Aviance Capital Management LLC reduced its stake in New Residential Investment Corp (NYSE:NRZ) by 25.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 379,141 shares of the real estate investment trust’s stock after selling 127,306 shares during the period. Aviance Capital Management LLC owned approximately 0.11% of New Residential Investment worth $5,388,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NRZ. Prime Capital Investment Advisors LLC purchased a new stake in shares of New Residential Investment during the fourth quarter valued at $26,000. Resources Investment Advisors Inc. bought a new position in shares of New Residential Investment in the fourth quarter worth about $38,000. Enlightenment Research LLC bought a new position in shares of New Residential Investment in the fourth quarter worth about $63,000. Essex Savings Bank bought a new position in shares of New Residential Investment in the fourth quarter worth about $71,000. Finally, Bruderman Asset Management LLC raised its stake in shares of New Residential Investment by 40,530.8% in the fourth quarter. Bruderman Asset Management LLC now owns 5,282 shares of the real estate investment trust’s stock worth $75,000 after buying an additional 5,269 shares during the period. 58.03% of the stock is currently owned by hedge funds and other institutional investors.
Several research analysts have recently commented on NRZ shares. Credit Suisse Group reaffirmed a “buy” rating and issued a $18.00 price objective on shares of New Residential Investment in a research note on Friday, January 4th. Zacks Investment Research cut New Residential Investment from a “buy” rating to a “hold” rating in a research report on Tuesday, January 15th. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. New Residential Investment has an average rating of “Buy” and an average target price of $19.57.
Shares of NYSE:NRZ traded up $0.08 during trading on Thursday, hitting $16.79. 37,785 shares of the company’s stock were exchanged, compared to its average volume of 6,760,871. New Residential Investment Corp has a 52-week low of $13.86 and a 52-week high of $18.75. The stock has a market capitalization of $6.86 billion, a P/E ratio of 7.07, a P/E/G ratio of 7.24 and a beta of 1.11.
New Residential Investment (NYSE:NRZ) last released its quarterly earnings results on Tuesday, February 12th. The real estate investment trust reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.03. The business had revenue of $266.00 million during the quarter, compared to analysts’ expectations of $210.42 million. New Residential Investment had a return on equity of 13.88% and a net margin of 57.58%. During the same quarter last year, the business posted $0.61 EPS. Research analysts predict that New Residential Investment Corp will post 2.3 EPS for the current year.
In related news, CEO Michael Nierenberg bought 60,000 shares of the company’s stock in a transaction dated Friday, February 22nd. The stock was purchased at an average price of $16.50 per share, for a total transaction of $990,000.00. Following the acquisition, the chief executive officer now owns 995,352 shares in the company, valued at $16,423,308. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.93% of the company’s stock.
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New Residential Investment 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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