Analysts Anticipate New Residential Investment Corp (NYSE:NRZ) Will Post Quarterly Sales of $236.92 Million

Brokerages expect New Residential Investment Corp (NYSE:NRZ) to announce sales of $236.92 million for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for New Residential Investment’s earnings, with estimates ranging from $204.70 million to $271.00 million. New Residential Investment posted sales of $262.72 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 9.8%. The business is expected to announce its next earnings results on Thursday, October 24th.

On average, analysts expect that New Residential Investment will report full year sales of $912.94 million for the current fiscal year, with estimates ranging from $842.40 million to $1.01 billion. For the next year, analysts forecast that the company will report sales of $944.49 million, with estimates ranging from $767.00 million to $1.10 billion. Zacks Investment Research’s sales averages 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 released its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $0.53 earnings per share for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.01). New Residential Investment had a return on equity of 13.22% and a net margin of 17.24%. The company had revenue of $188.04 million for the quarter, compared to analyst estimates of $240.28 million. During the same period in the previous year, the business posted $0.58 EPS.

A number of analysts have weighed in on NRZ shares. B. Riley set a $19.00 price objective on shares of New Residential Investment and gave the stock a “buy” rating in a report on Thursday, August 29th. Wedbush reissued an “outperform” rating on shares of New Residential Investment in a report on Monday, August 19th. BTIG Research started coverage on shares of New Residential Investment in a report on Friday, September 6th. They set a “buy” rating and a $18.00 price objective on the stock. ValuEngine cut shares of New Residential Investment from a “hold” rating to a “sell” rating in a report on Tuesday, July 9th. Finally, Zacks Investment Research cut shares of New Residential Investment from a “hold” rating to a “sell” rating in a report on Tuesday, September 3rd. Two investment analysts have rated the stock with a sell rating and six have issued a buy rating to the company. New Residential Investment has an average rating of “Buy” and an average target price of $18.75.

NRZ stock traded up $0.13 during midday trading on Tuesday, reaching $15.11. 2,836,166 shares of the company were exchanged, compared to its average volume of 3,831,159. New Residential Investment has a 1-year low of $13.63 and a 1-year high of $18.37. The stock’s 50-day simple moving average is $14.67 and its 200 day simple moving average is $15.84. The company has a market cap of $6.26 billion, a price-to-earnings ratio of 6.35 and a beta of 1.10.

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of New Residential Investment by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 37,929,329 shares of the real estate investment trust’s stock valued at $583,732,000 after acquiring an additional 525,425 shares during the period. BlackRock Inc. increased its holdings in shares of New Residential Investment by 3.9% in the 2nd quarter. BlackRock Inc. now owns 25,928,104 shares of the real estate investment trust’s stock valued at $399,033,000 after acquiring an additional 983,142 shares during the period. State Treasurer State of Michigan increased its stake in New Residential Investment by 41.9% in the 1st quarter. State Treasurer State of Michigan now owns 10,154,734 shares of the real estate investment trust’s stock valued at $171,717,000 after buying an additional 3,000,000 shares during the period. Vaughan Nelson Investment Management L.P. increased its stake in New Residential Investment by 16.5% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 8,278,265 shares of the real estate investment trust’s stock valued at $139,986,000 after buying an additional 1,174,300 shares during the period. Finally, UBS Group AG increased its stake in New Residential Investment by 20.2% in the 2nd quarter. UBS Group AG now owns 5,893,173 shares of the real estate investment trust’s stock valued at $90,696,000 after buying an additional 989,905 shares during the period. 53.25% of the stock is currently owned by institutional investors and hedge funds.

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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Earnings History and Estimates for New Residential Investment (NYSE:NRZ)

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