New Residential Investment (NRZ) Raised to Outperform at Wedbush

Wedbush upgraded shares of New Residential Investment (NYSE:NRZ) from a neutral rating to an outperform rating in a research note published on Thursday, MarketBeat.com reports. Wedbush currently has $20.00 price target on the real estate investment trust’s stock. Wedbush also issued estimates for New Residential Investment’s FY2017 earnings at $2.73 EPS, Q1 2018 earnings at $0.55 EPS, Q2 2018 earnings at $0.53 EPS, Q3 2018 earnings at $0.52 EPS, Q4 2018 earnings at $0.51 EPS and FY2018 earnings at $2.12 EPS.

Several other equities analysts have also issued reports on NRZ. Vetr raised shares of New Residential Investment from a hold rating to a buy rating and set a $17.72 price target on the stock in a report on Monday, October 2nd. ValuEngine raised shares of New Residential Investment from a buy rating to a strong-buy rating in a report on Monday, October 2nd. FBR & Co reaffirmed a buy rating and issued a $17.50 price target on shares of New Residential Investment in a report on Monday, October 9th. Barclays lifted their price target on shares of New Residential Investment from $16.00 to $19.00 and gave the stock an overweight rating in a report on Tuesday, October 24th. Finally, B. Riley reaffirmed a buy rating on shares of New Residential Investment in a report on Wednesday, November 1st. One analyst has rated the stock with a sell rating, nine 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 a consensus price target of $18.53.

New Residential Investment (NYSE:NRZ) traded up $0.11 during midday trading on Thursday, reaching $17.24. 8,335,630 shares of the company’s stock traded hands, compared to its average volume of 3,480,000. New Residential Investment has a fifty-two week low of $15.03 and a fifty-two week high of $18.43. The stock has a market capitalization of $5,300.00, a price-to-earnings ratio of 5.58, a P/E/G ratio of 7.91 and a beta of 1.02.

New Residential Investment (NYSE:NRZ) last released its quarterly earnings results on Friday, October 27th. The real estate investment trust reported $0.64 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.56 by $0.08. New Residential Investment had a net margin of 60.06% and a return on equity of 19.38%. The business had revenue of $331.38 million for the quarter, compared to analyst estimates of $291.66 million. During the same period in the previous year, the company earned $0.51 earnings per share. The business’s revenue for the quarter was up 72.1% on a year-over-year basis. equities research analysts anticipate that New Residential Investment will post 2.73 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 30th. Stockholders of record on Friday, December 29th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $2.00 annualized dividend and a dividend yield of 11.60%. New Residential Investment’s payout ratio is currently 64.72%.

Several large investors have recently bought and sold shares of the company. Arete Wealth Advisors LLC lifted its stake in shares of New Residential Investment by 4.1% during the second quarter. Arete Wealth Advisors LLC now owns 28,235 shares of the real estate investment trust’s stock worth $439,000 after buying an additional 1,125 shares during the period. Suntrust Banks Inc. lifted its stake in shares of New Residential Investment by 2.5% during the second quarter. Suntrust Banks Inc. now owns 49,076 shares of the real estate investment trust’s stock worth $762,000 after buying an additional 1,202 shares during the period. Navellier & Associates Inc lifted its stake in shares of New Residential Investment by 2.8% during the second quarter. Navellier & Associates Inc now owns 44,910 shares of the real estate investment trust’s stock worth $699,000 after buying an additional 1,220 shares during the period. Comerica Bank lifted its stake in shares of New Residential Investment by 13.6% during the second quarter. Comerica Bank now owns 12,483 shares of the real estate investment trust’s stock worth $199,000 after buying an additional 1,491 shares during the period. Finally, Commonwealth Equity Services Inc lifted its stake in shares of New Residential Investment by 4.1% during the third quarter. Commonwealth Equity Services Inc now owns 79,794 shares of the real estate investment trust’s stock worth $1,334,000 after buying an additional 3,124 shares during the period. Institutional investors and hedge funds own 48.55% of the company’s stock.

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New Residential Investment 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.

Analyst Recommendations for New Residential Investment (NYSE:NRZ)

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