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Russell 2000 Futures
New Residential Investment Corp. (NRZ)
NYSE - NYSE Delayed Price. Currency in USD
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At close: 04:00PM EST
8,764 reactions on $NRZ conversation
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LONG TERM Investors JUST sit back & WATCH.... Just alot of NOISE!
WITH TWO TIMES THE DAILY VOLUME I HAVE TO SAY WHATS UP DOC....
MSRs typically earn 0.25% of the payments that they collect.
The potential risk to MSRs is that interest rates go down. If so, then homeowners like us will consider refinancing yet again and the mortgage (and service rights) will be “called away” early.
It’s a longshot, however, with interest rates already near historic lows. Sure, they could fall through the basement floor, but we’ll bet they won’t.
Just look at how NRZ has navigated 2021’s rising-rate environment:
NRZ’s Book Value Is Up 17%+ This Year
T New Residential Investment (NRZ) are prepared to profit as rates soar. NRZ has expanded its portfolio of investments and services in recent years so that it can benefit from rising rates. It is now the largest non-bank owner of mortgage service rights (MSRs) in the world.
MSRs aren’t the loans themselves; they are the rights to service these loans—a subtle but important difference.his is what we want to see in a potential mREIT investment as Treasury rates head higher and the Federal Reserve faces increasing pressure to hike its own benchmark rate. From Contrarian outlook.
I think that we need to be cautious. The coronavirus problem is not near its end as I was believing. Here are two examples:
The German daily infections are the highest ever despite that 67.7% of ther population has been fully vaccinated. Click here and scroll down to see their "Daily New Cases" chart:
The British daily infections are still near the peak despite that 67.8% of their population has been fully vaccinated. Click here for their "Daily New Cases" chart:
RBC Capital Maintains New Residential Investment Corp. (NRZ) $13.00 Outperform
* New Residential Investment Corp : RBC raises target price to $13 from $12
I bought more this am, 10.87, nice 3% gift
Would be happy to see an increase in common stock dividend mid december…
One Pandemic Perk? Credit Scores Reach All-Time High.
Relief programs and slower consumer spending boosted the average credit score 8 points, to 716, putting homeownership within reach for more buyers.
This business model is VERY sensitive to interest rates (short term vs long term). They can hedge when the movement is predictable but in today's world it's hard/impossible to predict. It's this risk that leaves me warry and wishing they spun off their mortgage origination business so the stock gets a bump and then I can finally sell down my position.
Housing start for October is the lowest in more than a year due to shortages.
Gary W .
Best day here in a while.
Nearing the two year mark and not back to pre pandemic, guess its better then IVR lol
for having blow out earnings this sure is soft.
First Time Ever: Inflation Soars as Mortgage Rates Plunge.
The last time inflation rose as mortgage rates fell? Never. But the world is awash with cash, and that holds down mortgage rates, says Wells Fargo senior economist.
As a self-proclaimed at-home, back woods analyst, my price target is $ 15 in 6 - 12 months. I believe in New Rez!
I was impressed with the Caliber contribution from a partial Q. Caliber's higher retail footprint is driving GOS margins back up. A full quarter of Caliber should drive shareprice higher. Above the below Target price.
Credit Suisse Reiterates Outperform - $13 Target Price
NRZ reported 3Q core EPS of $0.44, $0.05 higher than our estimate and $0.09 higher than
the FactSet consensus.
Higher earnings out of the origination segment (driven by higher
volume) drove the outperformance relative to our estimate. Economic return was 2.9% (11.6%
annualized) in the quarter.
Reiterate Outperform: With a larger, more scaled origination business and improved
balance between servicing and origination (combined with the investment portfolio), we see
NRZ being able to deliver more stable ROEs and book value growth. This combined with
the dividend results in an attractive total return opportunity.
Origination: The origination segment generated core net income of $142 million, above
our estimate by $28 million given the higher originations than expected.
o Volumes: NRZ funded $34.5 billion in loans during the quarter, 21% higher than our
estimate of $28.6 billion. As a reminder 3Q volumes included ~1+ month of
contribution from Caliber volumes, as the deal closed in late August. Including a full
quarter of Caliber volume totaled $45.3 billion.
Correspondent was the biggest driver
of the volume upside (+$4.2 billion), but all channels were better than expected.
Management guided to $35-40 billion in the 4th quarter (down 12-23% Q/Q), which is
in line with our prior estimate ($36.3 billion).
o GOS margin: GOS margin totaled 1.61% in the quarter, up 30 bps from 2Q given the
higher mix of retail volume from Caliber; this was 10 bps lower than our estimate given
the higher mix of correspondent. A full quarter of Caliber volumes would have boosted
GOS margins up to 1.84% in the third quarter. During the quarter wholesale (+21
bps) and correspondent (+8 bps) improved while retail/DTC saw declines. GOS
margins are expected to be down marginally (from the pro-forma full quarter levels, but
up from reported levels) in the 4th quarter (<10 bps), with declines in DTC the primary
Are they announcing the dividend before Thanksgiving?
Third Quarter 2021 Financial Highlights:
GAAP net income of $146.1 million, or $0.30 per diluted common share(1)
Core earnings of $209.9 million, or $0.44 per diluted common share(1)(2)
Common dividend of $116.6 million, or $0.25 per common share(1)
Book value per common share of $11.35(1)
$1.4 billion of cash, for $1.9 billion of total liquidity(3)
Question to all:
MN says if they can get 1 multiple higher in their $600B+ MSR portfolio it will add approx $1.50 to their book value. That would drive BV to $12.85. Shareprice will follow for sure.
So at $12.85 x say 1.2 multiple this is a $15.40 stock? I have read anywhere from $1.50-2.00 additional BV
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