Wells Fargo & Company MN cut its position in New Residential Investment Corp (NYSE:NRZ) by 7.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,519,317 shares of the real estate investment trust’s stock after selling 123,397 shares during the period. Wells Fargo & Company MN owned approximately 0.37% of New Residential Investment worth $7,612,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Bank of New York Mellon Corp increased its holdings in shares of New Residential Investment by 0.9% in the fourth quarter. Bank of New York Mellon Corp now owns 3,274,288 shares of the real estate investment trust’s stock valued at $52,749,000 after purchasing an additional 29,269 shares during the period. Norges Bank acquired a new position in shares of New Residential Investment in the fourth quarter valued at about $63,713,000. Blair William & Co. IL increased its holdings in shares of New Residential Investment by 101.6% in the fourth quarter. Blair William & Co. IL now owns 52,850 shares of the real estate investment trust’s stock valued at $851,000 after purchasing an additional 26,637 shares during the period. Comerica Bank increased its holdings in shares of New Residential Investment by 7.7% in the fourth quarter. Comerica Bank now owns 16,252 shares of the real estate investment trust’s stock valued at $273,000 after purchasing an additional 1,161 shares during the period. Finally, Amalgamated Bank increased its holdings in shares of New Residential Investment by 11.3% in the fourth quarter. Amalgamated Bank now owns 91,344 shares of the real estate investment trust’s stock valued at $1,472,000 after purchasing an additional 9,269 shares during the period. 43.67% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director Andrew Sloves bought 3,600 shares of the firm’s stock in a transaction dated Friday, May 29th. The shares were acquired at an average price of $7.42 per share, for a total transaction of $26,712.00. Following the completion of the transaction, the director now directly owns 62,743 shares in the company, valued at approximately $465,553.06. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.68% of the company’s stock.
A number of research analysts have recently weighed in on NRZ shares. B. Riley reissued a “buy” rating and issued a $9.00 price objective on shares of New Residential Investment in a report on Tuesday, June 23rd. BTIG Research dropped their target price on New Residential Investment from $18.00 to $10.50 in a report on Thursday, April 2nd. ValuEngine raised New Residential Investment from a “strong sell” rating to a “sell” rating in a report on Friday, May 1st. Zacks Investment Research raised New Residential Investment from a “strong sell” rating to a “buy” rating and set a $9.50 target price on the stock in a report on Tuesday, June 9th. Finally, JMP Securities dropped their target price on New Residential Investment from $17.00 to $9.50 and set an “outperform” rating on the stock in a report on Friday, June 12th. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $13.00.
NYSE NRZ opened at $7.41 on Tuesday. The company has a market cap of $2.87 billion, a PE ratio of -2.56 and a beta of 1.84. The stock’s 50 day simple moving average is $7.27 and its 200-day simple moving average is $11.24. New Residential Investment Corp has a 1-year low of $2.91 and a 1-year high of $17.66.
New Residential Investment (NYSE:NRZ) last released its earnings results on Tuesday, May 5th. The real estate investment trust reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.25. The business had revenue of $185.52 million for the quarter, compared to the consensus estimate of $215.46 million. New Residential Investment had a positive return on equity of 14.32% and a negative net margin of 67.84%. During the same quarter last year, the business posted $0.53 earnings per share. Research analysts forecast that New Residential Investment Corp will post 1.22 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Thursday, July 2nd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 5.40%. The ex-dividend date is Wednesday, July 1st. This is an increase from New Residential Investment’s previous quarterly dividend of $0.05. New Residential Investment’s dividend payout ratio (DPR) is 9.22%.
New Residential Investment 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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