|Bid||10.43 x 3000|
|Ask||10.65 x 3200|
|Day's Range||10.42 - 10.87|
|52 Week Range||8.98 - 11.81|
|Beta (5Y Monthly)||1.75|
|PE Ratio (TTM)||7.76|
|Forward Dividend & Yield||1.00 (9.21%)|
|Ex-Dividend Date||Apr 01, 2022|
|1y Target Est||N/A|
The first quarter of 2022 was supposed to be particularly brutal for mortgage originators and mortgage real estate investment trusts (REITs). The Fed has begun a series of increases in the Fed Funds rate designed to put the brakes on rising inflation. At the same time, the Fed is preparing to let its holdings of mortgage-backed securities decrease.
With me today are Michael Nierenberg, chairman, CEO, and president of New Residential; Nicola Santoro, chief financial officer; and also Baron Silverstein, president of Newrez and Caliber. As we go forward, looking across the industry, I would expect very little profitability in the origination business unless we see the treasury market rally back to lower yields.
New Residential Investment (NRZ) delivered earnings and revenue surprises of 8.82% and 1.37%, respectively, for the quarter ended March 2022. Do the numbers hold clues to what lies ahead for the stock?