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New Residential Investment Corp. (NRZ-PA)
NYSE - NYSE Delayed Price. Currency in USD
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At close: 03:58PM EDT
9,075 reactions on $NRZ-PA conversation
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So much for that post-earnings share price bump.
But nothing this past week changed the company's outlook. Hopefully this bumps back very soon and keeps on going.
Mortgage rates and Inflation rate have reversed direction !! I hope this lasts.
30 Yr mortgage rate was 6% last month. It's now 5.6%
Inflation rate was 8.5% last month. It's now 8.3%
This is a complete flight to cash. No other way you can have oil, gold, silver, crypto, Dow, and Nasdaq crashing at the same time.
6:43 am 10 May. Wedbush Securities lifts price target on NRZ from $13 to $14 and keeps outperform rating. Cheers
nrz tends to announce dividends about 1 month after earnings. Last year, they announced dividend in mid-June. They announce an increased the dividend in late August. If they buy back shares, less likely to increase dividend. If they don't do buyback, then there's a decent chance we see a raise announcement before end of summer.
I think Harter is a little light on the price projection:
Credit Suisse-Doug Harter.
Book Value Continues to Increase in 2Q; Strong Liquidity Available for Deployment
NRZ Target price (12M, US$) 12.50
NRZ reported 1Q core EPS of $0.37, $0.02 higher than our estimate and the FactSet
consensus. Better servicing profitability (lower amortization expense) more than offset lower
origination profitability and drove the upside relative to our estimate. Economic return was
12.0% in the quarter.
Book value: NRZ’s book value was up 9.8% in the 1st quarter (better than our estimate by
6.9%); on the earnings call management estimated that book value is currently up an
additional 7.5% in the second quarter to $13.50. Management noted that in an
environment where rates rise 100 bps, NRZ projects an MSR multiple of 4.9 (from 4.5 at
end of 1Q), which would impact book by $700. While some of that is already captured,
that would take book value to ~$15.
Origination: The origination segment generated core net income of $25.9 million, well
below our estimate of $76.3 million, driven by higher than expected operating expenses
(+17.2% vs CSe).
Current book value of $13.50 (and rising). Quite a jump in 1 month.
Own happy up . Was going to buy more at 10 per share but waited . That is my history in the stock market . Buy high watch stocks go lower . Sad !
In 2020, I was overbought in NRZ. The S&P recovered and closed 2020 up 19%…2+ years later, NRZ is at $10.90 and the Div is half. A serious (honest) evaluation of NRZ convinced me that hanging on was futile……I took a huge hit.
Going forward, refi s are dead and new mortgages are fading fast. Unless you believe this administration can “spend our way out of debt” and that printing another $trillion+ will help inflation, recession is looming.
FWIW, I’m retired. My costs are 55% of what they were in 2020 (I now live outside the US) and I live very well with just a fraction of my Dividend income. I am buying large caps every Q as my dividends come in with expectation that this will be dead money until there are major changes in the economy.
Looking back several years from now, this will have been a buying opportunity.
Still paying dividends as I lounge by the pool.
"Currently our book value sits at approximately $13.50"
(even higher than the $12.56 at end of Q1)
Been long since I bought in at 15.69, avgd down to 12.49 over the last 3 yrs.
this quarterly, along with EPS, and book value estimates are music to my ears.
nice earnings & 10% increase in book value
should hunt $13 again
Not sure anyone noticed but NRZ started to nibble at their Preferred sock Series C shares. They repurchased 1% of these shares on the open market. Although materially it has no impact it shows where the company's mind is in capital allocation and taking advantage of market volatility.
NRZ averaged a 4.5 multiple on MSR valuation for the Q. Obviously this is what drove BV up and continues to do so. However, the rise on this multiple will be capped at some point. There is only so much valuation to apply here. Maybe around 5.5-6. Very favorable to book value increases. In addition, a 100 bps rise in the 10 year alone could drive book value to $15.
Another solid earnings report with a great dividend! Hard to ask for more.
This is nice! Buy for the dividends,hold for the capital appreciation! Win-win scenario!
New Residential Investment (NRZ) reported Q1 core earnings of $0.37 per diluted share. That compares with $0.34 a year earlier.
Analysts polled by Capital IQ called for $0.35.
Revenue for the quarter ended March 31 was $1.73 billion. That compares with $1.17 billion a year earlier.
Analysts surveyed by Capital IQ projected $1.08 billion
Has anyone heard talk of raising the dividend? After they mad the last big buy I thought that might free up some cash and see a 5 cent raise.
Nrz average share price should be around $13 to $15 before the next earnings and expect to see dividend increase by 10%.
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