Front Yard Residential (NYSE:RESI) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Front Yard Residential (NYSE:RESI) from a hold rating to a buy rating in a research note issued to investors on Friday morning, Zacks.com reports. They currently have $14.00 target price on the real estate investment trust’s stock.
According to Zacks, “Front Yard Residential Corporation, operates as a Real Estate Investment Trust (REIT). It acquires single-family rental properties primarily through the acquisition of sub-performing and non-performing loan portfolios. Front Yard Residential formerly known as Altisource Residential Corporation, is based in Christiansted, Virgin Islands. “
Separately, Northland Securities set a $13.00 target price on shares of Nabriva Therapeutics and gave the company a buy rating in a research note on Wednesday, May 8th.
Front Yard Residential (NYSE:RESI) last issued its earnings results on Wednesday, May 8th. The real estate investment trust reported ($0.35) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.02 by ($0.37). The company had revenue of $52.63 million for the quarter, compared to analysts’ expectations of $52.61 million. Front Yard Residential had a negative net margin of 62.28% and a negative return on equity of 24.20%. As a group, sell-side analysts predict that Front Yard Residential will post 0.26 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 4.96%. The ex-dividend date of this dividend was Thursday, June 27th.
In related news, major shareholder Deer Park Road Management Comp sold 213,137 shares of the company’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $12.06, for a total value of $2,570,432.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Rochelle R. Dobbs purchased 25,000 shares of the firm’s stock in a transaction on Friday, May 17th. The shares were purchased at an average cost of $10.87 per share, with a total value of $271,750.00. Following the completion of the transaction, the director now owns 23,642 shares of the company’s stock, valued at approximately $256,988.54. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 50,000 shares of company stock valued at $555,800 and sold 247,917 shares valued at $2,992,792. 0.88% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its position in shares of Front Yard Residential by 8.8% during the fourth quarter. BlackRock Inc. now owns 4,012,445 shares of the real estate investment trust’s stock valued at $35,028,000 after buying an additional 324,366 shares during the last quarter. FMR LLC lifted its position in shares of Front Yard Residential by 7.3% during the first quarter. FMR LLC now owns 3,960,042 shares of the real estate investment trust’s stock valued at $36,709,000 after buying an additional 270,400 shares during the last quarter. Norges Bank purchased a new stake in shares of Front Yard Residential during the fourth quarter valued at about $7,025,000. Geode Capital Management LLC lifted its position in shares of Front Yard Residential by 32.5% during the fourth quarter. Geode Capital Management LLC now owns 681,675 shares of the real estate investment trust’s stock valued at $5,951,000 after buying an additional 167,255 shares during the last quarter. Finally, Monarch Partners Asset Management LLC purchased a new stake in shares of Front Yard Residential during the first quarter valued at about $3,981,000. 73.80% of the stock is owned by institutional investors and hedge funds.
About Front Yard Residential
Front Yard is an industry leader in providing quality, affordable rental homes to America's families. Our homes offer exceptional value in a variety of suburban communities that have easy accessibility to metropolitan areas. Front Yard's tenants enjoy the space and comfort that is unique to single-family housing at reasonable prices.
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