New Residential Investment Corp (NRZ) Position Cut by California Public Employees Retirement System
California Public Employees Retirement System lessened its holdings in shares of New Residential Investment Corp (NYSE:NRZ) by 14.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 652,417 shares of the real estate investment trust’s stock after selling 113,391 shares during the quarter. California Public Employees Retirement System’s holdings in New Residential Investment were worth $11,032,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Prime Capital Investment Advisors LLC purchased a new position in New Residential Investment during the 4th quarter valued at approximately $26,000. Trust Co. of Vermont purchased a new position in New Residential Investment during the 1st quarter valued at approximately $27,000. Private Capital Group LLC purchased a new position in New Residential Investment during the 1st quarter valued at approximately $28,000. Cedar Wealth Management LLC grew its holdings in New Residential Investment by 50.0% during the 1st quarter. Cedar Wealth Management LLC now owns 1,800 shares of the real estate investment trust’s stock valued at $30,000 after buying an additional 600 shares in the last quarter. Finally, First Manhattan Co. grew its holdings in New Residential Investment by 120.0% during the 1st quarter. First Manhattan Co. now owns 2,200 shares of the real estate investment trust’s stock valued at $37,000 after buying an additional 1,200 shares in the last quarter. 49.25% of the stock is currently owned by institutional investors.
Several equities analysts have weighed in on the company. Zacks Investment Research cut New Residential Investment from a “buy” rating to a “hold” rating in a report on Thursday, May 9th. Nomura assumed coverage on New Residential Investment in a report on Wednesday, March 27th. They set a “buy” rating and a $18.50 price target for the company. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. New Residential Investment presently has a consensus rating of “Buy” and an average price target of $19.30.
New Residential Investment (NYSE:NRZ) last released its quarterly earnings results on Wednesday, May 1st. The real estate investment trust reported $0.53 earnings per share for the quarter, meeting the consensus estimate of $0.53. The business had revenue of $423.08 million during the quarter, compared to analysts’ expectations of $403.45 million. New Residential Investment had a return on equity of 13.39% and a net margin of 29.22%. The firm’s revenue for the quarter was up 62.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.58 EPS. As a group, equities research analysts expect that New Residential Investment Corp will post 2.19 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, April 26th. Stockholders of record on Thursday, April 4th were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 12.06%. The ex-dividend date was Wednesday, April 3rd. New Residential Investment’s dividend payout ratio (DPR) is 84.03%.
In related news, CEO Michael Nierenberg bought 60,000 shares of the company’s stock in a transaction dated Friday, February 22nd. The stock was purchased at an average price of $16.50 per share, for a total transaction of $990,000.00. Following the acquisition, the chief executive officer now owns 995,352 shares in the company, valued at $16,423,308. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Andrew Sloves bought 1,800 shares of the company’s stock in a transaction dated Tuesday, May 14th. The stock was bought at an average price of $16.65 per share, with a total value of $29,970.00. Following the acquisition, the director now owns 29,481 shares in the company, valued at approximately $490,858.65. The disclosure for this purchase can be found here. In the last quarter, insiders bought 75,974 shares of company stock valued at $1,256,109. Company insiders own 0.47% of the company’s stock.
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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 Servicing and Originations, Residential Securities and Loans, and Consumer Loans 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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