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Vetr Signals Buy on NRZ As Client Trouble Causes Price To Dip

Chris Dier-Scalise

Thge Vetr crowd upgraded its rating for New Residential Investment Corp (NYSE: NRZ) on Friday from the company's previous standing at 3 stars (Hold), issued 10 days ago, to 4 stars (Buy). Crowd sentiment at the time of the upgrade was mostly positive, with 80 percent of Vetr user ratings bullish.

Share price in the REIT company gapped down sharply this week after Ocwen Financial Corp (NYSE: OCN), which has several servicing operations owned by New Residential, received a cease-and-desist order from 20 states in which the company operates due to financial mismanagement of client accounts.

New Residential fell more than 7.5 percent to a low of $15.42 on the Thursday, April 20 trading day when the news broke. It has since rebounded slightly to end the following day at $16.34.

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Currently, the Vetr crowd's average target price for New Residential is up at $17.92, which is above the average analyst target price of $16.21. Less than 2 percent of Vetr users are holding NRZ in their watch-lists.

Latest Ratings for NRZ

Date Firm Action From To
Oct 2016 Nomura Initiates Coverage On Neutral
Oct 2016 Wedbush Initiates Coverage on Outperform
Sep 2016 PiperJaffray Assumes Neutral

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