Insider Buying: New Residential Investment Corp (NRZ) Director Purchases 1,800 Shares of Stock

New Residential Investment Corp (NYSE:NRZ) Director Andrew Sloves purchased 1,800 shares of New Residential Investment stock in a transaction that occurred on Tuesday, May 14th. The stock was bought at an average cost of $16.65 per share, for a total transaction of $29,970.00. Following the purchase, the director now directly owns 29,481 shares in the company, valued at $490,858.65. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website.

NRZ stock traded down $0.14 during trading on Friday, hitting $16.62. The company had a trading volume of 2,068,052 shares, compared to its average volume of 2,744,856. The company has a market capitalization of $6.96 billion, a PE ratio of 6.98 and a beta of 1.09. New Residential Investment Corp has a 52-week low of $13.86 and a 52-week high of $18.75.

New Residential Investment (NYSE:NRZ) last issued its earnings results on Wednesday, May 1st. The real estate investment trust reported $0.53 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.53. New Residential Investment had a net margin of 29.22% and a return on equity of 13.39%. The company had revenue of $423.08 million for the quarter, compared to analysts’ expectations of $403.45 million. During the same period in the prior year, the business earned $0.58 EPS. The firm’s quarterly revenue was up 62.9% on a year-over-year basis. As a group, analysts predict that New Residential Investment Corp will post 2.19 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, April 26th. Shareholders of record on Thursday, April 4th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 12.03%. The ex-dividend date was Wednesday, April 3rd. New Residential Investment’s payout ratio is 84.03%.

Institutional investors have recently modified their holdings of the business. Penserra Capital Management LLC bought a new position in New Residential Investment during the 1st quarter worth about $25,000. Prime Capital Investment Advisors LLC bought a new position in New Residential Investment during the 4th quarter worth about $26,000. Trust Co. of Vermont bought a new position in New Residential Investment during the 1st quarter worth about $27,000. Private Capital Group LLC bought a new position in New Residential Investment during the 1st quarter worth about $28,000. Finally, Cedar Wealth Management LLC grew its holdings in New Residential Investment by 50.0% during the 1st quarter. Cedar Wealth Management LLC now owns 1,800 shares of the real estate investment trust’s stock worth $30,000 after acquiring an additional 600 shares in the last quarter. Institutional investors own 49.25% of the company’s stock.

Several research analysts recently commented on NRZ shares. Zacks Investment Research downgraded shares of New Residential Investment from a “hold” rating to a “sell” rating in a research note on Wednesday, April 10th. Nomura started coverage on shares of New Residential Investment in a research note on Wednesday, March 27th. They issued a “buy” rating and a $18.50 price target on the stock. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $19.30.

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About New Residential Investment

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 and Originations, Residential Securities and Loans, and Consumer Loans 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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