New Residential Investment (NYSE:NRZ) Upgraded to Hold by Zacks Investment Research

Zacks Investment Research upgraded shares of New Residential Investment (NYSE:NRZ) from a sell rating to a hold rating in a research note 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. “

Other equities analysts also recently issued research reports about the stock. B. Riley set a $19.00 price target on shares of New Residential Investment and gave the company a buy rating in a report on Thursday, August 29th. Piper Jaffray Companies lowered their price target on shares of New Residential Investment from $18.00 to $16.00 and set an overweight rating on the stock in a report on Friday, October 4th. Wedbush reaffirmed an outperform rating on shares of New Residential Investment in a report on Monday, August 19th. ValuEngine raised shares of New Residential Investment from a sell rating to a hold rating in a report on Wednesday, October 2nd. Finally, BTIG Research began coverage on shares of New Residential Investment in a report on Friday, September 6th. They set a buy rating and a $18.00 price target on the stock. Two analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company has a consensus rating of Buy and a consensus price target of $18.08.

Shares of NYSE:NRZ opened at $15.40 on Tuesday. New Residential Investment has a 1-year low of $13.63 and a 1-year high of $18.08. The company has a market capitalization of $6.40 billion, a P/E ratio of 6.47 and a beta of 1.10. The firm’s 50 day simple moving average is $14.80 and its two-hundred day simple moving average is $15.63.

New Residential Investment (NYSE:NRZ) last issued its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $0.53 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.01). New Residential Investment had a net margin of 17.24% and a return on equity of 13.22%. The firm had revenue of $188.04 million for the quarter, compared to analysts’ expectations of $240.28 million. During the same period in the prior year, the firm earned $0.58 EPS. As a group, research analysts expect that New Residential Investment will post 2.13 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Thursday, October 3rd will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 12.99%. The ex-dividend date is Wednesday, October 2nd. New Residential Investment’s dividend payout ratio (DPR) is presently 84.03%.

Several hedge funds have recently added to or reduced their stakes in the company. Grassi Investment Management lifted its holdings in shares of New Residential Investment by 4.5% in the second quarter. Grassi Investment Management now owns 18,700 shares of the real estate investment trust’s stock worth $288,000 after buying an additional 800 shares in the last quarter. Metropolitan Life Insurance Co NY lifted its holdings in shares of New Residential Investment by 9.3% in the first quarter. Metropolitan Life Insurance Co NY now owns 9,747 shares of the real estate investment trust’s stock worth $164,000 after buying an additional 828 shares in the last quarter. Eqis Capital Management Inc. lifted its holdings in shares of New Residential Investment by 1.8% in the second quarter. Eqis Capital Management Inc. now owns 46,804 shares of the real estate investment trust’s stock worth $720,000 after buying an additional 849 shares in the last quarter. United Capital Financial Advisers LLC lifted its holdings in shares of New Residential Investment by 2.2% in the second quarter. United Capital Financial Advisers LLC now owns 40,191 shares of the real estate investment trust’s stock worth $637,000 after buying an additional 850 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of New Residential Investment by 4.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,686 shares of the real estate investment trust’s stock worth $365,000 after buying an additional 918 shares in the last quarter. 53.13% of the stock is currently owned by hedge funds and other institutional investors.

About New Residential Investment

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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