Los Angeles Capital Management & Equity Research Inc. increased its holdings in New Residential Investment Corp (NYSE:NRZ) by 18.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 439,449 shares of the real estate investment trust’s stock after purchasing an additional 68,289 shares during the quarter. Los Angeles Capital Management & Equity Research Inc. owned approximately 0.11% of New Residential Investment worth $6,763,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of the stock. Metropolitan Life Insurance Co. NY lifted its stake in shares of New Residential Investment by 8.2% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 8,919 shares of the real estate investment trust’s stock valued at $127,000 after purchasing an additional 674 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of New Residential Investment by 14.3% during the 4th quarter. Geode Capital Management LLC now owns 4,380,624 shares of the real estate investment trust’s stock valued at $62,408,000 after buying an additional 549,115 shares during the period. State of Alaska Department of Revenue raised its holdings in shares of New Residential Investment by 10.1% during the 1st quarter. State of Alaska Department of Revenue now owns 67,707 shares of the real estate investment trust’s stock valued at $1,144,000 after buying an additional 6,198 shares during the period. Mercer Global Advisors Inc. ADV purchased a new stake in shares of New Residential Investment during the 1st quarter valued at about $1,511,000. Finally, First Manhattan Co. raised its holdings in shares of New Residential Investment by 120.0% during the 1st quarter. First Manhattan Co. now owns 2,200 shares of the real estate investment trust’s stock valued at $37,000 after buying an additional 1,200 shares during the period. 53.05% of the stock is currently owned by institutional investors.
Shares of NYSE:NRZ traded up $0.11 during mid-day trading on Tuesday, hitting $14.57. 66,700 shares of the company traded hands, compared to its average volume of 3,334,560. The firm has a market capitalization of $6.23 billion, a price-to-earnings ratio of 6.13 and a beta of 1.07. New Residential Investment Corp has a 52-week low of $13.86 and a 52-week high of $18.75. The stock’s 50 day moving average price is $15.37.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 26th. Shareholders of record on Monday, July 1st were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $2.00 annualized dividend and a yield of 13.73%. New Residential Investment’s dividend payout ratio is presently 84.03%.
Several brokerages recently commented on NRZ. Zacks Investment Research upgraded New Residential Investment from a “sell” rating to a “hold” rating in a report on Thursday, July 18th. ValuEngine downgraded New Residential Investment from a “hold” rating to a “sell” rating in a report on Tuesday, July 9th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $18.88.
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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