New Residential Investment (NYSE:NRZ) was upgraded by stock analysts at Wedbush from a “neutral” rating to an “outperform” rating in a research note issued to investors on Thursday, MarketBeat.com reports. The brokerage presently has a $20.00 price target on the real estate investment trust’s stock. Wedbush’s target price indicates a potential upside of 16.01% from the stock’s previous close. Wedbush also issued estimates for New Residential Investment’s FY2017 earnings at $2.73 EPS, Q1 2018 earnings at $0.55 EPS, Q2 2018 earnings at $0.53 EPS, Q3 2018 earnings at $0.52 EPS, Q4 2018 earnings at $0.51 EPS and FY2018 earnings at $2.12 EPS.
A number of other research analysts also recently weighed in on NRZ. Vetr upgraded shares of New Residential Investment from a “hold” rating to a “buy” rating and set a $17.72 price objective on the stock in a research report on Monday, October 2nd. ValuEngine upgraded shares of New Residential Investment from a “buy” rating to a “strong-buy” rating in a research report on Monday, October 2nd. FBR & Co reaffirmed a “buy” rating and set a $17.50 target price on shares of New Residential Investment in a report on Monday, October 9th. Barclays upped their target price on shares of New Residential Investment from $16.00 to $19.00 and gave the company an “overweight” rating in a report on Tuesday, October 24th. Finally, B. Riley reaffirmed a “buy” rating on shares of New Residential Investment in a report on Wednesday, November 1st. One research analyst has rated the stock with a sell rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $18.53.
Shares of New Residential Investment (NYSE:NRZ) traded up $0.11 during trading on Thursday, reaching $17.24. 8,335,630 shares of the company were exchanged, compared to its average volume of 3,480,000. The company has a market capitalization of $5,300.00, a P/E ratio of 5.58, a price-to-earnings-growth ratio of 7.91 and a beta of 1.02. New Residential Investment has a 12 month low of $15.03 and a 12 month high of $18.43.
New Residential Investment (NYSE:NRZ) last issued its quarterly earnings data on Friday, October 27th. The real estate investment trust reported $0.64 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.56 by $0.08. The company had revenue of $331.38 million for the quarter, compared to the consensus estimate of $291.66 million. New Residential Investment had a net margin of 60.06% and a return on equity of 19.38%. The firm’s revenue for the quarter was up 72.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.51 earnings per share. analysts predict that New Residential Investment will post 2.73 EPS for the current year.
A number of hedge funds have recently made changes to their positions in NRZ. Bank of Montreal Can increased its holdings in New Residential Investment by 535.6% during the fourth quarter. Bank of Montreal Can now owns 2,640,397 shares of the real estate investment trust’s stock valued at $47,210,000 after buying an additional 2,225,000 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in New Residential Investment by 211.2% during the second quarter. Goldman Sachs Group Inc. now owns 2,147,579 shares of the real estate investment trust’s stock valued at $33,416,000 after buying an additional 1,457,525 shares during the last quarter. Yorktown Management & Research Co Inc purchased a new stake in shares of New Residential Investment in the third quarter worth $20,913,000. Samlyn Capital LLC purchased a new stake in shares of New Residential Investment in the second quarter worth $12,201,000. Finally, Assetmark Inc. increased its stake in shares of New Residential Investment by 11,974.7% in the third quarter. Assetmark Inc. now owns 693,815 shares of the real estate investment trust’s stock worth $11,608,000 after purchasing an additional 688,069 shares in the last quarter. 48.55% of the stock is 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.