New Residential Investment Corp (NYSE:NRZ) declared a quarterly dividend on Tuesday, June 18th, NASDAQ reports. Investors of record on Monday, July 1st will be paid a dividend of 0.50 per share by the real estate investment trust on Friday, July 26th. This represents a $2.00 annualized dividend and a yield of 12.72%. The ex-dividend date of this dividend is Friday, June 28th.
New Residential Investment has raised its dividend by an average of 6.2% per year over the last three years and has increased its dividend every year for the last 5 years. New Residential Investment has a payout ratio of 87.3% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Equities research analysts expect New Residential Investment to earn $2.26 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 88.5%.
Shares of NRZ stock opened at $15.72 on Thursday. The company has a 50-day moving average price of $16.02. New Residential Investment has a twelve month low of $13.86 and a twelve month high of $18.75. The firm has a market cap of $6.50 billion, a P/E ratio of 6.61 and a beta of 1.12.
In related news, Director Andrew Sloves acquired 1,800 shares of the company’s stock in a transaction dated Tuesday, May 14th. The stock was bought at an average price of $16.65 per share, with a total value of $29,970.00. Following the purchase, the director now directly owns 29,481 shares in the company, valued at approximately $490,858.65. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director David Saltzman acquired 14,174 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were bought at an average cost of $16.66 per share, with a total value of $236,138.84. Following the purchase, the director now owns 38,887 shares in the company, valued at $647,857.42. The disclosure for this purchase can be found here. Insiders own 0.47% of the company’s stock.
Several brokerages recently weighed in on NRZ. Zacks Investment Research downgraded shares of New Residential Investment from a “hold” rating to a “sell” rating in a research note on Thursday. 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. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. New Residential Investment has an average rating of “Buy” and a consensus price target of $19.30.
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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