Edge Wealth Management LLC Purchases 15,775 Shares of New Residential Investment Corp (NRZ)
Edge Wealth Management LLC grew its stake in New Residential Investment Corp (NYSE:NRZ) by 23.4% during the 1st quarter, HoldingsChannel.com reports. The firm owned 83,285 shares of the real estate investment trust’s stock after acquiring an additional 15,775 shares during the quarter. Edge Wealth Management LLC’s holdings in New Residential Investment were worth $1,413,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Jane Street Group LLC grew its stake in shares of New Residential Investment by 47.9% in the 3rd quarter. Jane Street Group LLC now owns 19,149 shares of the real estate investment trust’s stock valued at $341,000 after purchasing an additional 6,201 shares during the period. Vanguard Group Inc. grew its stake in shares of New Residential Investment by 2.7% in the 3rd quarter. Vanguard Group Inc. now owns 29,420,296 shares of the real estate investment trust’s stock valued at $524,269,000 after purchasing an additional 777,682 shares during the period. BlackRock Inc. grew its stake in shares of New Residential Investment by 3.9% in the 3rd quarter. BlackRock Inc. now owns 20,782,351 shares of the real estate investment trust’s stock valued at $370,342,000 after purchasing an additional 779,586 shares during the period. First Republic Investment Management Inc. grew its stake in shares of New Residential Investment by 25.3% in the 3rd quarter. First Republic Investment Management Inc. now owns 271,079 shares of the real estate investment trust’s stock valued at $4,831,000 after purchasing an additional 54,703 shares during the period. Finally, Squarepoint Ops LLC bought a new stake in shares of New Residential Investment in the 4th quarter valued at approximately $677,000. Institutional investors own 49.06% of the company’s stock.
Several research firms have recently weighed in on NRZ. Zacks Investment Research lowered New Residential Investment from a “hold” rating to a “sell” rating in a research note on Friday, March 22nd. Credit Suisse Group restated a “buy” rating and set a $18.00 price target on shares of New Residential Investment in a research report on Friday, January 4th. Finally, Nomura began coverage on New Residential Investment in a research report on Wednesday, March 27th. They set a “buy” rating and a $18.50 price target on the stock. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $19.50.
New Residential Investment (NYSE:NRZ) last released its quarterly earnings results on Tuesday, February 12th. The real estate investment trust reported $0.58 EPS for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.03. The business had revenue of $266.00 million for the quarter, compared to analyst estimates 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 company earned $0.61 EPS. On average, research analysts anticipate that New Residential Investment Corp will post 2.27 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, April 26th. Investors of record on Thursday, April 4th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Wednesday, April 3rd. This represents a $2.00 dividend on an annualized basis and a yield of 12.07%. New Residential Investment’s dividend payout ratio (DPR) is presently 84.03%.
In other New Residential Investment news, CEO Michael Nierenberg purchased 60,000 shares of the firm’s stock in a transaction that occurred on Friday, February 22nd. The shares were acquired at an average cost of $16.50 per share, for a total transaction of $990,000.00. Following the transaction, the chief executive officer now directly owns 995,352 shares in the company, valued at $16,423,308. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.93% of the stock is owned by corporate insiders.
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 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.
See Also: Diluted Earnings Per Share
Want to see what other hedge funds are holding NRZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for New Residential Investment Corp (NYSE:NRZ).
Receive News & Ratings for New Residential Investment Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for New Residential Investment and related companies with MarketBeat.com's FREE daily email newsletter.