Schwab Charles Investment Management Inc. raised its stake in New Residential Investment Corp (NYSE:NRZ) by 8.8% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,275,829 shares of the real estate investment trust’s stock after acquiring an additional 184,529 shares during the period. Schwab Charles Investment Management Inc.’s holdings in New Residential Investment were worth $39,805,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. State Treasurer State of Michigan bought a new position in shares of New Residential Investment in the second quarter valued at $11,718,000. Usca Ria LLC increased its holdings in shares of New Residential Investment by 70.8% in the second quarter. Usca Ria LLC now owns 20,150 shares of the real estate investment trust’s stock valued at $352,000 after buying an additional 8,350 shares in the last quarter. Canada Pension Plan Investment Board increased its holdings in shares of New Residential Investment by 3.5% in the second quarter. Canada Pension Plan Investment Board now owns 243,500 shares of the real estate investment trust’s stock valued at $4,259,000 after buying an additional 8,200 shares in the last quarter. Strs Ohio bought a new position in shares of New Residential Investment in the second quarter valued at $587,000. Finally, Mackay Shields LLC increased its holdings in shares of New Residential Investment by 872.7% in the second quarter. Mackay Shields LLC now owns 934,048 shares of the real estate investment trust’s stock valued at $16,337,000 after buying an additional 838,024 shares in the last quarter. Institutional investors own 52.57% of the company’s stock.
Shares of NYSE:NRZ opened at $18.55 on Friday. New Residential Investment Corp has a 12-month low of $15.24 and a 12-month high of $18.74. The firm has a market cap of $6.29 billion, a price-to-earnings ratio of 7.68 and a beta of 0.95.
New Residential Investment (NYSE:NRZ) last announced its earnings results on Thursday, July 26th. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.04. New Residential Investment had a net margin of 83.31% and a return on equity of 14.85%. The company had revenue of $269.89 million for the quarter, compared to the consensus estimate of $130.70 million. During the same period in the previous year, the business earned $1.03 EPS. equities research analysts anticipate that New Residential Investment Corp will post 2.29 earnings per share for the current year.
In other New Residential Investment news, CEO Michael Nierenberg sold 339,177 shares of the business’s stock in a transaction on Tuesday, June 26th. The shares were sold at an average price of $18.30, for a total transaction of $6,206,939.10. Following the sale, the chief executive officer now directly owns 2,085,352 shares of the company’s stock, valued at approximately $38,161,941.60. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 4.00% of the stock is owned by insiders.
NRZ has been the topic of several research reports. Barclays upped their price target on New Residential Investment from $19.00 to $21.00 and gave the company an “overweight” rating in a report on Wednesday, July 25th. Zacks Investment Research raised New Residential Investment from a “hold” rating to a “buy” rating and set a $21.00 price target on the stock in a report on Wednesday, July 25th. Finally, ValuEngine cut New Residential Investment from a “buy” rating to a “hold” rating in a report on Saturday, June 2nd. Two equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. New Residential Investment currently has an average rating of “Buy” and a consensus target price of $19.59.
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 Related Assets, Residential Securities and Loans, and Other Investments 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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