Zacks: Brokerages Anticipate New Residential Investment Corp. (NYSE:NRZ) to Announce $0.34 EPS


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Wall Street brokerages forecast that New Residential Investment Corp. (NYSE:NRZ) will announce $0.34 earnings per share (EPS) for the current quarter, according to Zacks. Two analysts have made estimates for New Residential Investment’s earnings, with estimates ranging from $0.33 to $0.36. New Residential Investment posted earnings of $0.48 per share during the same quarter last year, which would suggest a negative year-over-year growth rate of 29.2%. The firm is scheduled to announce its next earnings report before the market opens on Wednesday, May 5th.

On average, analysts expect that New Residential Investment will report full year earnings of $1.46 per share for the current financial year, with EPS estimates ranging from $1.37 to $1.50. For the next financial year, analysts expect that the business will report earnings of $1.78 per share, with EPS estimates ranging from $1.66 to $1.95. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of research analysts that follow New Residential Investment.

New Residential Investment (NYSE:NRZ) last released its quarterly earnings data on Monday, February 8th. The real estate investment trust reported $0.32 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.32. New Residential Investment had a positive return on equity of 14.58% and a negative net margin of 96.73%. The business had revenue of $570.70 million for the quarter, compared to analyst estimates of $768.75 million. During the same quarter in the prior year, the firm posted $0.61 EPS. The business’s quarterly revenue was down 15.9% compared to the same quarter last year.

A number of research analysts have recently issued reports on the company. JMP Securities increased their target price on New Residential Investment from $9.50 to $10.00 and gave the company a “market outperform” rating in a research report on Friday, January 22nd. Credit Suisse Group increased their target price on New Residential Investment from $11.00 to $12.00 and gave the company an “outperform” rating in a research report on Monday, March 22nd. Raymond James increased their target price on New Residential Investment from $11.50 to $12.50 and gave the company an “outperform” rating in a research report on Wednesday, February 10th. Piper Sandler increased their target price on New Residential Investment from $11.50 to $13.00 and gave the company an “overweight” rating in a research report on Tuesday, April 20th. Finally, Jonestrading reissued a “hold” rating on shares of New Residential Investment in a research note on Wednesday, April 21st. Two research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. New Residential Investment presently has an average rating of “Buy” and an average target price of $11.42.

Shares of NYSE:NRZ traded down $0.10 during midday trading on Tuesday, reaching $10.63. 5,533,895 shares of the company’s stock traded hands, compared to its average volume of 5,780,324. New Residential Investment has a 1 year low of $5.30 and a 1 year high of $11.48. The company has a market cap of $4.96 billion, a P/E ratio of -3.34 and a beta of 1.87. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.40 and a current ratio of 0.40. The company has a fifty day simple moving average of $10.84 and a two-hundred day simple moving average of $9.80.

The company also recently announced a quarterly dividend, which was paid on Friday, April 30th. Investors of record on Monday, April 5th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 7.53%. The ex-dividend date of this dividend was Thursday, April 1st. New Residential Investment’s dividend payout ratio (DPR) is 36.87%.

In other New Residential Investment news, CEO Michael Nierenberg purchased 100,000 shares of the business’s stock in a transaction on Monday, April 19th. The shares were bought at an average cost of $10.10 per share, for a total transaction of $1,010,000.00. Following the completion of the purchase, the chief executive officer now directly owns 357,028 shares of the company’s stock, valued at $3,605,982.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.47% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in NRZ. Camden Capital LLC grew its stake in New Residential Investment by 2.1% during the 4th quarter. Camden Capital LLC now owns 56,271 shares of the real estate investment trust’s stock worth $559,000 after purchasing an additional 1,171 shares in the last quarter. California Public Employees Retirement System raised its position in New Residential Investment by 12.6% in the 4th quarter. California Public Employees Retirement System now owns 1,073,248 shares of the real estate investment trust’s stock valued at $10,668,000 after purchasing an additional 120,067 shares in the last quarter. BlackRock Inc. raised its position in New Residential Investment by 10.4% in the 4th quarter. BlackRock Inc. now owns 27,382,429 shares of the real estate investment trust’s stock valued at $272,182,000 after purchasing an additional 2,580,408 shares in the last quarter. Optimum Investment Advisors raised its position in New Residential Investment by 400.0% in the 4th quarter. Optimum Investment Advisors now owns 5,000 shares of the real estate investment trust’s stock valued at $50,000 after purchasing an additional 4,000 shares in the last quarter. Finally, Baker Tilly Financial LLC acquired a new stake in New Residential Investment in the 4th quarter valued at about $200,000. Institutional investors and hedge funds own 46.54% of the company’s stock.

About New Residential Investment

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 five segments: Origination, Servicing, MSR Related Investments, Residential Securities and Loans, and Consumer Loans. 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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