New Residential Investment Corp. (NYSE:NRZ)’s share price gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $17.35, but opened at $17.00. New Residential Investment Corp. shares last traded at $17.05, with a volume of 3,031,669 shares traded.
The real estate investment trust reported $1.03 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.48. New Residential Investment Corp. had a return on equity of 19.02% and a net margin of 55.85%. The business had revenue of $356.80 million for the quarter, compared to analyst estimates of $202.40 million. During the same period last year, the company earned $0.52 EPS.
The business also recently declared a quarterly dividend, which was paid on Friday, July 28th. Stockholders of record on Monday, July 3rd were given a $0.50 dividend. This is a positive change from New Residential Investment Corp.’s previous quarterly dividend of $0.48. This represents a $2.00 annualized dividend and a dividend yield of 12.08%. The ex-dividend date was Thursday, June 29th. New Residential Investment Corp.’s dividend payout ratio (DPR) is currently 72.20%.
NRZ has been the topic of several recent analyst reports. ValuEngine lowered New Residential Investment Corp. from a “strong-buy” rating to a “buy” rating in a report on Friday, June 30th. Zacks Investment Research lowered New Residential Investment Corp. from a “buy” rating to a “sell” rating in a report on Wednesday, July 5th. FBR & Co reiterated an “outperform” rating and set a $17.50 target price on shares of New Residential Investment Corp. in a report on Sunday, April 23rd. BidaskClub downgraded New Residential Investment Corp. from a “buy” rating to a “hold” rating in a research note on Thursday, June 29th. Finally, Vetr downgraded New Residential Investment Corp. from a “buy” rating to a “hold” rating and set a $17.58 price target on the stock. in a research note on Monday, May 1st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $16.62.
Several hedge funds have recently added to or reduced their stakes in NRZ. IFP Advisors Inc increased its stake in New Residential Investment Corp. by 35.6% in the first quarter. IFP Advisors Inc now owns 6,565 shares of the real estate investment trust’s stock worth $111,000 after buying an additional 1,724 shares in the last quarter. Penserra Capital Management LLC increased its stake in New Residential Investment Corp. by 8.4% in the second quarter. Penserra Capital Management LLC now owns 7,631 shares of the real estate investment trust’s stock worth $118,000 after buying an additional 593 shares in the last quarter. Public Employees Retirement Association of Colorado bought a new stake in New Residential Investment Corp. during the second quarter worth about $150,000. Acrospire Investment Management LLC increased its stake in New Residential Investment Corp. by 94.3% in the first quarter. Acrospire Investment Management LLC now owns 8,897 shares of the real estate investment trust’s stock worth $151,000 after buying an additional 4,317 shares in the last quarter. Finally, James Investment Research Inc. bought a new stake in New Residential Investment Corp. during the first quarter worth about $153,000. 55.01% of the stock is currently owned by institutional investors and hedge funds.
The company has a market cap of $5.09 billion, a price-to-earnings ratio of 5.88 and a beta of 1.02. The stock’s 50 day moving average price is $16.15 and its 200-day moving average price is $16.45.
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New Residential Investment Corp. Company Profile
New Residential Investment Corp. is a real estate investment trust (REIT). The Company focuses on investing in, and managing, investments related to residential real estate. The Company’s segments include investments in excess mortgage servicing rights (Excess MSRs); investments in mortgage servicing rights (MSRs); investments in servicer advances; investments in real estate securities; investments in residential mortgage loans; investments in consumer loans, and corporate.
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