New Residential Investment (NYSE:NRZ) Rating Increased to Hold at Zacks Investment Research

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Zacks Investment Research upgraded shares of New Residential Investment (NYSE:NRZ) from a sell rating to a hold rating in a research report released on Tuesday morning, Zacks.com reports.

According to Zacks, “New Residential Investment Corp. is a real estate investment trust. It focuses on investing in, and actively managing, investments related to residential real estate. The Company primarily target investments in excess mortgage servicing rights, residential mortgage backed securities, residential mortgage loans and other related investments. New Residential Investment Corp. is based in New York. “

Several other brokerages have also recently commented on NRZ. Piper Jaffray Companies cut New Residential Investment from an overweight rating to a neutral rating and set a $16.00 target price for the company. in a research report on Thursday, November 14th. Argus started coverage on New Residential Investment in a research report on Tuesday, December 31st. They issued a buy rating and a $18.00 target price for the company. Compass Point started coverage on New Residential Investment in a research report on Monday, December 2nd. They issued a buy rating and a $19.00 target price for the company. Finally, B. Riley reaffirmed a buy rating on shares of New Residential Investment in a research report on Monday, January 13th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. New Residential Investment presently has an average rating of Buy and a consensus price target of $18.36.

NRZ opened at $17.63 on Tuesday. The firm has a market cap of $7.33 billion, a PE ratio of 13.16 and a beta of 1.09. The business has a fifty day simple moving average of $16.67 and a 200-day simple moving average of $15.64. New Residential Investment has a fifty-two week low of $13.63 and a fifty-two week high of $17.63.

New Residential Investment (NYSE:NRZ) last issued its earnings results on Thursday, February 6th. The real estate investment trust reported $0.61 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.52 by $0.09. The business had revenue of $216.08 million during the quarter, compared to analysts’ expectations of $241.88 million. New Residential Investment had a return on equity of 13.14% and a net margin of 31.89%. During the same quarter last year, the firm posted $0.58 earnings per share. On average, equities research analysts expect that New Residential Investment will post 2.05 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st were given a $0.50 dividend. The ex-dividend date was Monday, December 30th. This represents a $2.00 annualized dividend and a dividend yield of 11.34%. New Residential Investment’s dividend payout ratio (DPR) is presently 92.17%.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NRZ. Metropolitan Life Insurance Co NY boosted its position in New Residential Investment by 9.3% during the first quarter. Metropolitan Life Insurance Co NY now owns 9,747 shares of the real estate investment trust’s stock valued at $164,000 after purchasing an additional 828 shares during the last quarter. FMR LLC boosted its position in New Residential Investment by 62.2% during the first quarter. FMR LLC now owns 779,914 shares of the real estate investment trust’s stock valued at $13,189,000 after purchasing an additional 299,097 shares during the last quarter. Amundi Pioneer Asset Management Inc. boosted its position in New Residential Investment by 50.8% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 250,386 shares of the real estate investment trust’s stock valued at $4,234,000 after purchasing an additional 84,355 shares during the last quarter. BlackRock Inc. boosted its position in New Residential Investment by 3.9% during the second quarter. BlackRock Inc. now owns 25,928,104 shares of the real estate investment trust’s stock valued at $399,033,000 after purchasing an additional 983,142 shares during the last quarter. Finally, Macquarie Group Ltd. boosted its position in New Residential Investment by 114.5% during the second quarter. Macquarie Group Ltd. now owns 24,574 shares of the real estate investment trust’s stock valued at $378,000 after purchasing an additional 13,118 shares during the last quarter. 51.11% of the stock is owned by hedge funds and other institutional investors.

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 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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Analyst Recommendations for New Residential Investment (NYSE:NRZ)

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