Raymond James assumed coverage on shares of New Residential Investment (NYSE:NRZ) in a report published on Friday, MarketBeat Ratings reports. The brokerage issued an outperform rating and a $20.00 price target on the real estate investment trust’s stock.
A number of other brokerages have also commented on NRZ. Zacks Investment Research lowered New Residential Investment from a buy rating to a hold rating in a research note on Tuesday, July 3rd. Barclays raised their price target on New Residential Investment from $19.00 to $21.00 and gave the stock an overweight rating in a research note on Wednesday, July 25th. Two analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. New Residential Investment has a consensus rating of Buy and a consensus price target of $19.87.
Shares of NRZ stock opened at $17.80 on Friday. New Residential Investment has a 52 week low of $15.24 and a 52 week high of $18.75. The firm has a market capitalization of $6.06 billion, a P/E ratio of 6.28 and a beta of 0.92.
New Residential Investment (NYSE:NRZ) last announced its quarterly earnings results on Thursday, July 26th. The real estate investment trust reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.04. New Residential Investment had a return on equity of 14.85% and a net margin of 83.31%. The company had revenue of $269.89 million during the quarter, compared to analyst estimates of $130.70 million. During the same quarter last year, the firm posted $1.03 earnings per share. As a group, analysts expect that New Residential Investment will post 2.29 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 26th. Investors of record on Monday, October 1st will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 11.24%. The ex-dividend date is Friday, September 28th. New Residential Investment’s payout ratio is 70.67%.
A number of hedge funds have recently made changes to their positions in the stock. Victory Capital Management Inc. lifted its position in New Residential Investment by 214.0% during the second quarter. Victory Capital Management Inc. now owns 7,292 shares of the real estate investment trust’s stock valued at $128,000 after buying an additional 4,970 shares during the period. Signaturefd LLC lifted its position in New Residential Investment by 109.8% during the second quarter. Signaturefd LLC now owns 8,088 shares of the real estate investment trust’s stock valued at $141,000 after buying an additional 4,233 shares during the period. Ostrum Asset Management purchased a new position in New Residential Investment during the first quarter valued at $170,000. Wesbanco Bank Inc. purchased a new position in New Residential Investment during the second quarter valued at $177,000. Finally, Hilltop Holdings Inc. purchased a new position in New Residential Investment during the first quarter valued at $179,000. 52.43% of the stock is owned by institutional investors.
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.
See Also: What Is An Exchange-Traded Fund (ETF)?
Receive News & Ratings for New Residential Investment Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for New Residential Investment and related companies with MarketBeat.com's FREE daily email newsletter.