Legal & General Group Plc decreased its position in shares of New Residential Investment Corp (NYSE:NRZ) by 5.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 249,740 shares of the real estate investment trust’s stock after selling 15,636 shares during the period. Legal & General Group Plc’s holdings in New Residential Investment were worth $4,368,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in the stock. BlackRock Inc. increased its holdings in shares of New Residential Investment by 6.1% in the first quarter. BlackRock Inc. now owns 19,820,163 shares of the real estate investment trust’s stock valued at $326,044,000 after buying an additional 1,136,190 shares in the last quarter. Mackay Shields LLC increased its holdings in shares of New Residential Investment by 872.7% in the second quarter. Mackay Shields LLC now owns 934,048 shares of the real estate investment trust’s stock valued at $16,337,000 after buying an additional 838,024 shares in the last quarter. Deer Park Road Corp increased its holdings in shares of New Residential Investment by 136.9% in the first quarter. Deer Park Road Corp now owns 1,208,425 shares of the real estate investment trust’s stock valued at $19,879,000 after buying an additional 698,425 shares in the last quarter. State Treasurer State of Michigan bought a new position in shares of New Residential Investment in the second quarter valued at $11,718,000. Finally, Wells Fargo & Company MN increased its holdings in shares of New Residential Investment by 60.0% in the second quarter. Wells Fargo & Company MN now owns 1,466,110 shares of the real estate investment trust’s stock valued at $25,643,000 after buying an additional 549,657 shares in the last quarter. 52.43% of the stock is currently owned by hedge funds and other institutional investors.
In other New Residential Investment news, CEO Michael Nierenberg sold 339,177 shares of New Residential Investment stock in a transaction that occurred on Tuesday, June 26th. The shares were sold at an average price of $18.30, for a total transaction of $6,206,939.10. Following the transaction, the chief executive officer now directly owns 2,085,352 shares in the company, valued at approximately $38,161,941.60. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 4.00% of the company’s stock.
New Residential Investment (NYSE:NRZ) last posted its quarterly earnings data on Thursday, July 26th. The real estate investment trust reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.04. New Residential Investment had a net margin of 83.31% and a return on equity of 14.85%. The firm had revenue of $269.89 million for the quarter, compared to analysts’ expectations of $130.70 million. During the same period in the previous year, the company posted $1.03 EPS. equities analysts anticipate that New Residential Investment Corp will post 2.29 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 26th. Shareholders of record on Monday, October 1st will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 11.01%. The ex-dividend date is Friday, September 28th. New Residential Investment’s payout ratio is 70.67%.
NRZ has been the topic of several research reports. Zacks Investment Research cut New Residential Investment from a “buy” rating to a “hold” rating in a report on Tuesday, July 3rd. ValuEngine cut New Residential Investment from a “buy” rating to a “hold” rating in a report on Saturday, June 2nd. Finally, Barclays upped their price target on New Residential Investment from $19.00 to $21.00 and gave the company an “overweight” rating in a report on Wednesday, July 25th. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $19.85.
New Residential Investment 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 Servicing Related Assets, Residential Securities and Loans, and Other Investments 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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