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NRZ - New Residential Investment Corporation

Discussion in 'Stock Message Boards NYSE, NASDAQ, AMEX' started by Marvan, Jun 14, 2019.

  1. Marvan

    Marvan Active Member

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    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.

    It also invests in real estate securities and residential mortgage loans, as well as in consumer loans, including unsecured and homeowner loans.

    The company qualifies as a real estate investment trust for federal income tax purposes.

    It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders.

    The company was founded in 2011 and is based in New York, New York.

    https://www.nasdaq.com/symbol/nrz
     
  2. Marvan

    Marvan Active Member

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  3. Marvan

    Marvan Active Member

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    New Residential Investment (NRZ) closed at $15.55 in the latest trading session, marking a +0.84% move from the prior day. This change outpaced the S&P 500's 0.41% gain on the day. Elsewhere, the Dow gained 0.39%, while the tech-heavy Nasdaq added 0.57%.

    Prior to today's trading, shares of the real estate investment trust had lost 7.55% over the past month. This has lagged the Finance sector's loss of 0.77% and the S&P 500's gain of 0.1% in that time.

    NRZ will be looking to display strength as it nears its next earnings release. In that report, analysts expect NRZ to post earnings of $0.54 per share. This would mark a year-over-year decline of 6.9%. Meanwhile, our latest consensus estimate is calling for revenue of $240.28 million, down 10.97% from the prior-year quarter.

    NRZ's full-year Zacks Consensus Estimates are calling for earnings of $2.19 per share and revenue of $957.36 million. These results would represent year-over-year changes of -7.98% and -9.49%, respectively.

    https://uk.finance.yahoo.com/news/residential-investment-nrz-outpaces-stock-215009070.html
     
  4. Marvan

    Marvan Active Member

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    • New Residential enters into “stalking horse” Asset Purchase Agreement with Ditech to purchase certain assets in Ditech’s Chapter 11 Bankruptcy
    • Acquisition of these assets, in addition to those already operated through NewRez and Shellpoint Mortgage Servicing, would further New Residential’s position as an industry leading originator and servicer
    NEW YORK--(BUSINESS WIRE)-- New Residential Investment Corp. (NYSE: NRZ, “New Residential”, the “Company”) announced today that it has entered into a “stalking horse” Asset Purchase Agreement (the “APA”) with Ditech Holding Corporation (“Ditech”) and Ditech Financial LLC (“Ditech Financial”) to purchase substantially all of the forward assets of Ditech Financial. The final purchase price will be determined at the closing of the transaction based on the tangible book value of the related assets, subject to certain agreed upon adjustments. New Residential expects to finance the acquisition of these assets with existing financing facilities and cash on hand.

    Under the terms of the APA, subject to certain conditions, New Residential has agreed to purchase, among other assets, Ditech Financial’s forward Fannie Mae, Ginnie Mae and non-agency mortgage servicing rights (“MSRs”), with an aggregate unpaid principal balance of approximately $63 billion as of March 31, 2019, the servicer advance receivables relating to such MSRs and other net assets core to the forward origination and servicing businesses. Additionally, New Residential has agreed to assume certain Ditech office spaces and plans to make employment offers to a number of Ditech employees. Under the APA, New Residential will not purchase any of the stock or assets related to Ditech Financial’s reverse mortgage business.

    “We are confident that the acquisition of these select assets, operations and employees from Ditech will be complementary to our existing portfolio and business as well as beneficial to our shareholders and the long-term strategy of our Company,” said Michael Nierenberg, Chairman, Chief Executive Officer and President of New Residential. “The acquisition of these origination and servicing operations from Ditech, in addition to those already operated through NewRez and Shellpoint Mortgage Servicing, will further our position as an industry leading originator and servicer.”

    “This stalking horse agreement represents a positive step forward in Ditech’s court-supervised process,” said Thomas F. Marano, Chairman of the Board and Chief Executive Officer of Ditech. “New Residential has a high-quality platform as well as the necessary expertise, operations and scale to efficiently manage these assets for the benefit of both New Residential and Ditech stakeholders.”

