to $180.58 million. For the next year, analysts expect that the business will report sales of $221.23 million, with estimates ranging from $219.15 million to $223.32 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that follow Front Yard Residential.
Front Yard Residential (NYSE:RESI) last announced its quarterly earnings results on Wednesday, November 7th. The real estate investment trust reported ($0.89) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.93). The business had revenue of $48.31 million for the quarter, compared to analyst estimates of $47.33 million. Front Yard Residential had a negative net margin of 85.55% and a negative return on equity of 22.74%.
A number of brokerages have weighed in on RESI. Zacks Investment Research cut shares of Front Yard Residential from a “hold” rating to a “sell” rating in a research report on Wednesday, November 28th. Credit Suisse Group boosted their target price on shares of Front Yard Residential from $14.00 to $15.00 and gave the stock an “outperform” rating in a research report on Friday, August 10th. Finally, Deutsche Bank reduced their target price on shares of Front Yard Residential from $14.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, November 20th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $14.00.
Shares of RESI stock opened at $9.30 on Thursday. Front Yard Residential has a fifty-two week low of $7.99 and a fifty-two week high of $13.07.
In other news, major shareholder Deer Park Road Management Comp bought 300,000 shares of Front Yard Residential stock in a transaction dated Thursday, November 29th. The shares were acquired at an average cost of $8.59 per share, with a total value of $2,577,000.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Michael Graham Lubin purchased 11,333 shares of the company’s stock in a transaction that occurred on Thursday, November 15th. The stock was bought at an average price of $8.42 per share, with a total value of $95,423.86. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 361,133 shares of company stock worth $3,085,218. Corporate insiders own 0.88% of the company’s stock.
Large investors have recently modified their holdings of the stock. BlackRock Inc. increased its stake in shares of Front Yard Residential by 1.0% in the second quarter. BlackRock Inc. now owns 3,725,051 shares of the real estate investment trust’s stock worth $38,814,000 after buying an additional 38,470 shares during the last quarter. Citadel Advisors LLC increased its stake in shares of Front Yard Residential by 93.8% in the second quarter. Citadel Advisors LLC now owns 161,291 shares of the real estate investment trust’s stock worth $1,680,000 after buying an additional 78,054 shares during the last quarter. Nomura Asset Management Co. Ltd. bought a new stake in shares of Front Yard Residential in the third quarter worth $339,000. State of Alaska Department of Revenue bought a new stake in shares of Front Yard Residential in the third quarter worth $171,000. Finally, Bank of New York Mellon Corp increased its stake in shares of Front Yard Residential by 10.9% in the second quarter. Bank of New York Mellon Corp now owns 303,514 shares of the real estate investment trust’s stock worth $3,163,000 after buying an additional 29,924 shares during the last quarter. Institutional investors and hedge funds own 72.08% of the company’s stock.
About Front Yard Residential
Front Yard is an industry leader in providing quality, affordable rental homes to America's families. Our homes offer exceptional value in a variety of suburban communities which have easy accessibility to metropolitan areas. Front Yard's tenants enjoy the space and comfort that is unique to single-family housing, at reasonable prices.
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