|Bid||10.55 x 900|
|Ask||10.56 x 1100|
|Day's Range||10.43 - 10.62|
|52 Week Range||2.91 - 16.83|
|Beta (5Y Monthly)||1.88|
|PE Ratio (TTM)||N/A|
|Earnings Date||May 03, 2021 - May 07, 2021|
|Forward Dividend & Yield||0.80 (7.91%)|
|Ex-Dividend Date||Dec 30, 2020|
|1y Target Est||11.46|
New Residential Investment Corp. announced a new stock repurchase program of up to $200 million, replacing the previous $200 million stock buyback plan, which expired on Dec. 31, 2020. Shares of the real estate investment trust closed about 3.5% higher on Tuesday. New Residential (NRZ), under its new repurchase program, will continue to buy back its common shares through Dec. 31, 2021. Besides share repurchases, the company consistently boosts its shareholders' returns through regular dividend payments and hikes. On Dec. 16, New Residential raised its quarterly dividend by 33.3% to $0.20 per share. Its annual dividend of $0.80 per share translates into a dividend yield of 7.9%. Meanwhile, on Feb. 9, New Residential Investment reported lukewarm 4Q results. The company’s core earnings of $0.32 were in-line with analysts’ estimates. However, revenues of $570.7 million missed the Street's estimates of $768.8 million. (See New Residential stock analysis on TipRanks) Post 4Q results, Raymond James analyst Stephen Laws raised the stock’s price target to $12.50 (28% upside potential) from $11.50 and maintained a Buy rating based on “the strong origination volume and higher servicing income as refinance activity slows.” Meanwhile, the Street has a bullish outlook on the stock, with a Strong Buy consensus rating based on 8 unanimous Buys. The average analyst price target of $11.06 implies an upside potential of about 9.7% to current levels. Shares declined about 39.2% in one year. Furthermore, TipRanks data shows that financial blogger opinions are 87% Bullish, compared to a sector average of 71%. Related News:Jack Henry Shores Up Quarterly Dividend By 7%; Street Sees 19% UpsidePalantir Drops 8.6% After Surprise Quarterly LossRexnord’s 3Q Profit Tops Analysts’ Estimates; Shares Rise 4% More recent articles from Smarter Analyst: Denny’s Corp's 4Q Revenues Miss Estimates Due To COVID-19 Pandemic Why XPeng Stock Looks Undervalued at Current Levels Amazon: The Multi-Pronged Growth Machine Jack Henry Shores Up Quarterly Dividend By 7%; Street Sees 19% Upside
Servicer: Moody's Upgrades Shellpoint's Servicer Quality (SQ) AssessmentsGlobal Credit Research - 16 Feb 2021U.S. Residential Mortgage Servicer Assessment ActionNew York, February 16, 2021 -- Moody's Investors Service has upgraded the servicer quality (SQ) assessments for Shellpoint Mortgage Servicing ("Shellpoint") to SQ2- from SQ3+ as a prime and special servicer of residential mortgage loans.As of October 31, 2020, Shellpoint's servicing portfolio totaled $297 billion in unpaid principal balance, which is an increase from our prior review. The company is headquartered in Greenville, South Carolina with three additional operations sites in Texas, Arizona, and Florida.ASSESSMENT RATIONALEThe upgrade of Shellpoint's SQ assessments is mainly driven by improvement in the company's financial stability component as well as above average performance for default metrics.We view Shellpoint's collection abilities as above average.
2020 was a year to remember for the mortgage originators, and one to forget for the mortgage real estate investment trusts (REITs). For mortgage originators, the COVID-19 pandemic caused the Federal Reserve to push interest rates to the floor, which ushered in a massive refinancing wave. On the other hand, the initial days of the pandemic caused extreme volatility in the mortgage-backed securities market, which triggered a wave of margin calls for the mortgage REITs.