Equities analysts expect New Residential Investment Corp (NYSE:NRZ) to post sales of $240.28 million for the current fiscal quarter, according to Zacks Investment Research. Three analysts have made estimates for New Residential Investment’s earnings. The highest sales estimate is $255.50 million and the lowest is $216.33 million. New Residential Investment reported sales of $269.89 million during the same quarter last year, which indicates a negative year-over-year growth rate of 11%. The company is expected to announce its next quarterly earnings results on Thursday, July 25th.
On average, analysts expect that New Residential Investment will report full-year sales of $957.36 million for the current financial year, with estimates ranging from $883.27 million to $1.01 billion. For the next financial year, analysts anticipate that the firm will report sales of $996.08 million, with estimates ranging from $870.54 million to $1.10 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that follow New Residential Investment.
New Residential Investment (NYSE:NRZ) last released its quarterly earnings results on Wednesday, May 1st. The real estate investment trust reported $0.53 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.53. The company had revenue of $423.08 million for the quarter, compared to the consensus estimate of $403.45 million. New Residential Investment had a net margin of 29.22% and a return on equity of 13.39%. New Residential Investment’s revenue was up 62.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.58 earnings per share.
A number of equities research analysts recently issued reports on NRZ shares. ValuEngine raised shares of XCel Brands from a “sell” rating to a “hold” rating in a research note on Tuesday. Nomura decreased their price target on shares of Carnival from $66.00 to $61.00 and set a “buy” rating on the stock in a research note on Wednesday, March 27th. Finally, Zacks Investment Research downgraded shares of GENEL ENERGY PL/ADR from a “hold” rating to a “sell” rating in a research note on Thursday, July 4th. Two equities research analysts have rated the stock with a sell rating and four have assigned a buy rating to the stock. New Residential Investment has an average rating of “Hold” and a consensus target price of $19.30.
New Residential Investment stock traded down $0.02 during mid-day trading on Thursday, reaching $15.28. 181,991 shares of the company’s stock traded hands, compared to its average volume of 3,950,844. The stock has a market capitalization of $6.36 billion, a P/E ratio of 6.40 and a beta of 1.08. The firm’s 50 day moving average price is $15.68. New Residential Investment has a 12-month low of $13.86 and a 12-month high of $18.75.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 26th. Stockholders of record on Monday, July 1st will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 13.09%. The ex-dividend date of this dividend is Friday, June 28th. New Residential Investment’s dividend payout ratio is currently 84.03%.
In other news, Director Andrew Sloves bought 1,800 shares of New Residential Investment stock in a transaction dated Tuesday, May 14th. The shares were acquired at an average price of $16.65 per share, with a total value of $29,970.00. Following the completion of the purchase, the director now owns 29,481 shares in the company, valued at approximately $490,858.65. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director David Saltzman bought 14,174 shares of New Residential Investment stock in a transaction dated Friday, May 3rd. The stock was purchased at an average cost of $16.66 per share, for a total transaction of $236,138.84. Following the purchase, the director now owns 38,887 shares of the company’s stock, valued at approximately $647,857.42. The disclosure for this purchase can be found here. Corporate insiders own 0.47% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc increased its stake in New Residential Investment by 2.7% in the 3rd quarter. Vanguard Group Inc now owns 29,420,296 shares of the real estate investment trust’s stock worth $524,269,000 after buying an additional 777,682 shares during the period. BlackRock Inc. increased its stake in New Residential Investment by 12.4% in the 1st quarter. BlackRock Inc. now owns 24,944,962 shares of the real estate investment trust’s stock worth $421,818,000 after buying an additional 2,755,787 shares during the period. State Treasurer State of Michigan increased its stake in New Residential Investment by 41.9% in the 1st quarter. State Treasurer State of Michigan now owns 10,154,734 shares of the real estate investment trust’s stock worth $171,717,000 after buying an additional 3,000,000 shares during the period. Vaughan Nelson Investment Management L.P. increased its stake in New Residential Investment by 16.5% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 8,278,265 shares of the real estate investment trust’s stock worth $139,986,000 after buying an additional 1,174,300 shares during the period. Finally, Geode Capital Management LLC increased its stake in New Residential Investment by 14.3% in the 4th quarter. Geode Capital Management LLC now owns 4,380,624 shares of the real estate investment trust’s stock worth $62,408,000 after buying an additional 549,115 shares during the period. 53.39% of the stock is currently owned by 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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