Brokerages Set New Residential Investment Corp (NYSE:NRZ) Target Price at $17.90

Shares of New Residential Investment Corp (NYSE:NRZ) have received an average rating of “Buy” from the eight analysts that are presently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $17.90.

Several research analysts have recently commented on NRZ shares. Wedbush reissued an “outperform” rating on shares of New Residential Investment in a report on Monday, August 19th. B. Riley set a $19.00 price objective on New Residential Investment and gave the stock a “buy” rating in a report on Thursday, August 29th. BTIG Research initiated coverage on New Residential Investment in a report on Friday, September 6th. They set a “buy” rating and a $18.00 price objective on the stock. Piper Jaffray Companies reduced their price objective on New Residential Investment from $18.00 to $16.00 and set an “overweight” rating on the stock in a report on Friday, October 4th. Finally, ValuEngine raised New Residential Investment from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd.

Shares of NRZ traded down $0.07 on Wednesday, hitting $15.33. The company’s stock had a trading volume of 1,654,352 shares, compared to its average volume of 3,655,880. The company has a market capitalization of $6.35 billion, a PE ratio of 6.44 and a beta of 1.10. New Residential Investment has a fifty-two week low of $13.63 and a fifty-two week high of $18.08. The company has a 50 day moving average price of $14.80 and a 200 day moving average price of $15.63.

New Residential Investment (NYSE:NRZ) last announced its earnings results on Tuesday, July 30th. The real estate investment trust reported $0.53 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.01). The business had revenue of $188.04 million during the quarter, compared to analyst estimates of $240.28 million. New Residential Investment had a return on equity of 13.22% and a net margin of 17.24%. During the same period in the previous year, the firm earned $0.58 earnings per share. On average, research analysts predict that New Residential Investment will post 2.13 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Thursday, October 3rd will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 13.05%. The ex-dividend date is Wednesday, October 2nd. New Residential Investment’s dividend payout ratio is 84.03%.

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in New Residential Investment by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 37,929,329 shares of the real estate investment trust’s stock worth $583,732,000 after buying an additional 525,425 shares in the last quarter. BlackRock Inc. raised its position in shares of New Residential Investment by 3.9% during the 2nd quarter. BlackRock Inc. now owns 25,928,104 shares of the real estate investment trust’s stock valued at $399,033,000 after acquiring an additional 983,142 shares during the last quarter. UBS Group AG raised its position in shares of New Residential Investment by 20.2% during the 2nd quarter. UBS Group AG now owns 5,893,173 shares of the real estate investment trust’s stock valued at $90,696,000 after acquiring an additional 989,905 shares during the last quarter. Balyasny Asset Management LLC raised its position in shares of New Residential Investment by 44.7% during the 2nd quarter. Balyasny Asset Management LLC now owns 5,259,116 shares of the real estate investment trust’s stock valued at $80,938,000 after acquiring an additional 1,624,073 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of New Residential Investment by 4.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,373,607 shares of the real estate investment trust’s stock valued at $51,920,000 after acquiring an additional 128,802 shares during the last quarter. 53.10% of the stock is currently owned by hedge funds and other institutional investors.

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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Analyst Recommendations for New Residential Investment (NYSE:NRZ)

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