    If New Residential’s bid is successful, the transaction is expected to close in the second half of 2019, subject to certain closing conditions including, among other things, (a) New Residential being identified in Ditech’s bankruptcy proceeding as the winning bidder of the assets referenced in the APA, (b) the entry of a confirmation order by the United States Bankruptcy Court for the Southern District of New York that is acceptable to New Residential, (c) receipt of approvals from certain governmental and quasi-governmental agencies, and (d) other customary closing conditions. The sale of certain assets are also subject to receipt of third party consents. In the event the APA is terminated for certain reasons, including if Ditech accepts a higher or better offer from a competing bidder at the auction, subject to the approval of the Bankruptcy Court, Ditech may be required to reimburse the Company for its reasonable expenses up to $6 million and pay the Company a termination fee of up to $30 million.

    Sidley Austin LLP is acting as legal counsel and Moelis & Company LLC is acting as financial advisor to New Residential in connection with the agreement.

    https://uk.finance.yahoo.com/quote/NRZ/profile?p=NRZ
     
  5. Marvan

    Marvan Active Member

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  6. Marvan

    Marvan Active Member

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    Value investing is easily one of the most popular ways to find great stocks in any market environment. After all, who wouldn’t want to find stocks that are either flying under the radar and are compelling buys, or offer up tantalizing discounts when compared to fair value?

    One way to find these companies is by looking at several key metrics and financial ratios, many of which are crucial in the value stock selection process. Let’s put New Residential Investment Corp. NRZ stock into this equation and find out if it is a good choice for value-oriented investors right now, or if investors subscribing to this methodology should look elsewhere for top picks:

    https://uk.finance.yahoo.com/news/value-investors-pick-residential-investment-142902492.html
     
  7. Marvan

    Marvan Active Member

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  8. Marvan

    Marvan Active Member

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    New Residential Investment Corp. (NYSE: NRZ; “New Residential” or the “Company”) announces that it has launched an opportunistic underwritten public offering of Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the “Preferred Stock”), subject to market conditions.

    The terms of the Preferred Stock are to be determined by negotiations between the Company and the underwriters.

    The Company intends to apply to list the Preferred Stock on the New York Stock Exchange under the symbol “NRZ PR A.”

    The Company expects to grant to the underwriters a 30-day option to purchase up to an additional 15% of the shares of the Preferred Stock being offered to cover over-allotments, if any.

    https://uk.finance.yahoo.com/news/residential-launches-public-offering-preferred-134700949.html
     
  9. Marvan

    Marvan Active Member

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    New Residential Investment (NRZ) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended June 2019.

    This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.

    https://uk.finance.yahoo.com/news/analysts-estimate-residential-investment-nrz-143302287.html
     
  10. Marvan

    Marvan Active Member

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  11. Marvan

    Marvan Active Member

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  12. Marvan

    Marvan Active Member

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    New Residential Investment Corp. (NYSE:NRZ, “New Residential”, the “Company”) today announced the signing of an agreement to acquire 100% of the shares of DGG RE Investments LLC d/b/a Guardian Asset Management (“Guardian”), a leading national provider of field services and property management to government agencies, financial institutions and asset management firms.

    Guardian’s suite of field services includes: inspections, property preservation, repairs, real estate owned property management and hazard claims. With its large local vendor network, field operations and robust technology platform, Guardian provides a wide range of highly targeted services nationally.

    https://uk.finance.yahoo.com/news/residential-investment-corp-makes-investment-123000628.html
     
  13. Marvan

    Marvan Active Member

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    In the latest trading session, New Residential Investment (NRZ) closed at $14.31, marking a +1.49% move from the previous day. The stock outpaced the S&P 500's daily gain of 1.3%. Elsewhere, the Dow gained 1.41%, while the tech-heavy Nasdaq added 1.75%.

    Prior to today's trading, shares of the real estate investment trust had lost 6.37% over the past month. This has lagged the Finance sector's loss of 1.4% and the S&P 500's gain of 0.46% in that time.

    Investors will be hoping for strength from NRZ as it approaches its next earnings release. On that day, NRZ is projected to report earnings of $0.54 per share, which would represent a year-over-year decline of 14.29%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $236.92 million, down 9.82% from the year-ago period.

    For the full year, our Zacks Consensus Estimates are projecting earnings of $2.15 per share and revenue of $912.94 million, which would represent changes of -9.66% and -13.69%, respectively, from the prior year.

    https://uk.finance.yahoo.com/news/residential-investment-nrz-outpaces-stock-214509461.html
     
  14. Marvan

    Marvan Active Member

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    New Residential Investment Corp. (NYSE:NRZ; “New Residential” or the “Company”) announced today that its Board of Directors (the “Board”) has declared third quarter 2019 common and preferred stock dividends.

