Front Yard Residential (NYSE:RESI) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research downgraded shares of Front Yard Residential (NYSE:RESI) from a hold rating to a sell rating in a research report report published on Wednesday morning, Zacks.com reports.

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. “

Separately, Northland Securities restated a buy rating and set a $15.00 target price on shares of Front Yard Residential in a research note on Wednesday, May 8th.

Shares of Front Yard Residential stock traded up $0.02 during trading hours on Wednesday, hitting $11.03. 5,988 shares of the company’s stock traded hands, compared to its average volume of 173,603. The stock has a 50 day moving average of $11.89. The stock has a market cap of $603.40 million, a P/E ratio of 50.96 and a beta of 1.26. Front Yard Residential has a twelve month low of $7.99 and a twelve month high of $13.07.

In other news, Director Rochelle R. Dobbs purchased 25,000 shares of the firm’s stock in a transaction that occurred on Friday, May 17th. The stock was acquired at an average cost of $10.87 per share, for a total transaction of $271,750.00. Following the completion of the purchase, the director now owns 23,642 shares of the company’s stock, valued at $256,988.54. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Deer Park Road Management Comp sold 9,780 shares of Front Yard Residential stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $12.23, for a total value of $119,609.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have bought 45,000 shares of company stock valued at $501,450 and have sold 247,917 shares valued at $2,992,792. 0.88% of the stock is owned by company insiders.

Large investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp grew its stake in Front Yard Residential by 20.5% in the fourth quarter. Bank of New York Mellon Corp now owns 330,923 shares of the real estate investment trust’s stock worth $2,889,000 after purchasing an additional 56,289 shares in the last quarter. Monarch Partners Asset Management LLC bought a new position in Front Yard Residential in the first quarter worth about $3,981,000. Dimensional Fund Advisors LP lifted its holdings in Front Yard Residential by 323.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 217,428 shares of the real estate investment trust’s stock worth $1,898,000 after acquiring an additional 166,122 shares during the last quarter. Rhumbline Advisers lifted its holdings in Front Yard Residential by 34.1% in the first quarter. Rhumbline Advisers now owns 110,368 shares of the real estate investment trust’s stock worth $1,023,000 after acquiring an additional 28,079 shares during the last quarter. Finally, Boston Partners lifted its holdings in Front Yard Residential by 3.5% in the first quarter. Boston Partners now owns 107,312 shares of the real estate investment trust’s stock worth $995,000 after acquiring an additional 3,659 shares during the last quarter. Institutional investors and hedge funds own 73.90% of the company’s stock.

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 that 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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