According to Zacks, “New Residential Investment Corp. is a real estate investment trust. It focuses on investing in, and actively managing, investments related to residential real estate. The Company primarily target investments in excess mortgage servicing rights, residential mortgage backed securities, residential mortgage loans and other related investments. New Residential Investment Corp. is based in New York. “
Several other analysts also recently commented on NRZ. Credit Suisse Group reiterated a buy rating and set a $18.00 target price on shares of New Residential Investment in a research note on Friday, January 4th. Nomura initiated coverage on New Residential Investment in a research note on Wednesday, March 27th. They set a buy rating and a $18.50 target price on the stock. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of Buy and an average price target of $19.50.
New Residential Investment (NYSE:NRZ) last issued its earnings results on Tuesday, February 12th. The real estate investment trust reported $0.58 EPS for the quarter, beating the consensus estimate of $0.55 by $0.03. New Residential Investment had a return on equity of 13.88% and a net margin of 57.58%. The business had revenue of $266.00 million for the quarter, compared to the consensus estimate of $210.42 million. During the same period last year, the business posted $0.61 EPS. On average, equities research analysts predict that New Residential Investment will post 2.28 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, April 26th. Shareholders of record on Thursday, April 4th were paid a dividend of $0.50 per share. The ex-dividend date was Wednesday, April 3rd. This represents a $2.00 annualized dividend and a yield of 11.88%. New Residential Investment’s dividend payout ratio is 84.03%.
In other New Residential Investment news, CEO Michael Nierenberg bought 60,000 shares of the business’s stock in a transaction on Friday, February 22nd. The shares were acquired at an average cost of $16.50 per share, for a total transaction of $990,000.00. Following the purchase, the chief executive officer now owns 995,352 shares in the company, valued at approximately $16,423,308. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.93% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. Cedar Wealth Management LLC boosted its stake in shares of New Residential Investment by 50.0% in the 1st quarter. Cedar Wealth Management LLC now owns 1,800 shares of the real estate investment trust’s stock worth $30,000 after buying an additional 600 shares during the last quarter. World Asset Management Inc purchased a new position in shares of New Residential Investment in the 1st quarter worth $209,000. James Investment Research Inc. boosted its stake in shares of New Residential Investment by 141.2% in the 1st quarter. James Investment Research Inc. now owns 37,764 shares of the real estate investment trust’s stock worth $638,000 after buying an additional 22,109 shares during the last quarter. Enterprise Financial Services Corp boosted its stake in shares of New Residential Investment by 102.0% in the 1st quarter. Enterprise Financial Services Corp now owns 2,664 shares of the real estate investment trust’s stock worth $45,000 after buying an additional 1,345 shares during the last quarter. Finally, Private Capital Group LLC purchased a new position in shares of New Residential Investment in the 1st quarter worth $28,000. Institutional investors and hedge funds own 48.28% of the company’s stock.
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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