Front Yard Residential (NYSE:RESI) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Front Yard Residential (NYSE:RESI) from a buy rating to a hold rating in a report released on Saturday morning, Zacks.com reports.

According to Zacks, “Front Yard Residential Corporation, operates as a Real Estate Investment Trust (REIT). It acquires single-family rental properties primarily through the acquisition of sub-performing and non-performing loan portfolios. Front Yard Residential formerly known as Altisource Residential Corporation, is based in Christiansted, Virgin Islands. “

Separately, Northland Securities set a $13.00 price objective on Nabriva Therapeutics and gave the company a buy rating in a research note on Wednesday, May 8th.

NYSE:RESI opened at $12.21 on Friday. Front Yard Residential has a fifty-two week low of $7.99 and a fifty-two week high of $13.07. The company’s 50 day moving average is $12.08.

Front Yard Residential (NYSE:RESI) last released its quarterly earnings data on Wednesday, May 8th. The real estate investment trust reported ($0.35) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.37). The company had revenue of $52.63 million for the quarter, compared to analysts’ expectations of $52.61 million. Front Yard Residential had a negative net margin of 62.28% and a negative return on equity of 24.20%. As a group, sell-side analysts forecast that Front Yard Residential will post 0.26 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were issued a dividend of $0.15 per share. The ex-dividend date was Thursday, June 27th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.91%.

In other Front Yard Residential news, major shareholder Deer Park Road Management Comp sold 213,137 shares of the stock in a transaction on Monday, July 29th. The stock was sold at an average price of $12.06, for a total value of $2,570,432.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Rochelle R. Dobbs acquired 25,000 shares of the firm’s stock in a transaction on Friday, May 17th. The stock was purchased at an average price of $10.87 per share, with a total value of $271,750.00. Following the acquisition, the director now owns 23,642 shares of the company’s stock, valued at approximately $256,988.54. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 50,000 shares of company stock valued at $555,800 and have sold 247,917 shares valued at $2,992,792. 0.88% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of RESI. Virtu Financial LLC bought a new position in Front Yard Residential in the first quarter worth $101,000. BNP Paribas Arbitrage SA raised its holdings in Front Yard Residential by 47.5% in the first quarter. BNP Paribas Arbitrage SA now owns 11,280 shares of the real estate investment trust’s stock worth $105,000 after purchasing an additional 3,632 shares in the last quarter. HRT Financial LLC bought a new position in Front Yard Residential in the fourth quarter worth $139,000. Metropolitan Life Insurance Co. NY raised its holdings in Front Yard Residential by 173.5% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 17,346 shares of the real estate investment trust’s stock worth $151,000 after purchasing an additional 11,003 shares in the last quarter. Finally, Squarepoint Ops LLC raised its holdings in Front Yard Residential by 49.2% in the fourth quarter. Squarepoint Ops LLC now owns 23,425 shares of the real estate investment trust’s stock worth $205,000 after purchasing an additional 7,725 shares in the last quarter. Institutional investors and hedge funds own 73.80% of the company’s stock.

Front Yard Residential Company Profile

Front Yard is an industry leader in providing quality, affordable rental homes to America's families. Our homes offer exceptional value in a variety of suburban communities that have easy accessibility to metropolitan areas. Front Yard's tenants enjoy the space and comfort that is unique to single-family housing at reasonable prices.

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