Front Yard Residential Corp (NYSE:RESI) was the recipient of a significant increase in short interest in October. As of October 31st, there was short interest totalling 1,660,000 shares, an increase of 7.1% from the September 30th total of 1,550,000 shares. Based on an average daily volume of 190,900 shares, the short-interest ratio is currently 8.7 days. Approximately 3.4% of the company’s stock are short sold.
In other Front Yard Residential news, major shareholder Deer Park Road Management Comp sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $11.02, for a total value of $55,100.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.88% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Front Yard Residential by 0.3% in the second quarter. Vanguard Group Inc. now owns 7,127,554 shares of the real estate investment trust’s stock valued at $87,100,000 after purchasing an additional 18,972 shares during the period. Nisa Investment Advisors LLC boosted its position in Front Yard Residential by 9.0% during the third quarter. Nisa Investment Advisors LLC now owns 27,467 shares of the real estate investment trust’s stock worth $318,000 after acquiring an additional 2,258 shares during the last quarter. Ellington Management Group LLC boosted its position in Front Yard Residential by 6.0% during the second quarter. Ellington Management Group LLC now owns 287,955 shares of the real estate investment trust’s stock worth $3,519,000 after acquiring an additional 16,185 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Front Yard Residential by 53.5% during the second quarter. JPMorgan Chase & Co. now owns 178,722 shares of the real estate investment trust’s stock worth $2,125,000 after acquiring an additional 62,293 shares during the last quarter. Finally, Nuveen Asset Management LLC acquired a new position in Front Yard Residential during the second quarter worth about $6,237,000. Institutional investors and hedge funds own 76.61% of the company’s stock.
RESI has been the subject of several recent research reports. Northland Securities reissued a “buy” rating and set a $15.00 target price on shares of Front Yard Residential in a report on Wednesday, November 6th. ValuEngine cut shares of Front Yard Residential from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, Zacks Investment Research cut shares of Front Yard Residential from a “hold” rating to a “sell” rating in a report on Tuesday.
RESI traded down $0.01 on Friday, reaching $10.82. The stock had a trading volume of 127,076 shares, compared to its average volume of 253,845. Front Yard Residential has a 12-month low of $8.12 and a 12-month high of $12.68. The business’s 50-day moving average price is $11.74 and its two-hundred day moving average price is $11.53. The company has a market cap of $581.91 million, a P/E ratio of 63.53 and a beta of 1.30.
Front Yard Residential (NYSE:RESI) last released its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported ($0.68) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.71). Front Yard Residential had a negative net margin of 30.66% and a negative return on equity of 15.28%. The firm had revenue of $50.77 million during the quarter, compared to analysts’ expectations of $52.70 million. Analysts predict that Front Yard Residential will post 0.03 EPS for the current year.
About Front Yard Residential
Front Yard is an industry leader in providing quality, affordable rental homes to America's families. Our homes offer exceptional value in a variety of suburban communities that have easy accessibility to metropolitan areas. Front Yard's tenants enjoy the space and comfort that is unique to single-family housing at reasonable prices.
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