Front Yard Residential (NYSE:RESI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Friday.
According to Zacks, “Front Yard Residential Corporation, operates as a Real Estate Investment Trust (REIT). It acquires single-family rental properties primarily through the acquisition of sub-performing and non-performing loan portfolios. Front Yard Residential formerly known as Altisource Residential Corporation, is based in Christiansted, Virgin Islands. “
Other equities research analysts have also issued reports about the stock. ValuEngine raised shares of Front Yard Residential from a “sell” rating to a “hold” rating in a report on Tuesday, June 26th. Credit Suisse Group raised their target price on shares of Front Yard Residential from $14.00 to $15.00 and gave the company an “outperform” rating in a report on Friday, August 10th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $14.67.
Shares of RESI opened at $12.99 on Friday. Front Yard Residential has a 1 year low of $9.28 and a 1 year high of $13.07.
Front Yard Residential (NYSE:RESI) last announced its quarterly earnings data on Thursday, August 9th. The real estate investment trust reported ($0.40) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.41) by $0.01. Front Yard Residential had a negative net margin of 97.71% and a negative return on equity of 20.47%. The business had revenue of $40.91 million during the quarter, compared to analyst estimates of $42.41 million. equities analysts expect that Front Yard Residential will post 0.62 earnings per share for the current fiscal year.
Several hedge funds have recently bought and sold shares of the stock. BlackRock Inc. grew its holdings in shares of Front Yard Residential by 1.0% in the second quarter. BlackRock Inc. now owns 3,725,051 shares of the real estate investment trust’s stock valued at $38,814,000 after purchasing an additional 38,470 shares in the last quarter. Deer Park Road Corp grew its holdings in shares of Front Yard Residential by 28.8% in the first quarter. Deer Park Road Corp now owns 3,458,598 shares of the real estate investment trust’s stock valued at $34,759,000 after purchasing an additional 773,559 shares in the last quarter. Brown Advisory Inc. grew its holdings in shares of Front Yard Residential by 16.3% in the first quarter. Brown Advisory Inc. now owns 3,377,768 shares of the real estate investment trust’s stock valued at $33,946,000 after purchasing an additional 473,642 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Front Yard Residential by 33.4% in the second quarter. Millennium Management LLC now owns 1,250,176 shares of the real estate investment trust’s stock valued at $13,027,000 after purchasing an additional 313,330 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Front Yard Residential by 2.0% in the first quarter. Northern Trust Corp now owns 590,241 shares of the real estate investment trust’s stock valued at $5,933,000 after purchasing an additional 11,547 shares in the last quarter. 77.51% of the stock is owned by hedge funds and other institutional investors.
About Front Yard Residential
Front Yard is an industry leader in providing quality, affordable rental homes to America's families. Our homes offer exceptional value in a variety of suburban communities which have easy accessibility to metropolitan areas. Front Yard's tenants enjoy the space and comfort that is unique to single-family housing, at reasonable prices.
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