Shares of New Residential Investment Corp (NYSE:NRZ) have been given a consensus recommendation of “Buy” by the eight ratings firms that are covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $17.90.
NRZ has been the subject of a number of analyst reports. Piper Jaffray Companies reduced their price target on New Residential Investment from $18.00 to $16.00 and set an “overweight” rating for the company in a research report on Friday, October 4th. BTIG Research started coverage on New Residential Investment in a research report on Friday, September 6th. They set a “buy” rating and a $18.00 price objective for the company. ValuEngine raised New Residential Investment from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. B. Riley set a $19.00 price objective on New Residential Investment and gave the stock a “buy” rating in a research report on Thursday, August 29th. Finally, Wedbush reissued an “outperform” rating on shares of New Residential Investment in a research report on Monday, August 19th.
A number of institutional investors and hedge funds have recently modified their holdings of NRZ. Balyasny Asset Management LLC increased its stake in New Residential Investment by 44.7% during the second quarter. Balyasny Asset Management LLC now owns 5,259,116 shares of the real estate investment trust’s stock valued at $80,938,000 after acquiring an additional 1,624,073 shares during the period. Nuveen Asset Management LLC bought a new position in New Residential Investment during the second quarter valued at about $23,526,000. Atria Investments LLC bought a new position in New Residential Investment during the second quarter valued at about $10,788,000. UBS Group AG increased its stake in New Residential Investment by 20.2% during the second quarter. UBS Group AG now owns 5,893,173 shares of the real estate investment trust’s stock valued at $90,696,000 after acquiring an additional 989,905 shares during the period. Finally, BlackRock Inc. increased its stake in New Residential Investment by 3.9% during the second quarter. BlackRock Inc. now owns 25,928,104 shares of the real estate investment trust’s stock valued at $399,033,000 after acquiring an additional 983,142 shares during the period. Hedge funds and other institutional investors own 53.13% of the company’s stock.
Shares of NYSE:NRZ opened at $15.40 on Wednesday. New Residential Investment has a fifty-two week low of $13.63 and a fifty-two week high of $18.08. The business has a 50-day moving average of $14.80 and a two-hundred day moving average of $15.63. The stock has a market capitalization of $6.40 billion, a P/E ratio of 6.47 and a beta of 1.10.
New Residential Investment (NYSE:NRZ) last announced its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $0.53 earnings per share for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.01). New Residential Investment had a return on equity of 13.22% and a net margin of 17.24%. The company had revenue of $188.04 million during the quarter, compared to analyst estimates of $240.28 million. During the same period in the prior year, the firm earned $0.58 EPS. As a group, equities analysts forecast that New Residential Investment will post 2.13 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Thursday, October 3rd will be given a dividend of $0.50 per share. The ex-dividend date is Wednesday, October 2nd. This represents a $2.00 annualized dividend and a dividend yield of 12.99%. New Residential Investment’s dividend payout ratio is presently 84.03%.
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 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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