New Residential Investment Corp (NRZ) Receives $18.87 Average Target Price from Brokerages

Shares of New Residential Investment Corp (NYSE:NRZ) have been given an average recommendation of “Buy” by the ten analysts that are presently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $18.87.

Several equities research analysts recently commented on NRZ shares. Vetr raised shares of New Residential Investment from a “buy” rating to a “strong-buy” rating and set a $18.86 price objective on the stock in a research note on Friday, March 23rd. Zacks Investment Research raised shares of New Residential Investment from a “hold” rating to a “strong-buy” rating and set a $20.00 price objective on the stock in a research note on Friday, May 4th. Finally, ValuEngine lowered shares of New Residential Investment from a “buy” rating to a “hold” rating in a research note on Saturday, June 2nd.

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NYSE:NRZ traded up $0.15 during mid-day trading on Tuesday, hitting $18.19. 25,997 shares of the company’s stock were exchanged, compared to its average volume of 2,898,602. New Residential Investment has a one year low of $15.04 and a one year high of $18.74. The firm has a market capitalization of $6.06 billion, a P/E ratio of 6.43 and a beta of 0.90.

New Residential Investment (NYSE:NRZ) last posted its quarterly earnings data on Friday, April 27th. The real estate investment trust reported $0.58 EPS for the quarter, topping the consensus estimate of $0.55 by $0.03. New Residential Investment had a net margin of 89.43% and a return on equity of 18.15%. The business had revenue of $259.19 million for the quarter, compared to analyst estimates of $185.89 million. During the same quarter in the previous year, the firm posted $0.54 earnings per share. analysts anticipate that New Residential Investment will post 2.2 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, July 27th. Shareholders of record on Monday, July 2nd will be issued a $0.50 dividend. The ex-dividend date of this dividend is Friday, June 29th. This represents a $2.00 annualized dividend and a yield of 11.00%. New Residential Investment’s dividend payout ratio (DPR) is presently 70.67%.

In other New Residential Investment news, CEO Michael Nierenberg sold 339,177 shares of New Residential Investment stock in a transaction dated Tuesday, June 26th. The shares were sold at an average price of $18.30, for a total value of $6,206,939.10. Following the completion of the transaction, the chief executive officer now directly owns 2,085,352 shares of the company’s stock, valued at $38,161,941.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 4.00% of the stock is currently owned by insiders.

Institutional investors have recently modified their holdings of the business. American International Group Inc. purchased a new position in New Residential Investment in the fourth quarter worth about $115,000. Migdal Insurance & Financial Holdings Ltd. purchased a new position in New Residential Investment in the first quarter worth about $106,000. Glassman Wealth Services purchased a new position in New Residential Investment in the first quarter worth about $111,000. Bronfman E.L. Rothschild L.P. purchased a new position in New Residential Investment in the first quarter worth about $158,000. Finally, Ostrum Asset Management purchased a new position in New Residential Investment in the first quarter worth about $170,000. 53.27% of the stock is owned by institutional investors and hedge funds.

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.