New Residential Investment (NYSE:NRZ) Cut to “Underweight” at Piper Sandler

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New Residential Investment (NYSE:NRZGet Rating) was downgraded by equities researchers at Piper Sandler to an “underweight” rating in a note issued to investors 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 price target suggests a potential downside of 8.00% from the company’s previous close.

Several other equities analysts have also recently issued reports on the stock. StockNews.com upgraded shares of New Residential Investment from a “hold” rating to a “buy” rating in a research note on Monday, May 9th. Raymond James upped their target price on shares of New Residential Investment from $13.00 to $13.50 and gave the company an “outperform” rating in a research note on Tuesday, March 29th. One equities research analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $12.20.

NYSE:NRZ opened at $10.87 on Monday. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.09. The company has a fifty day moving average of $10.83 and a 200 day moving average of $10.75. The firm has a market capitalization of $5.07 billion, a P/E ratio of 4.81 and a beta of 1.66. New Residential Investment has a 52 week low of $8.98 and a 52 week high of $11.81.

New Residential Investment (NYSE:NRZGet Rating) last announced its quarterly earnings results on Tuesday, May 3rd. The real estate investment trust reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02. New Residential Investment had a net margin of 28.82% and a return on equity of 13.84%. During the same period in the previous year, the business posted $0.34 EPS. As a group, analysts anticipate that New Residential Investment will post 1.38 EPS for the current year.

Institutional investors have recently added to or reduced their stakes in the stock. Metropolitan Life Insurance Co NY grew its holdings in New Residential Investment by 9.3% during the 1st quarter. Metropolitan Life Insurance Co NY now owns 9,747 shares of the real estate investment trust’s stock valued at $164,000 after buying an additional 828 shares in the last quarter. FMR LLC grew its holdings in shares of New Residential Investment by 62.2% in the first quarter. FMR LLC now owns 779,914 shares of the real estate investment trust’s stock valued at $13,189,000 after purchasing an additional 299,097 shares in the last quarter. Amundi Pioneer Asset Management Inc. grew its holdings in shares of New Residential Investment by 50.8% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 250,386 shares of the real estate investment trust’s stock valued at $4,234,000 after purchasing an additional 84,355 shares in the last quarter. Morgan Stanley grew its holdings in shares of New Residential Investment by 40.6% in the second quarter. Morgan Stanley now owns 2,770,097 shares of the real estate investment trust’s stock valued at $29,335,000 after purchasing an additional 800,566 shares in the last quarter. Finally, GSA Capital Partners LLP purchased a new position in shares of New Residential Investment in the third quarter valued at $403,000. 46.48% of the stock is owned by institutional investors.

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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