New Residential Investment Corp (NRZ) Director Acquires $29,970.00 in Stock

New Residential Investment Corp (NYSE:NRZ) Director Andrew Sloves bought 1,800 shares of New Residential Investment stock in a transaction dated Tuesday, May 14th. The stock was acquired at an average cost of $16.65 per share, with a total value of $29,970.00. Following the completion of the acquisition, the director now owns 29,481 shares of the company’s stock, valued at $490,858.65. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

NYSE NRZ traded up $0.01 on Wednesday, hitting $16.68. 1,733,016 shares of the stock traded hands, compared to its average volume of 4,160,545. New Residential Investment Corp has a 12 month low of $13.86 and a 12 month high of $18.75. The firm has a market cap of $6.92 billion, a price-to-earnings ratio of 7.01 and a beta of 1.09.

New Residential Investment (NYSE:NRZ) last announced its quarterly earnings data on Wednesday, May 1st. The real estate investment trust reported $0.53 earnings per share for the quarter, meeting the consensus estimate of $0.53. New Residential Investment had a return on equity of 13.39% and a net margin of 29.22%. The business had revenue of $423.08 million during the quarter, compared to analyst estimates of $403.45 million. During the same period in the prior year, the company earned $0.58 earnings per share. New Residential Investment’s revenue was up 62.9% compared to the same quarter last year. On average, equities research analysts anticipate that New Residential Investment Corp will post 2.19 earnings per share for the current fiscal year.

The company also recently disclosed 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 11.99%. The ex-dividend date of this dividend was Wednesday, April 3rd. New Residential Investment’s dividend payout ratio (DPR) is 84.03%.

Several research firms have recently issued reports on NRZ. Nomura began coverage on New Residential Investment in a report on Wednesday, March 27th. They issued a “buy” rating and a $18.50 target price for the company. Zacks Investment Research raised New Residential Investment from a “sell” rating to a “hold” rating in a report on Thursday, April 25th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $19.30.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Penserra Capital Management LLC bought a new position in New Residential Investment during the first quarter valued at $25,000. Prime Capital Investment Advisors LLC bought a new position in New Residential Investment during the fourth quarter valued at $26,000. Trust Co. of Vermont bought a new position in New Residential Investment during the first quarter valued at $27,000. Private Capital Group LLC bought a new position in New Residential Investment during the first quarter valued at $28,000. Finally, Cedar Wealth Management LLC grew its holdings in New Residential Investment by 50.0% during the first quarter. Cedar Wealth Management LLC now owns 1,800 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 600 shares during the period. 49.25% of the stock is owned by institutional investors and hedge funds.

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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.

Further Reading: Leveraged Buyout (LBO)

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