New Residential Investment Corp (NYSE:NRZ) was the recipient of a large drop in short interest during the month of October. As of October 31st, there was short interest totalling 15,330,000 shares, a drop of 9.6% from the September 30th total of 16,950,000 shares. Approximately 3.7% of the company’s shares are sold short. Based on an average trading volume of 3,360,000 shares, the days-to-cover ratio is currently 4.6 days.
Several research firms recently commented on NRZ. BTIG Research began coverage on shares of New Residential Investment in a research note on Friday, September 6th. They issued a “buy” rating and a $18.00 price target on the stock. Wedbush reaffirmed an “outperform” rating on shares of New Residential Investment in a research note on Monday, August 19th. Piper Jaffray Companies downgraded shares of New Residential Investment from an “overweight” rating to a “neutral” rating and set a $16.00 price target on the stock. in a research note on Thursday. B. Riley set a $18.50 price target on shares of New Residential Investment and gave the stock a “buy” rating in a research note on Friday, October 25th. Finally, ValuEngine raised shares of New Residential Investment from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. New Residential Investment has a consensus rating of “Buy” and a consensus target price of $18.00.
In other news, Director Robert Mcginnis bought 4,500 shares of the stock in a transaction dated Wednesday, October 30th. The stock was purchased at an average price of $15.73 per share, for a total transaction of $70,785.00. Following the acquisition, the director now owns 61,243 shares of the company’s stock, valued at $963,352.39. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.47% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently bought and sold shares of NRZ. First Allied Advisory Services Inc. increased its stake in shares of New Residential Investment by 34.1% during the second quarter. First Allied Advisory Services Inc. now owns 34,200 shares of the real estate investment trust’s stock worth $526,000 after buying an additional 8,704 shares during the period. Atria Investments LLC acquired a new stake in New Residential Investment during the 2nd quarter valued at $10,788,000. Strs Ohio increased its holdings in New Residential Investment by 12.8% during the 2nd quarter. Strs Ohio now owns 40,072 shares of the real estate investment trust’s stock valued at $616,000 after purchasing an additional 4,538 shares in the last quarter. Catalyst Capital Advisors LLC increased its holdings in New Residential Investment by 63.4% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 11,910 shares of the real estate investment trust’s stock valued at $186,000 after purchasing an additional 4,620 shares in the last quarter. Finally, Mackenzie Financial Corp acquired a new stake in New Residential Investment during the 2nd quarter valued at $1,123,000. Hedge funds and other institutional investors own 52.34% of the company’s stock.
NYSE NRZ traded down $0.04 during trading on Friday, reaching $15.20. 6,471,616 shares of the company’s stock traded hands, compared to its average volume of 3,223,960. The firm has a market cap of $6.33 billion, a price-to-earnings ratio of 7.12 and a beta of 1.10. The company’s 50 day simple moving average is $15.55 and its two-hundred day simple moving average is $15.46. New Residential Investment has a 12-month low of $13.63 and a 12-month high of $17.47.
New Residential Investment (NYSE:NRZ) last issued its quarterly earnings data on Friday, October 25th. The real estate investment trust reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.01). The firm had revenue of $202.23 million during the quarter, compared to analysts’ expectations of $227.21 million. New Residential Investment had a return on equity of 12.69% and a net margin of 19.60%. During the same period in the previous year, the firm earned $0.63 EPS. As a group, analysts predict that New Residential Investment will post 2.07 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Thursday, October 3rd were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 13.16%. The ex-dividend date was Wednesday, October 2nd. New Residential Investment’s payout ratio is 84.03%.
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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