New Residential Investment (NRZ) Lowered to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of New Residential Investment (NYSE:NRZ) from a hold rating to a sell rating in a research note published on Wednesday.

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. “

Other equities analysts also recently issued research reports about the stock. B. Riley reiterated a buy rating and issued a $19.25 price target on shares of New Residential Investment in a report on Wednesday, November 29th. FBR & Co reiterated a buy rating and issued a $19.25 price target on shares of New Residential Investment in a report on Monday, October 30th. Vetr upgraded shares of New Residential Investment from a hold rating to a buy rating and set a $17.75 price target on the stock in a report on Thursday, October 26th. ValuEngine downgraded shares of New Residential Investment from a strong-buy rating to a buy rating in a report on Friday, September 15th. Finally, Keefe, Bruyette & Woods reiterated a buy rating and issued a $18.00 price target on shares of New Residential Investment in a report on Thursday, September 14th. One analyst has rated the stock with a sell rating, one has issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. New Residential Investment presently has an average rating of Buy and an average price target of $18.09.

Shares of New Residential Investment (NYSE NRZ) traded up $0.29 during trading hours on Wednesday, reaching $17.72. 2,761,982 shares of the company traded hands, compared to its average volume of 2,220,000. New Residential Investment has a one year low of $15.03 and a one year high of $18.43. The firm has a market cap of $5,450.00, a P/E ratio of 5.73, a PEG ratio of 8.04 and a beta of 1.02.

New Residential Investment (NYSE:NRZ) last issued its quarterly earnings results on Friday, October 27th. The real estate investment trust reported $0.64 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.56 by $0.08. New Residential Investment had a net margin of 60.06% and a return on equity of 19.38%. The company had revenue of $331.38 million for the quarter, compared to the consensus estimate of $291.66 million. During the same quarter in the prior year, the company earned $0.51 EPS. New Residential Investment’s quarterly revenue was up 72.1% on a year-over-year basis. sell-side analysts anticipate that New Residential Investment will post 2.68 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 30th. Stockholders of record on Friday, December 29th will be paid a dividend of $0.50 per share. The ex-dividend date is Thursday, December 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 11.29%. New Residential Investment’s payout ratio is 64.72%.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp grew its stake in shares of New Residential Investment by 1.2% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,872,643 shares of the real estate investment trust’s stock worth $48,058,000 after purchasing an additional 32,892 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of New Residential Investment by 211.2% during the 2nd quarter. Goldman Sachs Group Inc. now owns 2,147,579 shares of the real estate investment trust’s stock worth $33,416,000 after purchasing an additional 1,457,525 shares during the period. Schwab Charles Investment Management Inc. grew its stake in shares of New Residential Investment by 41.9% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 1,734,966 shares of the real estate investment trust’s stock worth $29,026,000 after purchasing an additional 512,474 shares during the period. First Trust Advisors LP grew its stake in shares of New Residential Investment by 56.0% during the 3rd quarter. First Trust Advisors LP now owns 1,346,443 shares of the real estate investment trust’s stock worth $22,526,000 after purchasing an additional 483,316 shares during the period. Finally, Yorktown Management & Research Co Inc acquired a new stake in shares of New Residential Investment during the 3rd quarter worth approximately $20,913,000. 48.49% of the stock is currently owned by institutional investors and hedge funds.

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About New Residential Investment

New Residential Investment Corp. is a real estate investment trust (REIT). The Company focuses on investing in, and managing, investments related to residential real estate. The Company’s segments include investments in excess mortgage servicing rights (Excess MSRs); investments in mortgage servicing rights (MSRs); investments in servicer advances; investments in real estate securities; investments in residential mortgage loans; investments in consumer loans, and corporate.

Analyst Recommendations for New Residential Investment (NYSE:NRZ)

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