Metropolitan Life Insurance Co. NY lifted its stake in shares of New Residential Investment Corp (NYSE:NRZ) by 8.2% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 8,919 shares of the real estate investment trust’s stock after acquiring an additional 674 shares during the period. Metropolitan Life Insurance Co. NY’s holdings in New Residential Investment were worth $127,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. State Treasurer State of Michigan raised its holdings in New Residential Investment by 131.1% during the fourth quarter. State Treasurer State of Michigan now owns 7,154,734 shares of the real estate investment trust’s stock worth $101,669,000 after buying an additional 4,058,558 shares during the last quarter. Vaughan Nelson Investment Management L.P. raised its holdings in New Residential Investment by 87.7% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 7,103,965 shares of the real estate investment trust’s stock worth $100,946,000 after buying an additional 3,318,765 shares during the last quarter. BlackRock Inc. raised its holdings in New Residential Investment by 6.8% during the fourth quarter. BlackRock Inc. now owns 22,189,175 shares of the real estate investment trust’s stock worth $315,310,000 after buying an additional 1,406,824 shares during the last quarter. Natixis Advisors L.P. raised its holdings in New Residential Investment by 298.3% during the fourth quarter. Natixis Advisors L.P. now owns 1,041,594 shares of the real estate investment trust’s stock worth $14,800,000 after buying an additional 780,100 shares during the last quarter. Finally, Vanguard Group Inc raised its holdings in New Residential Investment by 2.7% during the third 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 last quarter. Institutional investors own 49.05% of the company’s stock.
In other news, CEO Michael Nierenberg bought 60,000 shares of New Residential Investment 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 purchase, the chief executive officer now directly owns 995,352 shares in the company, valued at approximately $16,423,308. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.93% of the company’s stock.
NYSE NRZ opened at $16.71 on Friday. New Residential Investment Corp has a 1 year low of $13.86 and a 1 year high of $18.75. The firm has a market capitalization of $6.94 billion, a PE ratio of 7.02 and a beta of 1.10.
New Residential Investment (NYSE:NRZ) last posted its earnings results on Tuesday, February 12th. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.03. New Residential Investment had a net margin of 57.58% and a return on equity of 13.88%. The firm had revenue of $266.00 million during the quarter, compared to analyst estimates of $210.42 million. During the same quarter in the prior year, the business posted $0.61 EPS. On average, research analysts expect that New Residential Investment Corp will post 2.27 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, April 26th. Stockholders of record on Thursday, April 4th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Wednesday, April 3rd. This represents a $2.00 annualized dividend and a dividend yield of 11.97%. New Residential Investment’s payout ratio is 84.03%.
Several research firms have weighed in on NRZ. Zacks Investment Research upgraded shares of New Residential Investment from a “sell” rating to a “hold” rating in a report on Thursday, April 4th. Nomura began coverage on shares of New Residential Investment in a report on Wednesday, March 27th. They set a “buy” rating and a $18.50 price objective on the stock. Finally, Credit Suisse Group restated a “buy” rating and set a $18.00 price objective on shares of New Residential Investment in a report on Friday, January 4th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $19.50.
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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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