New Residential Investment Corp. Buyback
OLI recorded this information on 1/19/2020
New Residential Investment Corp.
New Residential Investment Corp. (NYSE:NRZortheCompany) announced today that the Company's Board of Directors authorized the repurchase of up to $200 million of the Company's common stock over the next 12 months. Under the program, the Company may purchase its shares from time to time in the open market or in privately negotiated transactions. The amount and timing of the purchases will depend on a number of factors including the price and availability of the Company's shares, trading volume, capital availability, Company performance and general economic and market conditions. The Company may also from time to time establish a trading plan under Rule 10b5-1 of the Securities Exchange Act of 1934 or effect one or more tender offers to facilitate purchases of its shares under this authorization. The stock repurchase program may be suspended or discontinued at any time.
New Residential Investment is a holding company. Through its subsidiaries, Co. is a real estate investment trust mainly focused on investing in, and managing investments related to residential real estate. Co. is externally managed and advised by an affiliate of Fortress Investment Group LLC. Co.'s portfolio is composed of mortgage servicing related asset, residential securities (and associated call rights) and loans and consumer loans. A mortgage servicing right provides a mortgage servicer with the right to service a pool of residential mortgage loans in exchange for a portion of the interest payments made on the underlying residential mortgage loans.
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Strong Buy (3.50 out of 4)
(ranked higher than approx. 62% of all stocks covered)
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