Alliancebernstein L.P. increased its holdings in shares of New Residential Investment Corp. (NYSE:NRZ) by 14.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 242,290 shares of the real estate investment trust’s stock after buying an additional 31,400 shares during the quarter. Alliancebernstein L.P. owned about 0.05% of New Residential Investment worth $2,726,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Metropolitan Life Insurance Co NY increased its stake in New Residential Investment by 9.3% during the first quarter. Metropolitan Life Insurance Co NY now owns 9,747 shares of the real estate investment trust’s stock worth $164,000 after acquiring an additional 828 shares during the last quarter. Optimum Investment Advisors grew its stake in shares of New Residential Investment by 20.8% in the first quarter. Optimum Investment Advisors now owns 6,041 shares of the real estate investment trust’s stock valued at $68,000 after buying an additional 1,041 shares in the last quarter. US Bancorp DE grew its stake in New Residential Investment by 18.4% during the 1st quarter. US Bancorp DE now owns 7,589 shares of the real estate investment trust’s stock valued at $85,000 after purchasing an additional 1,180 shares in the last quarter. BRYN MAWR TRUST Co grew its stake in New Residential Investment by 14.2% during the 1st quarter. BRYN MAWR TRUST Co now owns 12,898 shares of the real estate investment trust’s stock valued at $145,000 after purchasing an additional 1,600 shares in the last quarter. Finally, Penserra Capital Management LLC grew its stake in New Residential Investment by 6.9% during the 4th quarter. Penserra Capital Management LLC now owns 27,250 shares of the real estate investment trust’s stock valued at $270,000 after purchasing an additional 1,766 shares in the last quarter. Hedge funds and other institutional investors own 40.39% of the company’s stock.
A number of brokerages have weighed in on NRZ. Royal Bank of Canada assumed coverage on New Residential Investment in a research note on Thursday, March 25th. They set an “outperform” rating and a $12.00 price objective for the company. Credit Suisse Group raised their price target on New Residential Investment from $11.00 to $12.00 and gave the stock an “outperform” rating in a report on Monday, March 15th. Raymond James raised their price target on New Residential Investment from $12.50 to $13.00 and gave the stock an “outperform” rating in a report on Thursday, May 20th. Jonestrading reissued a “hold” rating on shares of New Residential Investment in a report on Wednesday, April 21st. Finally, Zacks Investment Research downgraded New Residential Investment from a “buy” rating to a “hold” rating in a report on Tuesday, February 16th. Two equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. New Residential Investment has a consensus rating of “Buy” and an average price target of $11.46.
New Residential Investment (NYSE:NRZ) last issued its quarterly earnings results on Wednesday, May 5th. The real estate investment trust reported $0.34 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.34. New Residential Investment had a return on equity of 12.82% and a net margin of 48.05%. During the same quarter in the previous year, the firm posted ($0.48) EPS. As a group, equities analysts predict that New Residential Investment Corp. will post 1.37 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, April 30th. Stockholders of record on Monday, April 5th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 7.21%. The ex-dividend date of this dividend was Thursday, April 1st. New Residential Investment’s dividend payout ratio (DPR) is presently 54.79%.
In related news, CEO Michael Nierenberg bought 100,000 shares of the firm’s stock in a transaction that occurred on Monday, April 19th. The shares were 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 directly owns 357,028 shares of the company’s stock, valued at approximately $3,605,982.80. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.57% of the stock is currently owned by company insiders.
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 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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