Belpointe Asset Management LLC grew its stake in New Residential Investment Corp (NYSE:NRZ) by 6.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 32,930 shares of the real estate investment trust’s stock after purchasing an additional 2,100 shares during the period. Belpointe Asset Management LLC’s holdings in New Residential Investment were worth $468,000 at the end of the most recent reporting period.
Other institutional investors have also bought and sold shares of the company. Jane Street Group LLC boosted its stake in shares of New Residential Investment by 47.9% in the third quarter. Jane Street Group LLC now owns 19,149 shares of the real estate investment trust’s stock valued at $341,000 after buying an additional 6,201 shares in the last quarter. Vanguard Group Inc. boosted its position in New Residential Investment by 2.7% during the third quarter. Vanguard Group Inc. now owns 29,420,296 shares of the real estate investment trust’s stock worth $524,269,000 after purchasing an additional 777,682 shares in the last quarter. Victory Capital Management Inc. boosted its position in New Residential Investment by 50.1% during the third quarter. Victory Capital Management Inc. now owns 10,947 shares of the real estate investment trust’s stock worth $195,000 after purchasing an additional 3,655 shares in the last quarter. BlackRock Inc. boosted its position in New Residential Investment by 3.9% during the third quarter. BlackRock Inc. now owns 20,782,351 shares of the real estate investment trust’s stock worth $370,342,000 after purchasing an additional 779,586 shares in the last quarter. Finally, First Republic Investment Management Inc. boosted its position in New Residential Investment by 25.3% during the third quarter. First Republic Investment Management Inc. now owns 271,079 shares of the real estate investment trust’s stock worth $4,831,000 after purchasing an additional 54,703 shares in the last quarter. Hedge funds and other institutional investors own 49.06% of the company’s stock.
A number of research firms have commented on NRZ. Zacks Investment Research upgraded New Residential Investment from a “sell” rating to a “hold” rating in a research report on Thursday, April 4th. Nomura began coverage on New Residential Investment in a research report on Wednesday, March 27th. They set a “buy” rating and a $18.50 target price on the stock. Finally, Credit Suisse Group reiterated a “buy” rating and set a $18.00 target price on shares of New Residential Investment in a research report on Friday, January 4th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $19.50.
Shares of NYSE:NRZ opened at $16.56 on Tuesday. New Residential Investment Corp has a 52-week low of $13.86 and a 52-week high of $18.75. The firm has a market capitalization of $6.79 billion, a PE ratio of 6.96 and a beta of 1.10.
New Residential Investment (NYSE:NRZ) last issued its quarterly earnings data on Tuesday, February 12th. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.03. The business had revenue of $266.00 million for the quarter, compared to the consensus estimate of $210.42 million. New Residential Investment had a return on equity of 13.88% and a net margin of 57.58%. During the same period in the prior year, the business earned $0.61 earnings per share. As a group, sell-side analysts anticipate that New Residential Investment Corp will post 2.27 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, April 26th. Investors of record on Thursday, April 4th will be paid a $0.50 dividend. The ex-dividend date is Wednesday, April 3rd. This represents a $2.00 annualized dividend and a yield of 12.08%. New Residential Investment’s payout ratio is currently 84.03%.
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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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