New Residential Investment Corp (NYSE:NRZ) – Investment analysts at Piper Jaffray Companies reduced their Q3 2019 earnings per share estimates for shares of New Residential Investment in a report released on Tuesday, May 14th. Piper Jaffray Companies analyst K. Barker now expects that the real estate investment trust will post earnings per share of $0.58 for the quarter, down from their prior estimate of $0.59. Piper Jaffray Companies also issued estimates for New Residential Investment’s Q4 2019 earnings at $0.55 EPS.
NRZ has been the topic of several other reports. Zacks Investment Research lowered shares of New Residential Investment from a “hold” rating to a “sell” rating in a research report on Saturday, March 16th. Nomura started coverage on shares of New Residential Investment in a research report on Wednesday, March 27th. They issued a “buy” rating and a $18.50 price target on the stock. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $19.30.
NRZ stock opened at $16.62 on Friday. The company has a market capitalization of $6.93 billion, a PE ratio of 6.98 and a beta of 1.09. New Residential Investment has a 12 month low of $13.86 and a 12 month high of $18.75.
New Residential Investment (NYSE:NRZ) last issued its earnings results on Wednesday, May 1st. The real estate investment trust reported $0.53 earnings per share for the quarter, hitting 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%. The firm’s revenue for the quarter was up 62.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.58 earnings per share.
Several hedge funds have recently added to or reduced their stakes in NRZ. Squarepoint Ops LLC purchased a new position in New Residential Investment during the fourth quarter worth approximately $677,000. Utah Retirement Systems lifted its position in New Residential Investment by 7.5% during the 4th quarter. Utah Retirement Systems now owns 67,446 shares of the real estate investment trust’s stock worth $959,000 after buying an additional 4,700 shares in the last quarter. Stratos Wealth Partners LTD. lifted its position in New Residential Investment by 8.9% during the 4th quarter. Stratos Wealth Partners LTD. now owns 20,390 shares of the real estate investment trust’s stock worth $290,000 after buying an additional 1,667 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in New Residential Investment by 9.3% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 906,086 shares of the real estate investment trust’s stock worth $12,875,000 after buying an additional 77,040 shares in the last quarter. Finally, Prime Capital Investment Advisors LLC acquired a new position in New Residential Investment during the 4th quarter worth about $26,000. Institutional investors and hedge funds own 49.25% of the company’s stock.
In other New Residential Investment news, CEO Michael Nierenberg purchased 60,000 shares of the stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 995,352 shares of the company’s stock, valued at $16,423,308. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director David Saltzman purchased 14,174 shares of the stock in a transaction dated Friday, May 3rd. The stock was acquired at an average price of $16.66 per share, for a total transaction of $236,138.84. Following the completion of the transaction, the director now directly owns 38,887 shares of the company’s stock, valued at $647,857.42. The disclosure for this purchase can be found here. Insiders bought 75,974 shares of company stock worth $1,256,109 over the last quarter. Company insiders own 0.47% of the company’s stock.
The firm also recently declared a quarterly dividend, which was paid on Friday, April 26th. Stockholders of record on Thursday, April 4th were given a $0.50 dividend. The ex-dividend date was Wednesday, April 3rd. This represents a $2.00 annualized dividend and a dividend yield of 12.03%. New Residential Investment’s dividend payout ratio is presently 84.03%.
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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