New Residential Investment Corp (NYSE:NRZ) – Piper Sandler increased their Q1 2021 earnings estimates for shares of New Residential Investment in a note issued to investors on Monday, September 14th. Piper Sandler analyst K. Barker now anticipates that the real estate investment trust will post earnings per share of $0.36 for the quarter, up from their previous estimate of $0.35. Piper Sandler has a “Overweight” rating and a $9.50 price objective on the stock. Piper Sandler also issued estimates for New Residential Investment’s Q2 2021 earnings at $0.40 EPS, Q4 2021 earnings at $0.31 EPS and FY2021 earnings at $1.43 EPS.
NRZ has been the topic of a number of other reports. B. Riley restated a “buy” rating and set a $9.00 target price on shares of New Residential Investment in a research report on Tuesday, June 23rd. Raymond James raised their target price on New Residential Investment from $8.50 to $10.50 and gave the company an “outperform” rating in a research report on Thursday, August 20th. Argus upgraded New Residential Investment from a “hold” rating to a “buy” rating and set a $10.00 price objective on the stock in a report on Monday, July 27th. Zacks Investment Research cut New Residential Investment from a “buy” rating to a “hold” rating in a report on Tuesday, August 4th. Finally, Credit Suisse Group reiterated a “buy” rating on shares of New Residential Investment in a report on Tuesday, September 8th. One analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $12.09.
New Residential Investment (NYSE:NRZ) last posted its earnings results on Wednesday, July 22nd. The real estate investment trust reported $0.34 EPS for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.04. New Residential Investment had a positive return on equity of 14.32% and a negative net margin of 74.42%. The firm had revenue of $115.80 million for the quarter, compared to analysts’ expectations of $87.87 million.
In related news, Director Alan L. Tyson bought 10,000 shares of the stock in a transaction dated Monday, July 27th. The shares were acquired at an average cost of $7.72 per share, for a total transaction of $77,200.00. Following the acquisition, the director now directly owns 149,158 shares in the company, valued at approximately $1,151,499.76. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.68% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC raised its position in shares of New Residential Investment by 192.9% during the 1st quarter. Tower Research Capital LLC TRC now owns 7,600 shares of the real estate investment trust’s stock valued at $38,000 after buying an additional 5,005 shares during the period. Federated Hermes Inc. purchased a new stake in shares of New Residential Investment during the 1st quarter valued at approximately $44,000. Wealthstar Advisors LLC purchased a new stake in shares of New Residential Investment during the 1st quarter valued at approximately $50,000. Highlander Capital Management LLC purchased a new stake in shares of New Residential Investment during the 1st quarter valued at approximately $51,000. Finally, PNC Financial Services Group Inc. raised its position in shares of New Residential Investment by 26.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 10,266 shares of the real estate investment trust’s stock valued at $52,000 after buying an additional 2,157 shares during the period. 45.59% 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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