Prudential Financial Inc. boosted its stake in New Residential Investment Corp (NYSE:NRZ) by 14.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 407,797 shares of the real estate investment trust’s stock after purchasing an additional 52,454 shares during the period. Prudential Financial Inc. owned about 0.10% of New Residential Investment worth $6,276,000 at the end of the most recent reporting period.
Other institutional investors also recently made changes to their positions in the company. Strs Ohio increased its stake in New Residential Investment by 12.8% in the 2nd quarter. Strs Ohio now owns 40,072 shares of the real estate investment trust’s stock worth $616,000 after purchasing an additional 4,538 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 worth $139,986,000 after purchasing an additional 1,174,300 shares during the period. Golden State Wealth Management LLC purchased a new position in New Residential Investment in the 1st quarter worth approximately $299,000. AE Wealth Management LLC increased its stake in New Residential Investment by 138.1% in the 2nd quarter. AE Wealth Management LLC now owns 48,681 shares of the real estate investment trust’s stock worth $749,000 after purchasing an additional 28,235 shares during the period. Finally, Advisor Group Inc. increased its stake in New Residential Investment by 30.3% in the 1st quarter. Advisor Group Inc. now owns 126,158 shares of the real estate investment trust’s stock worth $2,133,000 after purchasing an additional 29,334 shares during the period. 53.25% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE NRZ traded down $0.09 during mid-day trading on Thursday, hitting $15.02. 1,356,361 shares of the stock traded hands, compared to its average volume of 3,843,137. New Residential Investment Corp has a 52 week low of $13.63 and a 52 week high of $18.56. The company has a market cap of $6.24 billion, a price-to-earnings ratio of 6.31 and a beta of 1.10. The stock has a fifty day moving average price of $14.67 and a 200-day moving average price of $15.84.
New Residential Investment (NYSE:NRZ) last released its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $0.53 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.54 by ($0.01). New Residential Investment had a net margin of 17.24% and a return on equity of 13.22%. The firm had revenue of $188.04 million for the quarter, compared to the consensus estimate of $240.28 million. During the same quarter in the prior year, the firm earned $0.58 earnings per share. Analysts forecast that New Residential Investment Corp will post 2.15 EPS for the current fiscal year.
A number of brokerages have commented on NRZ. Wedbush reaffirmed an “outperform” rating on shares of New Residential Investment in a research note on Monday, August 19th. ValuEngine cut New Residential Investment from a “hold” rating to a “sell” rating in a research note on Tuesday, July 9th. B. Riley set a $19.00 price target on New Residential Investment and gave the stock a “buy” rating in a research note on Thursday, August 29th. BTIG Research began coverage on New Residential Investment in a research note on Friday, September 6th. They set a “buy” rating and a $18.00 target price on the stock. Finally, Zacks Investment Research cut New Residential Investment from a “hold” rating to a “sell” rating in a research note on Tuesday, September 3rd. Two analysts have rated the stock with a sell rating and six have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $18.75.
About New Residential Investment
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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