Wellington Shields Capital Management LLC grew its position in New Residential Investment Corp (NYSE:NRZ) by 28.5% in the third quarter, Holdings Channel reports. The fund owned 57,750 shares of the real estate investment trust’s stock after buying an additional 12,800 shares during the quarter. Wellington Shields Capital Management LLC’s holdings in New Residential Investment were worth $1,029,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of NRZ. State of Alaska Department of Revenue raised its position in New Residential Investment by 39.9% in the 2nd quarter. State of Alaska Department of Revenue now owns 36,480 shares of the real estate investment trust’s stock worth $638,000 after purchasing an additional 10,410 shares during the last quarter. Mckinley Capital Management LLC Delaware raised its position in New Residential Investment by 5.5% in the 2nd quarter. Mckinley Capital Management LLC Delaware now owns 100,093 shares of the real estate investment trust’s stock worth $1,750,000 after purchasing an additional 5,254 shares during the last quarter. Nisa Investment Advisors LLC raised its position in New Residential Investment by 14.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 26,800 shares of the real estate investment trust’s stock worth $469,000 after purchasing an additional 3,400 shares during the last quarter. Cornerstone Wealth Management LLC bought a new position in New Residential Investment in the 2nd quarter worth approximately $2,237,000. Finally, Acadian Asset Management LLC bought a new position in New Residential Investment in the 2nd quarter worth approximately $253,000. Hedge funds and other institutional investors own 53.41% of the company’s stock.
NRZ has been the subject of several research analyst reports. Zacks Investment Research upgraded shares of New Residential Investment from a “hold” rating to a “buy” rating and set a $21.00 price objective for the company in a research report on Wednesday, July 25th. Barclays boosted their price objective on shares of New Residential Investment from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 25th. Finally, Raymond James initiated coverage on shares of New Residential Investment in a report on Friday, October 5th. They set an “outperform” rating and a $20.00 target price for the company. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $19.81.
New Residential Investment (NYSE:NRZ) last announced its quarterly earnings results on Thursday, October 25th. The real estate investment trust reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.09. New Residential Investment had a net margin of 79.22% and a return on equity of 14.35%. The company had revenue of $262.72 million during the quarter, compared to analyst estimates of $231.40 million. Equities analysts forecast that New Residential Investment Corp will post 2.32 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, October 26th. Stockholders of record on Monday, October 1st were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 11.51%. The ex-dividend date of this dividend was Friday, September 28th. New Residential Investment’s dividend payout ratio (DPR) is 70.67%.
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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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