    Common Stock Dividend

    The Board declared a quarterly dividend of $0.50 per common share for the third quarter 2019. The dividend is payable on October 31, 2019 to shareholders of record on October 3, 2019.

    Preferred Stock Dividends

    In accordance with the terms of New Residential’s 7.50% Series A Cumulative Redeemable Preferred Stock (“Series A”), the Board declared a Series A dividend for the third quarter 2019 (long first period) of $0.69270830 per share.

    In accordance with the terms of New Residential’s 7.125% Series B Cumulative Redeemable Preferred Stock (“Series B”), the Board declared a Series B dividend for the third quarter 2019 of $0.4453125 per share.

    Dividends for the Series A and Series B are payable on November 15, 2019 to preferred shareholders of record on October 15, 2019.

    https://uk.finance.yahoo.com/news/residential-declares-third-quarter-2019-201500401.html
     
  15. Marvan

    Marvan Active Member

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    • U.S. Bankruptcy Court approves New Residential’s acquisition of certain assets from Ditech Holding Corporation
    • Acquisition of these assets, in addition to those already owned and operated through NewRez and Shellpoint Mortgage Servicing, would further New Residential’s position as an industry leading originator and servicer
    • Acquisition expected to close in the fourth quarter 2019
    https://finance.yahoo.com/news/residential-investment-corp-receives-court-203800571.html
     
  16. Marvan

    Marvan Active Member

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    New Residential Investment (NRZ)

    Our first stock to look at, and the one with the highest-yielding dividend, is a real estate investment trust – a company that owns various properties and uses them to generate income. Under US tax law, these companies are heavily incentivized to pay out 90% or more of their income in the form of dividends. This makes the REIT a go-to stock sector for profit-oriented investors.

    Based in New York, New Residential operates across the real estate industry, with portfolio holding in mortgage servicing, real estate securities, residential and commercial loans, and corporate properties. The company’s holdings total over $600 billion in value, and generate more than $960 million in net income from $2.37 billion in annual revenues.

    The recent interest rate reductions by the Federal Reserve have impacted NRZ’s bottom line, as the company is heavily invested in the mortgage sector. However, like most REITs, New Residential has a high cash flow and can easily maintain its dividend payment. At $0.50 per quarter, that payment may look small – but the stock is priced at just $14.98, making the annual dividend yield a robust 13.35%. For comparison, the average stock on the S&P 500 yields a 2% dividend.

    Giuliano Bologna wrote, “…we believe investors should focus on NRZ’s unique portfolio of assets, the buildout of recapture capabilities and ancillary services that should improve the overall return…” Referring to the company’s dividend and cash flow, he added, “We believe NRZ has sufficient cash flow to maintain the company’s quarterly dividend of $0.50 and will benefit from additional cash flow contribution from call rights and the securitization/sale of originated loans during 2H19.” In line with his bullish outlook, Bologna set an $18 price target on the stock, indicating confidence in a 20% upside. (To watch Bologna's track record, click here)">NRZ’s profit potential has drawn positive attention from Wall Street’s analysts. Initiating coverage of the stock with a Buy rating, BTIG’s Giuliano Bologna wrote, “…we believe investors should focus on NRZ’s unique portfolio of assets, the buildout of recapture capabilities and ancillary services that should improve the overall return…” Referring to the company’s dividend and cash flow, he added, “We believe NRZ has sufficient cash flow to maintain the company’s quarterly dividend of $0.50 and will benefit from additional cash flow contribution from call rights and the securitization/sale of originated loans during 2H19.” In line with his bullish outlook, Bologna set an $18 price target on the stock, indicating confidence in a 20% upside. (To watch Bologna's track record, click here)


    See NRZ stock analysis on TipRanks)">Overall, New Residential has a Strong Buy rating from the analyst consensus. This is derived from 4 buys assigned in the last two months – so the consensus is unanimous. As indicated above, the stock sells for $14.98. The average price target is $18, which implies room for 20% upside growth.

    https://finance.yahoo.com/news/3-strong-buy-stocks-over-132703685.html
     

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