NRZ - Why New Residential Investment Stock Fell as Much as 10% Today
Shares of mortgage real estate investment trust (REIT) New Residential Investment (NYSE: NRZ) fell just over 10% at its worst point on Monday. The stock trickled lower throughout most of the day, ending the session with a loss just shy of 10%. But the bad news driving the drop had a silver lining attached.
The big story for New Residential was its third-quarter earnings report. Net income per share of $0.19 was down from $0.54 in the same period of 2019. That's a huge 65% decline. The REIT's dividend, meanwhile, was $0.15 per share, versus $0.50 in the year-ago period, a 70% reduction. That is hardly surprising given the global pandemic. As the price drop indicates, investors were displeased with the update.
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Why New Residential Investment Stock Fell as Much as 10% Today