Piper Sandler Downgrades New Residential Investment (NYSE:NRZ) to Underweight

New Residential Investment (NYSE:NRZ – Get Rating) was downgraded by Piper Sandler to an “underweight” rating in a report released on Monday, Stock Target Advisor reports. They presently have a $10.00 price objective on the real estate investment trust’s stock, down from their previous price objective of $12.00. Piper Sandler’s target price suggests a potential downside of 8.00% from the stock’s current price.

A number of other research firms also recently commented on NRZ. Raymond James increased their price objective on New Residential Investment from $13.00 to $13.50 and gave the company an “outperform” rating in a report on Tuesday, March 29th. StockNews.com upgraded New Residential Investment from a “hold” rating to a “buy” rating in a research note on Monday, May 9th. One analyst has rated the stock with a sell rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $12.20.

NRZ stock opened at $10.87 on Monday. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.44 and a quick ratio of 0.44. The firm has a market capitalization of $5.07 billion, a P/E ratio of 4.81 and a beta of 1.66. The business’s 50-day moving average is $10.83 and its two-hundred day moving average is $10.75. New Residential Investment has a 1 year low of $8.98 and a 1 year high of $11.81.

New Residential Investment (NYSE:NRZ – Get Rating) last posted its quarterly earnings results on Tuesday, May 3rd. The real estate investment trust reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.02. New Residential Investment had a return on equity of 13.84% and a net margin of 28.82%. During the same period last year, the company posted $0.34 EPS. On average, analysts expect that New Residential Investment will post 1.38 EPS for the current year.

Several institutional investors and hedge funds have recently bought and sold shares of NRZ. Norges Bank acquired a new stake in shares of New Residential Investment in the 4th quarter valued at approximately $45,373,000. Bank of America Corp DE raised its holdings in New Residential Investment by 43.7% during the fourth quarter. Bank of America Corp DE now owns 5,520,123 shares of the real estate investment trust’s stock worth $59,121,000 after purchasing an additional 1,679,722 shares during the last quarter. Invesco Ltd. raised its holdings in shares of New Residential Investment by 167.8% in the fourth quarter. Invesco Ltd. now owns 1,932,972 shares of the real estate investment trust’s stock worth $20,702,000 after acquiring an additional 1,211,245 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of New Residential Investment by 1,507.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,259,186 shares of the real estate investment trust’s stock worth $13,826,000 after acquiring an additional 1,180,866 shares during the last quarter. Finally, First Trust Advisors LP raised its holdings in shares of New Residential Investment by 52.8% in the first quarter. First Trust Advisors LP now owns 2,728,315 shares of the real estate investment trust’s stock worth $29,957,000 after acquiring an additional 943,227 shares during the last quarter. 46.48% of the stock is owned by institutional investors and hedge funds.

New Residential Investment Company Profile (Get Rating)

New Residential Investment Corp. operates as a real estate investment trust in the United States. It operates through Origination, Servicing, MSR Related Investments, Residential Securities, Properties and Loans, Consumer Loans, Mortgage Loans, and Corporate segments. The company invests in mortgage servicing rights, mortgage origination and servicing companies, residential mortgage-backed securities, properties and loans, consumer loans, and other opportunistic investments.

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