Advisors Asset Management Inc. lessened its holdings in shares of New Residential Investment Corp (NYSE:NRZ) by 36.4% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 428,397 shares of the real estate investment trust’s stock after selling 245,432 shares during the period. Advisors Asset Management Inc. owned 0.13% of New Residential Investment worth $7,634,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in NRZ. Nan Shan Life Insurance Co. Ltd. raised its stake in New Residential Investment by 35.0% during the 3rd quarter. Nan Shan Life Insurance Co. Ltd. now owns 14,811,133 shares of the real estate investment trust’s stock valued at $263,934,000 after buying an additional 3,843,970 shares during the last quarter. State Treasurer State of Michigan grew its stake in shares of New Residential Investment by 362.1% in the 3rd quarter. State Treasurer State of Michigan now owns 3,096,176 shares of the real estate investment trust’s stock valued at $55,174,000 after buying an additional 2,426,176 shares in the last quarter. Wells Fargo & Company MN lifted its stake in New Residential Investment by 96.3% in the third quarter. Wells Fargo & Company MN now owns 2,878,288 shares of the real estate investment trust’s stock valued at $51,292,000 after buying an additional 1,412,178 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new position in New Residential Investment in the 3rd quarter valued at $14,774,000. Finally, BlackRock Inc. raised its stake in shares of New Residential Investment by 3.9% in the third quarter. BlackRock Inc. now owns 20,782,351 shares of the real estate investment trust’s stock worth $370,342,000 after purchasing an additional 779,586 shares during the last quarter. 52.42% of the stock is currently owned by institutional investors.
New Residential Investment stock traded up $0.05 during midday trading on Friday, reaching $15.78. The stock had a trading volume of 2,796,753 shares, compared to its average volume of 3,821,707. The firm has a market capitalization of $5.32 billion, a P/E ratio of 5.58, a price-to-earnings-growth ratio of 6.64 and a beta of 0.99. New Residential Investment Corp has a 52-week low of $13.86 and a 52-week high of $18.75.
New Residential Investment (NYSE:NRZ) last issued its earnings results on Thursday, October 25th. The real estate investment trust reported $0.63 EPS for the quarter, topping the Zacks’ consensus estimate of $0.54 by $0.09. The business had revenue of $262.72 million for the quarter, compared to analyst estimates of $231.40 million. New Residential Investment had a net margin of 79.22% and a return on equity of 14.35%. On average, equities analysts predict that New Residential Investment Corp will post 2.35 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, January 25th. Investors of record on Monday, December 31st will be issued a dividend of $0.50 per share. The ex-dividend date is Friday, December 28th. This represents a $2.00 annualized dividend and a dividend yield of 12.67%. New Residential Investment’s dividend payout ratio (DPR) is presently 70.67%.
A number of equities analysts recently weighed in on NRZ shares. Credit Suisse Group restated a “buy” rating and set a $18.00 price target on shares of New Residential Investment in a research report on Friday, January 4th. Raymond James assumed coverage on shares of New Residential Investment in a research note on Friday, October 5th. They issued an “outperform” rating and a $20.00 target price for the company. Finally, Zacks Investment Research upgraded New Residential Investment from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a report on Friday, October 26th. Two 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 company. The stock has a consensus rating of “Buy” and an average price target of $19.55.
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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