PNC Financial Services Group Inc. Buys 21,036 Shares of New Residential Investment Corp (NRZ)
PNC Financial Services Group Inc. grew its stake in shares of New Residential Investment Corp (NYSE:NRZ) by 227.4% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 30,287 shares of the real estate investment trust’s stock after buying an additional 21,036 shares during the period. PNC Financial Services Group Inc.’s holdings in New Residential Investment were worth $528,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in NRZ. BlackRock Inc. increased its position in New Residential Investment by 6.1% during the first quarter. BlackRock Inc. now owns 19,820,163 shares of the real estate investment trust’s stock worth $326,044,000 after buying an additional 1,136,190 shares in the last quarter. Mackay Shields LLC increased its position in New Residential Investment by 872.7% during the second quarter. Mackay Shields LLC now owns 934,048 shares of the real estate investment trust’s stock worth $16,337,000 after buying an additional 838,024 shares in the last quarter. Deer Park Road Corp increased its position in New Residential Investment by 136.9% during the first quarter. Deer Park Road Corp now owns 1,208,425 shares of the real estate investment trust’s stock worth $19,879,000 after buying an additional 698,425 shares in the last quarter. State Treasurer State of Michigan purchased a new position in New Residential Investment during the second quarter worth $11,718,000. Finally, Wells Fargo & Company MN increased its position in New Residential Investment by 60.0% during the second quarter. Wells Fargo & Company MN now owns 1,466,110 shares of the real estate investment trust’s stock worth $25,643,000 after buying an additional 549,657 shares in the last quarter. 52.43% of the stock is owned by institutional investors.
Several equities analysts have weighed in on the company. Barclays raised their price target on New Residential Investment from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 25th. Zacks Investment Research raised New Residential Investment from a “hold” rating to a “buy” rating and set a $21.00 price target for the company in a research report on Wednesday, July 25th. Finally, ValuEngine downgraded New Residential Investment from a “buy” rating to a “hold” rating in a research report on Saturday, June 2nd. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $19.85.
New Residential Investment (NYSE:NRZ) last announced its quarterly earnings data on Thursday, July 26th. The real estate investment trust reported $0.58 EPS for the quarter, beating the Zacks’ consensus estimate of $0.54 by $0.04. The business had revenue of $269.89 million during the quarter, compared to the consensus estimate of $130.70 million. New Residential Investment had a return on equity of 14.85% and a net margin of 83.31%. During the same quarter in the previous year, the business earned $1.03 earnings per share. analysts expect that New Residential Investment Corp will post 2.29 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 26th. Stockholders of record on Monday, October 1st will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 11.01%. The ex-dividend date is Friday, September 28th. New Residential Investment’s dividend payout ratio is currently 70.67%.
In other news, CEO Michael Nierenberg sold 339,177 shares of New Residential Investment stock in a transaction on Tuesday, June 26th. The stock was sold at an average price of $18.30, for a total value of $6,206,939.10. Following the completion of the sale, the chief executive officer now owns 2,085,352 shares of the company’s stock, valued at $38,161,941.60. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 4.00% of the stock is owned by 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 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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