New Residential Investment (NYSE:NRZ) Rating Increased to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of New Residential Investment (NYSE:NRZ) from a sell rating to a hold rating in a report issued on Tuesday, Zacks.com reports.

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. “

NRZ has been the subject of a number of other research reports. B. Riley reissued a buy rating on shares of New Residential Investment in a report on Monday, January 13th. Compass Point started coverage on New Residential Investment in a report on Monday, December 2nd. They issued a buy rating and a $19.00 price target for the company. Argus started coverage on New Residential Investment in a report on Tuesday, December 31st. They issued a buy rating and a $18.00 price target for the company. Finally, Piper Jaffray Companies downgraded New Residential Investment from an overweight rating to a neutral rating and set a $16.00 price target for the company. in a report on Thursday, November 14th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. New Residential Investment presently has a consensus rating of Buy and a consensus price target of $18.36.

Shares of NYSE:NRZ opened at $17.63 on Tuesday. The firm has a market capitalization of $7.33 billion, a PE ratio of 13.16 and a beta of 1.09. The business has a 50-day moving average of $16.67 and a two-hundred day moving average of $15.64. New Residential Investment has a 12 month low of $13.63 and a 12 month high of $17.63.

New Residential Investment (NYSE:NRZ) last posted its earnings results on Thursday, February 6th. The real estate investment trust reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.09. New Residential Investment had a return on equity of 13.14% and a net margin of 31.89%. The business had revenue of $216.08 million during the quarter, compared to analyst estimates of $241.88 million. During the same quarter last year, the firm earned $0.58 earnings per share. As a group, research analysts predict that New Residential Investment will post 2.05 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 11.34%. The ex-dividend date was Monday, December 30th. New Residential Investment’s dividend payout ratio is presently 92.17%.

Large investors have recently added to or reduced their stakes in the business. State Street Corp raised its position in shares of New Residential Investment by 3.0% during the 3rd quarter. State Street Corp now owns 5,659,108 shares of the real estate investment trust’s stock worth $88,735,000 after purchasing an additional 164,353 shares during the period. Catalyst Capital Advisors LLC raised its position in shares of New Residential Investment by 63.4% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 11,910 shares of the real estate investment trust’s stock worth $186,000 after purchasing an additional 4,620 shares during the period. Russell Investments Group Ltd. raised its position in shares of New Residential Investment by 1.3% during the 3rd quarter. Russell Investments Group Ltd. now owns 333,998 shares of the real estate investment trust’s stock worth $5,236,000 after purchasing an additional 4,174 shares during the period. Bristlecone Advisors LLC acquired a new stake in shares of New Residential Investment during the 4th quarter worth approximately $212,000. Finally, Wellington Shields Capital Management LLC raised its position in shares of New Residential Investment by 2.3% during the 3rd quarter. Wellington Shields Capital Management LLC now owns 67,850 shares of the real estate investment trust’s stock worth $1,064,000 after purchasing an additional 1,500 shares during the period. 51.11% of the stock is currently owned by institutional investors.

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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