New Residential Investment (NRZ) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research lowered shares of New Residential Investment (NYSE:NRZ) from a hold rating to a sell rating in a research report released on Saturday morning.

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. “

Separately, Credit Suisse Group restated a buy rating and set a $18.00 price objective on shares of New Residential Investment in a research report on Friday, January 4th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus price target of $19.57.

NYSE:NRZ opened at $16.82 on Friday. New Residential Investment has a twelve month low of $13.86 and a twelve month high of $18.75. The stock has a market cap of $6.89 billion, a PE ratio of 7.07, a price-to-earnings-growth ratio of 7.24 and a beta of 1.11.

New Residential Investment (NYSE:NRZ) last posted its quarterly earnings data on Tuesday, February 12th. The real estate investment trust reported $0.58 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.03. New Residential Investment had a net margin of 57.58% and a return on equity of 13.88%. The company had revenue of $266.00 million during the quarter, compared to analyst estimates of $210.42 million. During the same quarter last year, the firm posted $0.61 EPS. On average, sell-side analysts expect that New Residential Investment will post 2.3 earnings per share for the current year.

In other New Residential Investment news, CEO Michael Nierenberg acquired 60,000 shares of New Residential Investment stock in a transaction dated Friday, February 22nd. The stock was bought at an average price of $16.50 per share, for a total transaction of $990,000.00. Following the transaction, the chief executive officer now owns 995,352 shares in the company, valued at approximately $16,423,308. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.93% of the company’s stock.

Several large investors have recently bought and sold shares of the company. Geode Capital Management LLC lifted its stake in New Residential Investment by 14.3% during the fourth quarter. Geode Capital Management LLC now owns 4,380,624 shares of the real estate investment trust’s stock valued at $62,408,000 after buying an additional 549,115 shares in the last quarter. Belpointe Asset Management LLC lifted its stake in New Residential Investment by 6.8% during the fourth quarter. Belpointe Asset Management LLC now owns 32,930 shares of the real estate investment trust’s stock valued at $468,000 after buying an additional 2,100 shares in the last quarter. Norges Bank purchased a new stake in New Residential Investment during the fourth quarter valued at about $50,412,000. Aspire Private Capital LLC purchased a new stake in New Residential Investment during the fourth quarter valued at about $118,000. Finally, Corundum Group Inc. purchased a new stake in New Residential Investment during the fourth quarter valued at about $185,000. Institutional investors own 58.03% 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 Related Assets, Residential Securities and Loans, and Other Investments 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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