Bank of Montreal Can Boosts Stake in New Residential Investment Corp (NRZ)
Bank of Montreal Can lifted its stake in shares of New Residential Investment Corp (NYSE:NRZ) by 50.8% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 1,741,200 shares of the real estate investment trust’s stock after buying an additional 586,919 shares during the quarter. Bank of Montreal Can owned about 0.51% of New Residential Investment worth $31,028,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Victory Capital Management Inc. lifted its stake in shares of New Residential Investment by 214.0% during the 2nd quarter. Victory Capital Management Inc. now owns 7,292 shares of the real estate investment trust’s stock worth $128,000 after buying an additional 4,970 shares during the last quarter. Signaturefd LLC lifted its stake in shares of New Residential Investment by 109.8% during the 2nd quarter. Signaturefd LLC now owns 8,088 shares of the real estate investment trust’s stock worth $141,000 after buying an additional 4,233 shares during the last quarter. NEXT Financial Group Inc acquired a new stake in shares of New Residential Investment during the 3rd quarter worth about $174,000. Wesbanco Bank Inc. acquired a new stake in shares of New Residential Investment during the 2nd quarter worth about $177,000. Finally, Qube Research & Technologies Ltd acquired a new stake in shares of New Residential Investment during the 2nd quarter worth about $182,000. Institutional investors own 52.43% of the company’s stock.
NRZ has been the subject of a number of research reports. Raymond James initiated coverage on shares of New Residential Investment in a research note on Friday, October 5th. They set an “outperform” rating and a $20.00 target price for the company. Zacks Investment Research cut shares of New Residential Investment from a “buy” rating to a “hold” rating in a research note on Tuesday, July 3rd. Finally, Barclays raised their target price on shares of New Residential Investment from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 25th. Two research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $19.87.
New Residential Investment (NYSE:NRZ) last released its quarterly earnings results on Thursday, July 26th. The real estate investment trust reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.04. New Residential Investment had a net margin of 83.31% and a return on equity of 14.85%. The business had revenue of $269.89 million for the quarter, compared to analyst estimates of $130.70 million. During the same period last year, the firm earned $1.03 earnings per share. On average, analysts anticipate that New Residential Investment Corp will post 2.28 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 26th. Investors of record on Monday, October 1st will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 11.17%. The ex-dividend date is Friday, September 28th. New Residential Investment’s dividend payout ratio is 70.67%.
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 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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