Zacks Investment Research Downgrades Front Yard Residential (RESI) to Sell

Front Yard Residential (NYSE:RESI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Friday.

According to Zacks, “Front Yard Residential Corporation, operates as a Real Estate Investment Trust (REIT). It acquires single-family rental properties primarily through the acquisition of sub-performing and non-performing loan portfolios. Front Yard Residential formerly known as Altisource Residential Corporation, is based in Christiansted, Virgin Islands. “

A number of other brokerages have also issued reports on RESI. ValuEngine lowered shares of Front Yard Residential from a “sell” rating to a “strong sell” rating in a research note on Friday, February 2nd. JMP Securities upgraded shares of Front Yard Residential from a “market perform” rating to an “outperform” rating and set a $15.00 price target on the stock in a research note on Tuesday, January 30th. Three equities research analysts have rated the stock with a sell rating and two have issued a buy rating to the company’s stock. Front Yard Residential currently has an average rating of “Hold” and a consensus price target of $15.33.

Shares of NYSE:RESI opened at $10.67 on Friday. Front Yard Residential has a 1 year low of $10.64 and a 1 year high of $10.69.

Front Yard Residential (NYSE:RESI) last issued its quarterly earnings results on Tuesday, May 8th. The real estate investment trust reported ($0.51) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.49) by ($0.02). The business had revenue of $39.77 million for the quarter, compared to analysts’ expectations of $33.78 million. Front Yard Residential had a negative return on equity of 24.38% and a negative net margin of 156.26%. sell-side analysts forecast that Front Yard Residential will post -1.55 earnings per share for the current year.

Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. grew its position in shares of Front Yard Residential by 1.9% during the fourth quarter. BlackRock Inc. now owns 3,694,542 shares of the real estate investment trust’s stock worth $43,816,000 after buying an additional 67,994 shares in the last quarter. Deer Park Road Corp grew its position in shares of Front Yard Residential by 28.8% during the first quarter. Deer Park Road Corp now owns 3,458,598 shares of the real estate investment trust’s stock worth $34,759,000 after buying an additional 773,559 shares in the last quarter. Brown Advisory Inc. grew its position in shares of Front Yard Residential by 12.8% during the fourth quarter. Brown Advisory Inc. now owns 2,904,126 shares of the real estate investment trust’s stock worth $34,443,000 after buying an additional 330,171 shares in the last quarter. Millennium Management LLC grew its position in shares of Front Yard Residential by 732.5% during the first quarter. Millennium Management LLC now owns 936,846 shares of the real estate investment trust’s stock worth $9,415,000 after buying an additional 824,307 shares in the last quarter. Finally, Tahithromos L.L.C. grew its position in shares of Front Yard Residential by 6.4% during the fourth quarter. Tahithromos L.L.C. now owns 771,730 shares of the real estate investment trust’s stock worth $9,153,000 after buying an additional 46,395 shares in the last quarter. 79.19% of the stock is owned by institutional investors and hedge funds.

Front Yard Residential Company Profile

Front Yard is an industry leader in providing quality, affordable rental homes to America's families. Our homes offer exceptional value in a variety of suburban communities which have easy accessibility to metropolitan areas. Front Yard's tenants enjoy the space and comfort that is unique to single-family housing, at reasonable prices.

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