FBR & Co Reaffirms Buy Rating for New Residential Investment Corp. (NRZ)

FBR & Co restated their buy rating on shares of New Residential Investment Corp. (NYSE:NRZ) in a research report sent to investors on Monday morning. They currently have a $17.50 target price on the real estate investment trust’s stock. FBR & Co also issued estimates for New Residential Investment Corp.’s Q1 2018 earnings at $0.52 EPS, Q2 2018 earnings at $0.52 EPS, Q3 2018 earnings at $0.52 EPS and Q4 2018 earnings at $0.53 EPS.

“Last week, we hosted a series of meetings with Michael Nierenberg, CEO of NRZ, Nick Santoro, CFO, and Mandy Cheuk, investor relations. The tone of the meetings was positive, with the biggest question being: What does the future hold for NRZ? As legacy residential product is becoming relatively harder to come by, and today’s asset prices are pretty full, management noted that it is happy to remain on the sidelines while it identifies opportunities that would protect and enhance its existing portfolio. Overall, we believe that this is the right strategy at the moment, especially as we estimate that NRZ can comfortably cover its $0.50 quarterly dividend per share in the medium term. That said, should investment opportunities arise, the company is well positioned, from a liquidity perspective, to take advantage of them.”,” the firm’s analyst commented.

A number of other equities research analysts have also issued reports on NRZ. ValuEngine upgraded New Residential Investment Corp. from a buy rating to a strong-buy rating in a research report on Monday, October 2nd. Vetr upgraded New Residential Investment Corp. from a hold rating to a buy rating and set a $17.72 price target for the company in a research report on Monday, October 2nd. BidaskClub upgraded New Residential Investment Corp. from a hold rating to a buy rating in a research report on Tuesday, August 1st. Keefe, Bruyette & Woods restated a buy rating and issued a $18.00 price target on shares of New Residential Investment Corp. in a research report on Thursday, August 3rd. Finally, Zacks Investment Research upgraded New Residential Investment Corp. from a sell rating to a hold rating in a research report on Saturday, August 12th. Four research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $16.97.

New Residential Investment Corp. (NRZ) opened at 17.16 on Monday. The stock has a market cap of $5.27 billion, a PE ratio of 6.09 and a beta of 1.03. The stock has a 50 day moving average price of $16.76 and a 200-day moving average price of $16.52. New Residential Investment Corp. has a one year low of $13.63 and a one year high of $17.86.

New Residential Investment Corp. (NYSE:NRZ) last posted its quarterly earnings results on Monday, July 31st. The real estate investment trust reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.48. The business had revenue of $356.80 million during the quarter, compared to analyst estimates of $202.40 million. New Residential Investment Corp. had a return on equity of 19.02% and a net margin of 55.85%. During the same period in the prior year, the business earned $0.52 earnings per share. Equities research analysts expect that New Residential Investment Corp. will post $2.56 earnings per share for the current fiscal year.

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The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 27th. Investors of record on Monday, October 2nd will be given a $0.50 dividend. The ex-dividend date of this dividend is Friday, September 29th. This represents a $2.00 annualized dividend and a yield of 11.66%. New Residential Investment Corp.’s payout ratio is 72.20%.

Institutional investors have recently modified their holdings of the stock. IFP Advisors Inc grew its position in New Residential Investment Corp. by 9.6% in the second quarter. IFP Advisors Inc now owns 7,194 shares of the real estate investment trust’s stock worth $112,000 after acquiring an additional 629 shares during the period. Penserra Capital Management LLC grew its position in New Residential Investment Corp. by 8.4% in the second quarter. Penserra Capital Management LLC now owns 7,631 shares of the real estate investment trust’s stock worth $118,000 after acquiring an additional 593 shares during the period. Public Employees Retirement Association of Colorado purchased a new position in New Residential Investment Corp. in the second quarter worth approximately $150,000. Laurion Capital Management LP purchased a new position in New Residential Investment Corp. in the second quarter worth approximately $166,000. Finally, Janus Henderson Group PLC purchased a new position in New Residential Investment Corp. in the second quarter worth approximately $168,000. Institutional investors own 48.12% of the company’s stock.

New Residential Investment Corp. Company Profile

New Residential Investment Corp. is a real estate investment trust (REIT). The Company focuses on investing in, and managing, investments related to residential real estate. The Company’s segments include investments in excess mortgage servicing rights (Excess MSRs); investments in mortgage servicing rights (MSRs); investments in servicer advances; investments in real estate securities; investments in residential mortgage loans; investments in consumer loans, and corporate.

Analyst Recommendations for New Residential Investment Corp. (NYSE:NRZ)

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