Short Interest in New Residential Investment Corp. (NYSE:NRZ) Declines By 20.0%
New Residential Investment Corp. (NYSE:NRZ) saw a significant decline in short interest during the month of March. As of March 31st, there was short interest totalling 5,640,000 shares, a decline of 20.0% from the March 15th total of 7,050,000 shares. Currently, 1.4% of the shares of the stock are short sold. Based on an average daily volume of 4,520,000 shares, the short-interest ratio is currently 1.2 days.
Shares of New Residential Investment stock opened at $10.22 on Wednesday. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.12. The business has a 50-day moving average price of $10.87 and a 200 day moving average price of $9.65. New Residential Investment has a fifty-two week low of $4.79 and a fifty-two week high of $11.48. The firm has a market cap of $4.24 billion, a P/E ratio of -3.21 and a beta of 1.87.
New Residential Investment (NYSE:NRZ) last issued its earnings results on Monday, February 8th. The real estate investment trust reported $0.32 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.32. The company had revenue of $570.70 million for the quarter, compared to analysts’ expectations of $768.75 million. New Residential Investment had a negative net margin of 96.73% and a positive return on equity of 14.58%. The firm’s revenue was down 15.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.61 earnings per share. As a group, equities research analysts anticipate that New Residential Investment will post 1.46 earnings per share for the current year.
Several equities analysts recently issued reports on NRZ shares. BTIG Research boosted their target price on shares of New Residential Investment from $12.00 to $13.00 and gave the company a “buy” rating in a research note on Friday, April 16th. Zacks Investment Research lowered New Residential Investment from a “buy” rating to a “hold” rating in a research note on Tuesday, February 16th. Credit Suisse Group increased their price objective on shares of New Residential Investment from $11.00 to $12.00 and gave the company an “outperform” rating in a report on Monday, March 22nd. JMP Securities increased their price target on New Residential Investment from $9.50 to $10.00 and gave the stock a “market outperform” rating in a report on Friday, January 22nd. Finally, Piper Sandler upped their price target on New Residential Investment from $11.50 to $13.00 and gave the stock an “overweight” rating in a report on Tuesday. Two analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. New Residential Investment currently has a consensus rating of “Buy” and a consensus price target of $11.42.
In other news, CEO Michael Nierenberg bought 100,000 shares of the stock in a transaction on Monday, April 19th. The stock was acquired at an average cost of $10.10 per share, for a total transaction of $1,010,000.00. Following the acquisition, the chief executive officer now owns 357,028 shares of the company’s stock, valued at $3,605,982.80. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.47% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. CENTRAL TRUST Co acquired a new stake in New Residential Investment during the fourth quarter valued at approximately $30,000. Optimum Investment Advisors boosted its stake in shares of New Residential Investment by 400.0% during the 4th quarter. Optimum Investment Advisors now owns 5,000 shares of the real estate investment trust’s stock worth $50,000 after acquiring an additional 4,000 shares in the last quarter. Inspire Advisors LLC acquired a new position in shares of New Residential Investment in the 4th quarter worth $65,000. Lindbrook Capital LLC raised its position in shares of New Residential Investment by 312.1% during the fourth quarter. Lindbrook Capital LLC now owns 6,630 shares of the real estate investment trust’s stock worth $66,000 after purchasing an additional 5,021 shares during the period. Finally, Metropolitan Life Insurance Co NY boosted its position in shares of New Residential Investment by 9.3% in 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 purchasing an additional 828 shares during the period. 46.54% of the stock is currently owned by institutional investors.
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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