New Residential Investment (NYSE:NRZ) had its target price increased by Credit Suisse Group from $10.00 to $11.00 in a research note released on Monday morning, Analyst Ratings Network reports. They currently have an outperform rating on the real estate investment trust’s stock.
NRZ has been the topic of several other research reports. Piper Sandler upgraded shares of New Residential Investment from a neutral rating to an overweight rating and increased their price objective for the stock from $8.50 to $9.50 in a research note on Thursday, July 16th. Zacks Investment Research cut shares of New Residential Investment from a buy rating to a hold rating in a research note on Tuesday, August 4th. ValuEngine upgraded New Residential Investment from a strong sell rating to a sell rating in a research note on Monday, September 28th. UBS Group assumed coverage on New Residential Investment in a research report on Thursday, September 24th. They set a buy rating and a $11.00 target price on the stock. Finally, B. Riley restated a buy rating and issued a $9.00 price target on shares of New Residential Investment in a research report on Tuesday, June 23rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the stock. New Residential Investment has an average rating of Buy and an average target price of $11.42.
Shares of NRZ stock opened at $8.21 on Monday. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 0.12. New Residential Investment has a 12-month low of $2.91 and a 12-month high of $17.66. The stock has a market capitalization of $3.41 billion, a P/E ratio of -2.90 and a beta of 1.70. The firm’s 50 day moving average is $7.93 and its 200 day moving average is $7.21.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Monday, October 5th will be given a dividend of $0.15 per share. The ex-dividend date is Friday, October 2nd. This is an increase from New Residential Investment’s previous quarterly dividend of $0.10. This represents a $0.60 dividend on an annualized basis and a yield of 7.31%. New Residential Investment’s dividend payout ratio is 27.65%.
In related news, Director Alan L. Tyson bought 10,000 shares of the business’s stock in a transaction dated Monday, July 27th. The shares were purchased at an average price of $7.72 per share, with a total value of $77,200.00. Following the transaction, the director now owns 149,158 shares in the company, valued at approximately $1,151,499.76. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.68% of the stock is owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC grew its holdings in New Residential Investment by 192.9% during the 1st quarter. Tower Research Capital LLC TRC now owns 7,600 shares of the real estate investment trust’s stock valued at $38,000 after purchasing an additional 5,005 shares during the last quarter. Flagship Harbor Advisors LLC grew its stake in shares of New Residential Investment by 199.9% during the third quarter. Flagship Harbor Advisors LLC now owns 8,116 shares of the real estate investment trust’s stock valued at $64,000 after buying an additional 5,410 shares during the last quarter. Federated Hermes Inc. purchased a new stake in shares of New Residential Investment in the first quarter worth approximately $44,000. Private Advisor Group LLC bought a new stake in shares of New Residential Investment during the 2nd quarter worth approximately $66,000. Finally, Metropolitan Life Insurance Co NY boosted its holdings in New Residential Investment by 9.3% during the 1st quarter. Metropolitan Life Insurance Co NY now owns 9,747 shares of the real estate investment trust’s stock valued at $164,000 after acquiring an additional 828 shares during the period. 45.59% of the stock is owned by hedge funds and other institutional investors.
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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