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New Residential Investment Corp. (NRZ)
NYSE - NYSE Delayed Price. Currency in USD
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If you check the 30 Yr mortgage rate in your area, you'll find that most of the rise which happened in the few days before and after the last FED meeting when the FED rate was raised 75 basis point has gone. The 30 Yr rate is now about the same as it was a month ago.
Do you all think this will hold up on ex-divi day?
Credit Suisse out with an update a couple of days ago after the Internalization announcement.
Target price (12M, US$) 12.50 Outperform
Internalization: On 6/17 NRZ announced it had entered into an agreement to internalize
its management and rebrand as Rithm Capital Corp (RITM). The name change will take
place on 8/1. Following the internalization NRZ/RITM will continue to be managed by the
same senior management team.
Financial impact: In connection with the termination NRZ will pay Fortress $400 million
($200 million on the effective date, and then $100 million on both 9/15 and 12/15); this
is $0.86/sh dilutive to tangible book value. Following this transaction and inclusive of
expected 2Q book value changes we see NRZ/RITM’s tangible book value in the $12.20
range (compared to $11.98 in 1Q). Management expects the internalization will result in
$60-$65 million ($0.12-$0.13/share) of annual cost savings.
Internalization comparison: NRZ/RITM expects a 6.4 year payback on the tangible
book value dilution from the cost saves (the time line will shrink if NRZ raises additional
capital). This is shorter than AGNC’s (7.0 years at announcement), but longer than both
TWO (3.4 years at announcement [termination fee is now being contested]) and NLY
(nominal termination fee and no announced near-term savings).
Reiterate Outperform: Origination volumes and profitability will decline further given the
move in rates, but NRZ stands to benefit from its large servicing portfolio, both in terms of
book value and earnings power. While the dilution from the internalization decreases the
discount somewhat, NRZ shares continue to trade at a ~30% discount to 2QE tangible
book value. Longer term the cost savings will help NRZ/RITM achieve a higher ROTCE.
RITM anyone? I dunno, I kinda like NRZ as the ticker better but oh well.
Estimated June Book Value: $12.59. From the supplemental material from this morning's investor update call: Q1'22 Ending BV/sh of $12.56 plus Q2 Estimated GAAP earnings $1.03 minus Q2 dividend $0.25 minus $0.75 impact of internalization => $12.59 estimated June book value.
Half of Provo’s listings have cut their price.
Just behind Provo were Tacoma, Wash. (where 47.7% of listings got a price cut); Denver (46.9%); Salt Lake City (45.8%); Sacramento (44.3%); Boise, Idaho (44.2%); Ogden, Utah (42.6%); Portland, Ore. (42.0%); Indianapolis (41.9%); and Philadelphia (41.2%).
May New Home Sales Post Solid Gain: Up 10.7%
New-home sales made up lost ground after four consecutive monthly declines, perhaps because some buyers rushed to lock in a mortgage before rates went up again.
Is book value still 12.50 anyone know?
Will the feds upcoming QT have an impact on this?
$1 annual dividend and it's trading at $8.50
Bringing management in-house is a good move for the long term. The key take-away is the 0.12-0.13 accretive earnings boost or $60-$65M annually this move will create. Although it doesn't come cheap with a cost of $400M. But with $1.7B cash on hand at the end of Q1 it's a smart move.
NRZ should take another $200M-$300M and start buying back seriously discounted (30-35%) stock now.
Wow !! Mortgage REIT's are now paying huge dividends.
Ive got Rithm, I've got music, I've got my girl, who could ask for anything more? (Except a bigger dividend)
Down over 20% in a week. Good buying opportunity. Although, NRZ has yet to fully recover from initial Covid decline. Still waiting, 3 years later, for .50 dividends and $17-$18 share price….
Looking at the changes for the company, besides the name change (RITM:NYSE). Going from an external management to an internal management, seems like a smart move having a yearly savings of $60 to $65 million a year. This should raise the stock price as well the dividend significantly.
Hot Housing Market Keeps Foreclosures at Bay
Homeowners who have hit hard times face foreclosure, but most now also have lots of equity and they’re selling rather than going into foreclosure.
Only the strongest REITs will survive the next 12-18 months without cutting dividends.
No one saw Covid coming.. NRZ better have had some idea this current situation was on the horizon? Im here for the divvy, but i felt a lot better when I owned above my cost basis!
They make the vast majority of their money in servicing but the market is valuing them like an originator. Keep dropping and I’ll keep buying!!￼￼
Today certainly wasn't a great day, but keep in mind we started the week at 8.97, so we are making progress. And,a big thanks to the people that are crunching the numbers. I may be alone in saying I dont know as much as I should for owning this stock, but I am learning a lot by seeing the posts from the others here. And I have no intention of selling any of my 11,000 shares here anytime soon.
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