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NRZ - New Residential launches preferred stock buyback
New Residential Investment Corp.
The company has received board authorization to buy back up to $100M of preferred stock ([[NRZ.PA]], [[NRZ.PB]]) through the end of next year. Both issues have coupons above 7%, and are priced to yield above 9%.In addition, New Rez (NRZ) has also begun repurchases of common stock. Current yield on the common is 8%.Shares are up 0.4% premarket.Source: Press Release