PVG Asset Management Corp bought a new stake in New Residential Investment Corp (NYSE:NRZ) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 106,150 shares of the real estate investment trust’s stock, valued at approximately $1,633,000. New Residential Investment accounts for approximately 1.7% of PVG Asset Management Corp’s portfolio, making the stock its 17th biggest position.
Other hedge funds have also recently bought and sold shares of the company. First Allied Advisory Services Inc. lifted its holdings in New Residential Investment by 34.1% in the second quarter. First Allied Advisory Services Inc. now owns 34,200 shares of the real estate investment trust’s stock valued at $526,000 after acquiring an additional 8,704 shares during the period. Atria Investments LLC bought a new position in New Residential Investment in the second quarter valued at about $10,788,000. Strs Ohio lifted its holdings in New Residential Investment by 12.8% in the second quarter. Strs Ohio now owns 40,072 shares of the real estate investment trust’s stock valued at $616,000 after acquiring an additional 4,538 shares during the period. Vaughan Nelson Investment Management L.P. lifted its holdings in New Residential Investment by 16.5% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 8,278,265 shares of the real estate investment trust’s stock valued at $139,986,000 after acquiring an additional 1,174,300 shares during the period. Finally, Golden State Wealth Management LLC bought a new position in New Residential Investment in the first quarter valued at about $299,000. 53.13% of the stock is currently owned by institutional investors.
NRZ traded up $0.05 during midday trading on Friday, reaching $15.21. The company had a trading volume of 113,734 shares, compared to its average volume of 3,120,912. The business has a 50-day moving average of $14.61 and a two-hundred day moving average of $15.79. The company has a market cap of $6.31 billion, a P/E ratio of 6.39 and a beta of 1.10. New Residential Investment Corp has a 1 year low of $13.63 and a 1 year high of $18.32.
New Residential Investment (NYSE:NRZ) last issued its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $0.53 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.01). The company had revenue of $188.04 million during the quarter, compared to analysts’ expectations of $240.28 million. New Residential Investment had a return on equity of 13.22% and a net margin of 17.24%. During the same quarter in the previous year, the company earned $0.58 EPS. Research analysts forecast that New Residential Investment Corp will post 2.15 EPS for the current fiscal year.
A number of research analysts have weighed in on NRZ shares. Zacks Investment Research downgraded New Residential Investment from a “hold” rating to a “sell” rating in a report on Wednesday. BTIG Research began coverage on New Residential Investment in a research report on Friday, September 6th. They issued a “buy” rating and a $18.00 price target for the company. B. Riley set a $19.00 price target on New Residential Investment and gave the stock a “buy” rating in a research report on Thursday, August 29th. Wedbush restated an “outperform” rating on shares of New Residential Investment in a research report on Monday, August 19th. Finally, ValuEngine cut New Residential Investment from a “hold” rating to a “sell” rating in a research report on Tuesday, July 9th. Two research analysts have rated the stock with a sell rating and six have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $18.75.
New Residential Investment 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 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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