New Residential Investment (NRZ) Upgraded to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of New Residential Investment (NYSE:NRZ) from a hold rating to a buy rating in a research report sent to investors on Friday. Zacks Investment Research currently has $20.00 price target on the real estate investment trust’s stock.

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. “

Other equities analysts have also recently issued research reports about the stock. Raymond James initiated coverage on shares of New Residential Investment in a research report on Friday, October 5th. They issued an outperform rating and a $20.00 target price on the stock. Barclays lifted their target price on shares of New Residential Investment from $19.00 to $21.00 and gave the stock an overweight rating in a research report on Wednesday, July 25th. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of Buy and an average target price of $19.73.



NYSE:NRZ traded down $0.49 during trading hours on Friday, reaching $17.46. The company’s stock had a trading volume of 4,687,430 shares, compared to its average volume of 2,905,463. The stock has a market cap of $6.10 billion, a PE ratio of 6.17 and a beta of 0.92. New Residential Investment has a 1 year low of $15.24 and a 1 year high of $18.75.

New Residential Investment (NYSE:NRZ) last issued its earnings results on Thursday, October 25th. The real estate investment trust reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.09. The company had revenue of $262.72 million for the quarter, compared to analysts’ expectations of $231.40 million. New Residential Investment had a net margin of 79.22% and a return on equity of 14.61%. On average, equities research analysts predict that New Residential Investment will post 2.29 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 26th. Shareholders of record on Monday, October 1st were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 11.45%. The ex-dividend date was Friday, September 28th. New Residential Investment’s payout ratio is 70.67%.

Several hedge funds have recently added to or reduced their stakes in NRZ. State Treasurer State of Michigan boosted its stake in shares of New Residential Investment by 362.1% during the 3rd quarter. State Treasurer State of Michigan now owns 3,096,176 shares of the real estate investment trust’s stock valued at $55,174,000 after purchasing an additional 2,426,176 shares in the last quarter. Mackay Shields LLC boosted its stake in shares of New Residential Investment by 872.7% during the 2nd quarter. Mackay Shields LLC now owns 934,048 shares of the real estate investment trust’s stock valued at $16,337,000 after purchasing an additional 838,024 shares in the last quarter. Bank of America Corp DE boosted its stake in shares of New Residential Investment by 8.4% during the 2nd quarter. Bank of America Corp DE now owns 8,681,087 shares of the real estate investment trust’s stock valued at $151,833,000 after purchasing an additional 673,770 shares in the last quarter. Bank of Montreal Can boosted its stake in shares of New Residential Investment by 50.8% during the 3rd quarter. Bank of Montreal Can now owns 1,741,200 shares of the real estate investment trust’s stock valued at $31,028,000 after purchasing an additional 586,919 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of New Residential Investment by 29.0% during the 2nd quarter. Renaissance Technologies LLC now owns 2,494,105 shares of the real estate investment trust’s stock valued at $43,622,000 after purchasing an additional 560,895 shares in the last quarter. Hedge funds and other institutional investors own 52.63% of the company’s stock.

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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