Analysts at Wedbush began coverage on shares of New Residential Investment Corp. (NYSE:NRZ) in a research note issued to investors on Wednesday. The brokerage set an “outperform” rating and a $17.00 price target on the real estate investment trust’s stock. Wedbush’s price objective indicates a potential upside of 23.82% from the stock’s previous close.

NRZ has been the subject of a number of other research reports. Zacks Investment Research downgraded shares of New Residential Investment Corp. from a “hold” rating to a “sell” rating in a research note on Wednesday, July 27th. Vetr upgraded shares of New Residential Investment Corp. from a “buy” rating to a “strong-buy” rating and set a $15.40 price target for the company in a research note on Monday, June 13th. Credit Suisse Group AG set a $17.00 price objective on shares of New Residential Investment Corp. and gave the stock a “buy” rating in a research report on Monday, August 8th. Barclays PLC boosted their price objective on shares of New Residential Investment Corp. from $15.00 to $16.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 10th. Finally, Piper Jaffray Cos. restated an “overweight” rating and set a $16.00 price objective on shares of New Residential Investment Corp. in a research report on Friday, September 9th. Three analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $15.54.

Shares of New Residential Investment Corp. (NYSE:NRZ) opened at 13.73 on Wednesday. The company’s 50-day moving average is $14.19 and its 200 day moving average is $13.30. The firm has a market cap of $3.16 billion, a price-to-earnings ratio of 9.38 and a beta of 0.94. New Residential Investment Corp. has a 52-week low of $9.07 and a 52-week high of $14.89.

New Residential Investment Corp. (NYSE:NRZ) last issued its quarterly earnings results on Tuesday, August 2nd. The real estate investment trust reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.02. New Residential Investment Corp. had a net margin of 38.31% and a return on equity of 15.25%. The company earned $137.43 million during the quarter, compared to the consensus estimate of $161 million. During the same quarter in the previous year, the firm earned $0.45 earnings per share. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. On average, analysts expect that New Residential Investment Corp. will post $1.72 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 28th. Investors of record on Monday, October 3rd will be given a $0.46 dividend. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $1.84 annualized dividend and a yield of 13.40%. New Residential Investment Corp.’s dividend payout ratio (DPR) is 125.17%.

Hedge funds have recently added to or reduced their stakes in the stock. Foundry Partners LLC increased its stake in New Residential Investment Corp. by 1.9% in the third quarter. Foundry Partners LLC now owns 449,150 shares of the real estate investment trust’s stock valued at $6,203,000 after buying an additional 8,310 shares during the period. Telemus Capital LLC acquired a new stake in New Residential Investment Corp. during the third quarter valued at approximately $2,302,000. Royal Bank of Canada increased its stake in New Residential Investment Corp. by 25.1% in the second quarter. Royal Bank of Canada now owns 120,937 shares of the real estate investment trust’s stock valued at $1,674,000 after buying an additional 24,239 shares during the period. Public Employees Retirement System of Ohio increased its stake in New Residential Investment Corp. by 19.8% in the second quarter. Public Employees Retirement System of Ohio now owns 10,857 shares of the real estate investment trust’s stock valued at $150,000 after buying an additional 1,798 shares during the period. Finally, Schwab Charles Investment Management Inc. increased its stake in New Residential Investment Corp. by 4.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 989,447 shares of the real estate investment trust’s stock valued at $13,694,000 after buying an additional 38,223 shares during the period. Hedge funds and other institutional investors own 53.36% of the company’s stock.

New Residential Investment Corp. Company Profile

New Residential Investment Corp. is a real estate investment trust (REIT). The Company is focused on investing in, and managing, investments related to residential real estate. The Company conducts its business through the segments, which include investments in excess mortgage servicing rights (MSRs), investments in servicer advances, investments in real estate securities, investments in real estate loans, investments in consumer loans and corporate.

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