Front Yard Residential (NYSE:RESI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday.
According to Zacks, “Front Yard Residential Corporation, operates as a Real Estate Investment Trust (REIT). It acquires single-family rental properties primarily through the acquisition of sub-performing and non-performing loan portfolios. Front Yard Residential formerly known as Altisource Residential Corporation, is based in Christiansted, Virgin Islands. “
Other equities research analysts have also issued research reports about the stock. Deutsche Bank lowered 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 report on Tuesday, November 20th. Credit Suisse Group upped their target price on shares of Front Yard Residential from $14.00 to $15.00 and gave the stock an “outperform” rating in a report on Friday, August 10th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $14.00.
RESI opened at $9.69 on Friday. Front Yard Residential has a fifty-two week low of $7.99 and a fifty-two week high of $13.07.
Front Yard Residential (NYSE:RESI) last posted its earnings results on Wednesday, November 7th. The real estate investment trust reported ($0.89) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.04 by ($0.93). Front Yard Residential had a negative return on equity of 22.74% and a negative net margin of 85.55%. The business had revenue of $48.31 million during the quarter, compared to analyst estimates of $47.33 million. As a group, equities research analysts expect that Front Yard Residential will post 0.14 EPS for the current year.
In other news, major shareholder Deer Park Road Management Comp acquired 300,000 shares of the firm’s stock in a transaction on Thursday, November 29th. The stock was purchased at an average price of $8.59 per share, for a total transaction of $2,577,000.00. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Robin N. Lowe acquired 12,000 shares of the firm’s stock in a transaction on Friday, November 9th. The stock was purchased at an average price of $8.19 per share, with a total value of $98,280.00. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 611,133 shares of company stock valued at $5,360,218. Company insiders own 0.88% of the company’s stock.
A number of large investors have recently bought and sold shares of RESI. Marshall Wace LLP purchased a new position in Front Yard Residential in the 3rd quarter worth $1,363,000. Vanguard Group Inc. raised its position in Front Yard Residential by 1.8% in the 3rd quarter. Vanguard Group Inc. now owns 7,054,282 shares of the real estate investment trust’s stock worth $76,539,000 after purchasing an additional 127,899 shares during the period. TIAA CREF Investment Management LLC raised its position in Front Yard Residential by 17.0% in the 3rd quarter. TIAA CREF Investment Management LLC now owns 131,820 shares of the real estate investment trust’s stock worth $1,430,000 after purchasing an additional 19,130 shares during the period. Teachers Advisors LLC raised its position in Front Yard Residential by 7.6% in the 3rd quarter. Teachers Advisors LLC now owns 99,861 shares of the real estate investment trust’s stock worth $1,083,000 after purchasing an additional 7,094 shares during the period. Finally, MetLife Investment Advisors LLC purchased a new position in Front Yard Residential in the 3rd quarter worth $380,000. Hedge funds and other institutional investors 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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