New Residential Investment Corp (NRZ) Expected to Post Earnings of $0.54 Per Share

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Analysts expect that New Residential Investment Corp (NYSE:NRZ) will post earnings per share of $0.54 for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for New Residential Investment’s earnings, with estimates ranging from $0.54 to $0.55. New Residential Investment posted earnings of $0.58 per share in the same quarter last year, which would indicate a negative year-over-year growth rate of 6.9%. The company is expected to announce its next earnings report on Thursday, July 25th.

According to Zacks, analysts expect that New Residential Investment will report full year earnings of $2.19 per share for the current fiscal year, with EPS estimates ranging from $2.15 to $2.22. For the next fiscal year, analysts anticipate that the company will post earnings of $2.26 per share, with EPS estimates ranging from $2.24 to $2.29. Zacks Investment Research’s EPS calculations are a mean average based on a survey of sell-side research firms that cover New Residential Investment.

New Residential Investment (NYSE:NRZ) last announced its earnings results on Wednesday, May 1st. The real estate investment trust reported $0.53 earnings per share for the quarter, meeting the consensus estimate of $0.53. The business had revenue of $423.08 million during the quarter, compared to the consensus estimate of $403.45 million. New Residential Investment had a net margin of 29.22% and a return on equity of 13.39%. The business’s quarterly revenue was up 62.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.58 earnings per share.

Several brokerages have recently weighed in on NRZ. Zacks Investment Research downgraded shares of New Residential Investment from a “buy” rating to a “hold” rating in a research note on Thursday, May 9th. Nomura began coverage on shares of New Residential Investment in a research note on Wednesday, March 27th. They issued a “buy” rating and a $18.50 target price for the company. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. New Residential Investment has a consensus rating of “Buy” and an average price target of $19.30.

In related news, CEO Michael Nierenberg acquired 60,000 shares of New Residential Investment stock in a transaction on Friday, February 22nd. The shares were purchased at an average cost of $16.50 per share, for a total transaction of $990,000.00. Following the purchase, the chief executive officer now directly owns 995,352 shares of the company’s stock, valued at approximately $16,423,308. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Andrew Sloves acquired 1,800 shares of New Residential Investment stock in a transaction on Tuesday, May 14th. The shares were bought at an average price of $16.65 per share, for a total transaction of $29,970.00. Following the completion of the purchase, the director now directly owns 29,481 shares in the company, valued at $490,858.65. The disclosure for this purchase can be found here. Insiders bought 75,974 shares of company stock valued at $1,256,109 over the last 90 days. Insiders own 0.47% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Penserra Capital Management LLC bought a new position in shares of New Residential Investment in the first quarter valued at about $25,000. Prime Capital Investment Advisors LLC bought a new position in shares of New Residential Investment in the fourth quarter valued at about $26,000. Trust Co. of Vermont bought a new position in shares of New Residential Investment in the first quarter valued at about $27,000. Private Capital Group LLC bought a new position in shares of New Residential Investment in the first quarter valued at about $28,000. Finally, Cedar Wealth Management LLC raised its holdings in shares of New Residential Investment by 50.0% in the first quarter. Cedar Wealth Management LLC now owns 1,800 shares of the real estate investment trust’s stock valued at $30,000 after buying an additional 600 shares during the last quarter. Hedge funds and other institutional investors own 49.25% of the company’s stock.

Shares of NRZ stock traded down $0.08 on Friday, hitting $16.68. The stock had a trading volume of 40,240 shares, compared to its average volume of 2,745,220. The company has a market capitalization of $6.93 billion, a PE ratio of 7.01 and a beta of 1.09. New Residential Investment has a 52-week low of $13.86 and a 52-week high of $18.75.

The company also recently announced a quarterly dividend, which was paid on Friday, April 26th. Stockholders of record on Thursday, April 4th were paid a $0.50 dividend. The ex-dividend date of this dividend was Wednesday, April 3rd. This represents a $2.00 annualized dividend and a dividend yield of 11.99%. New Residential Investment’s dividend payout ratio (DPR) is presently 84.03%.

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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