New Residential Investment Corp (NYSE:NRZ) Expected to Post Quarterly Sales of $240.28 Million

Equities research analysts forecast that New Residential Investment Corp (NYSE:NRZ) will report sales of $240.28 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for New Residential Investment’s earnings, with estimates ranging from $216.33 million to $255.50 million. New Residential Investment posted sales of $269.89 million during the same quarter last year, which suggests a negative year over year growth rate of 11%. The company is scheduled to report its next quarterly earnings report on Thursday, July 25th.

On average, analysts expect that New Residential Investment will report full-year sales of $957.36 million for the current year, with estimates ranging from $883.27 million to $1.01 billion. For the next fiscal year, analysts anticipate that the company will post sales of $996.08 million, with estimates ranging from $870.54 million to $1.10 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for New Residential Investment.

New Residential Investment (NYSE:NRZ) last posted its earnings results 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. The company had revenue of $423.08 million for the quarter, compared to analyst estimates of $403.45 million. New Residential Investment had a net margin of 29.22% and a return on equity of 13.39%. New Residential Investment’s revenue was up 62.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.58 EPS.

Several equities analysts have weighed in on the stock. Zacks Investment Research upgraded shares of New Residential Investment from a “sell” rating to a “hold” rating in a report on Thursday, April 4th. Nomura initiated coverage on shares of New Residential Investment in a report on Wednesday, March 27th. They issued a “buy” rating and a $18.50 target price on the stock. One equities research analyst has 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 an average price target of $19.30.

NYSE:NRZ traded down $0.09 on Tuesday, hitting $15.46. The stock had a trading volume of 2,423,655 shares, compared to its average volume of 3,452,991. The firm has a market capitalization of $6.42 billion, a price-to-earnings ratio of 6.50 and a beta of 1.12. New Residential Investment has a 1-year low of $13.86 and a 1-year high of $18.75.

In related news, Director Andrew Sloves acquired 1,800 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The shares were purchased at an average cost of $16.65 per share, for a total transaction of $29,970.00. Following the acquisition, the director now owns 29,481 shares in the company, valued at approximately $490,858.65. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director David Saltzman acquired 14,174 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was bought at an average price of $16.66 per share, for a total transaction of $236,138.84. Following the completion of the acquisition, the director now owns 38,887 shares in the company, valued at approximately $647,857.42. The disclosure for this purchase can be found here. Corporate insiders own 0.47% of the company’s stock.

Several hedge funds have recently modified their holdings of NRZ. JPMorgan Chase & Co. increased its holdings in New Residential Investment by 607.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 160,945 shares of the real estate investment trust’s stock worth $2,867,000 after purchasing an additional 138,188 shares in the last quarter. Vanguard Group Inc increased its holdings in New Residential Investment by 2.7% in the 3rd quarter. Vanguard Group Inc now owns 29,420,296 shares of the real estate investment trust’s stock worth $524,269,000 after purchasing an additional 777,682 shares in the last quarter. D.A. Davidson & CO. acquired a new position in New Residential Investment in the 4th quarter worth about $184,000. Xact Kapitalforvaltning AB increased its holdings in New Residential Investment by 25.0% in the 4th quarter. Xact Kapitalforvaltning AB now owns 53,994 shares of the real estate investment trust’s stock worth $767,000 after purchasing an additional 10,800 shares in the last quarter. Finally, Rhumbline Advisers increased its holdings in New Residential Investment by 11.6% in the 4th quarter. Rhumbline Advisers now owns 338,163 shares of the real estate investment trust’s stock worth $4,805,000 after purchasing an additional 35,199 shares in the last quarter. Hedge funds and other institutional investors own 53.44% of the company’s stock.

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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