New Residential Investment Corp. (NRZ) Rating Reiterated by FBR & Co

New Residential Investment Corp. (NYSE:NRZ)‘s stock had its “buy” rating reaffirmed by investment analysts at FBR & Co in a report released on Monday. They presently have a $17.50 price target on the real estate investment trust’s stock. FBR & Co’s price objective suggests a potential upside of 2.10% from the stock’s previous close.

The analysts wrote, “Last week, we hosted a series of meetings with Michael Nierenberg, CEO of NRZ, Nick Santoro, CFO, and Mandy Cheuk, investor relations. The tone of the meetings was positive, with the biggest question being: What does the future hold for NRZ? As legacy residential product is becoming relatively harder to come by, and today’s asset prices are pretty full, management noted that it is happy to remain on the sidelines while it identifies opportunities that would protect and enhance its existing portfolio. Overall, we believe that this is the right strategy at the moment, especially as we estimate that NRZ can comfortably cover its $0.50 quarterly dividend per share in the medium term. That said, should investment opportunities arise, the company is well positioned, from a liquidity perspective, to take advantage of them.””

NRZ has been the subject of a number of other research reports. Piper Jaffray Companies restated a “buy” rating and set a $18.00 target price on shares of New Residential Investment Corp. in a research note on Sunday, August 27th. BidaskClub upgraded shares of New Residential Investment Corp. from a “hold” rating to a “buy” rating in a research note on Tuesday, August 1st. ValuEngine cut shares of New Residential Investment Corp. from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 15th. Vetr cut shares of New Residential Investment Corp. from a “buy” rating to a “hold” rating and set a $16.55 target price for the company. in a research note on Thursday, July 20th. Finally, Zacks Investment Research upgraded shares of New Residential Investment Corp. from a “hold” rating to a “buy” rating and set a $17.00 target price for the company in a research note on Tuesday, July 4th. Four investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $16.97.

New Residential Investment Corp. (NYSE NRZ) opened at 17.14 on Monday. The company has a market cap of $5.27 billion, a P/E ratio of 6.08 and a beta of 1.03. The stock’s 50 day moving average is $16.73 and its 200 day moving average is $16.51. New Residential Investment Corp. has a 12-month low of $13.62 and a 12-month high of $17.86.

New Residential Investment Corp. (NYSE:NRZ) last posted its earnings results on Monday, July 31st. The real estate investment trust reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.48. The company had revenue of $356.80 million during the quarter, compared to analysts’ expectations of $202.40 million. New Residential Investment Corp. had a net margin of 55.85% and a return on equity of 19.02%. During the same quarter last year, the company posted $0.52 EPS. On average, equities analysts forecast that New Residential Investment Corp. will post $2.56 earnings per share for the current year.

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A number of large investors have recently added to or reduced their stakes in the stock. Navellier & Associates Inc increased its holdings in New Residential Investment Corp. by 2.8% in the 2nd quarter. Navellier & Associates Inc now owns 44,910 shares of the real estate investment trust’s stock valued at $699,000 after buying an additional 1,220 shares during the period. Public Employees Retirement System of Ohio increased its holdings in New Residential Investment Corp. by 1,152.9% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 149,734 shares of the real estate investment trust’s stock valued at $2,330,000 after buying an additional 137,783 shares during the period. Americafirst Capital Management LLC bought a new position in New Residential Investment Corp. in the 2nd quarter valued at about $268,000. Arrowstreet Capital Limited Partnership bought a new position in New Residential Investment Corp. in the 2nd quarter valued at about $1,968,000. Finally, Caxton Associates LP increased its holdings in New Residential Investment Corp. by 13.7% in the 2nd quarter. Caxton Associates LP now owns 36,100 shares of the real estate investment trust’s stock valued at $562,000 after buying an additional 4,356 shares during the period. 48.12% of the stock is currently owned by institutional investors and hedge funds.

New Residential Investment Corp. Company Profile

New Residential Investment Corp. is a real estate investment trust (REIT). The Company focuses on investing in, and managing, investments related to residential real estate. The Company’s segments include investments in excess mortgage servicing rights (Excess MSRs); investments in mortgage servicing rights (MSRs); investments in servicer advances; investments in real estate securities; investments in residential mortgage loans; investments in consumer loans, and corporate.

Analyst Recommendations for New Residential Investment Corp. (NYSE:NRZ)

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