New Residential Investment Corp (NYSE:NRZ) has been assigned an average rating of “Buy” from the seven research firms that are covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $19.62.
Several analysts recently weighed in on NRZ shares. Barclays increased their price target on New Residential Investment from $19.00 to $21.00 and gave the company an “overweight” rating in a report on Wednesday, July 25th. Zacks Investment Research upgraded New Residential Investment from a “hold” rating to a “buy” rating and set a $21.00 price target on the stock in a report on Wednesday, July 25th. Finally, ValuEngine lowered New Residential Investment from a “buy” rating to a “hold” rating in a research note on Saturday, June 2nd.
In other New Residential Investment news, CEO Michael Nierenberg sold 339,177 shares of the stock in a transaction on Tuesday, June 26th. The stock was sold at an average price of $18.30, for a total value of $6,206,939.10. Following the sale, the chief executive officer now owns 2,085,352 shares in the company, valued at $38,161,941.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 4.00% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the business. Victory Capital Management Inc. increased its stake in New Residential Investment by 214.0% in the second quarter. Victory Capital Management Inc. now owns 7,292 shares of the real estate investment trust’s stock worth $128,000 after purchasing an additional 4,970 shares during the period. Signaturefd LLC increased its stake in New Residential Investment by 109.8% in the second quarter. Signaturefd LLC now owns 8,088 shares of the real estate investment trust’s stock worth $141,000 after purchasing an additional 4,233 shares during the period. Ostrum Asset Management purchased a new stake in New Residential Investment in the first quarter worth $170,000. Wesbanco Bank Inc. purchased a new stake in New Residential Investment in the second quarter worth $177,000. Finally, Hilltop Holdings Inc. purchased a new stake in New Residential Investment in the first quarter worth $179,000. Institutional investors and hedge funds own 52.45% of the company’s stock.
NYSE:NRZ opened at $18.24 on Friday. New Residential Investment has a fifty-two week low of $15.24 and a fifty-two week high of $18.75. The firm has a market cap of $6.21 billion, a P/E ratio of 6.45 and a beta of 0.93.
New Residential Investment (NYSE:NRZ) last released its quarterly earnings results on Thursday, July 26th. The real estate investment trust reported $0.58 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.54 by $0.04. New Residential Investment had a return on equity of 14.85% and a net margin of 83.31%. The company had revenue of $269.89 million for the quarter, compared to analyst estimates of $130.70 million. During the same quarter in the prior year, the firm posted $1.03 EPS. equities analysts forecast that New Residential Investment will post 2.29 earnings per share for the current fiscal year.
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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