Wells Fargo & Company MN boosted its stake in shares of New Residential Investment Corp (NYSE:NRZ) by 96.3% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 2,878,288 shares of the real estate investment trust’s stock after purchasing an additional 1,412,178 shares during the quarter. Wells Fargo & Company MN’s holdings in New Residential Investment were worth $51,292,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently made changes to their positions in NRZ. State Treasurer State of Michigan grew its position in New Residential Investment by 362.1% during the 3rd quarter. State Treasurer State of Michigan now owns 3,096,176 shares of the real estate investment trust’s stock worth $55,174,000 after purchasing an additional 2,426,176 shares during the period. Mackay Shields LLC grew its position in New Residential Investment by 872.7% during the 2nd quarter. Mackay Shields LLC now owns 934,048 shares of the real estate investment trust’s stock worth $16,337,000 after purchasing an additional 838,024 shares during the period. Bank of America Corp DE grew its position in New Residential Investment by 8.4% during the 2nd quarter. Bank of America Corp DE now owns 8,681,087 shares of the real estate investment trust’s stock worth $151,833,000 after purchasing an additional 673,770 shares during the period. Bank of Montreal Can grew its position in New Residential Investment by 50.8% during the 3rd quarter. Bank of Montreal Can now owns 1,741,200 shares of the real estate investment trust’s stock worth $31,028,000 after purchasing an additional 586,919 shares during the period. Finally, Renaissance Technologies LLC grew its position in New Residential Investment by 29.0% during the 2nd quarter. Renaissance Technologies LLC now owns 2,494,105 shares of the real estate investment trust’s stock worth $43,622,000 after purchasing an additional 560,895 shares during the period. 53.81% of the stock is currently owned by institutional investors.

NYSE:NRZ opened at $17.20 on Tuesday. New Residential Investment Corp has a 52 week low of $15.24 and a 52 week high of $18.75. The stock has a market cap of $5.87 billion, a PE ratio of 6.08, a price-to-earnings-growth ratio of 7.36 and a beta of 0.87.

New Residential Investment (NYSE:NRZ) last posted its earnings results on Thursday, October 25th. The real estate investment trust reported $0.63 EPS for the quarter, beating the Zacks’ consensus estimate of $0.54 by $0.09. New Residential Investment had a return on equity of 14.35% and a net margin of 79.22%. The firm had revenue of $262.72 million for the quarter, compared to analysts’ expectations of $231.40 million. Analysts predict that New Residential Investment Corp will post 2.35 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, October 26th. Stockholders of record on Monday, October 1st were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 11.63%. The ex-dividend date of this dividend was Friday, September 28th. New Residential Investment’s dividend payout ratio (DPR) is presently 70.67%.

Several brokerages have weighed in on NRZ. Zacks Investment Research raised New Residential Investment from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a research report on Friday, October 26th. Raymond James began coverage on New Residential Investment in a research report on Friday, October 5th. They set an “outperform” rating and a $20.00 target price on the stock. Finally, Barclays raised their target price on New Residential Investment from $19.00 to $21.00 and gave the company an “overweight” rating in a research report on Wednesday, July 25th. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $19.81.

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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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Institutional Ownership by Quarter for New Residential Investment (NYSE:NRZ)

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