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New Residential Investment Corp.
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Re: RBC Raises TP to $13 from $12 EOMNovember 18, 2021 3Q21 review; Updating our estimates Genesis Capital acquisition gives NRZ origination capability in biz purpose loans, high-yielding short-duration assets. We continue to believe the combination of the Newrez-Caliber biz and investment portfolio could allow NRZ to perform well under various rate scenarios, and believe there could be potential for dividend increases as earnings grow (through improving recapture rates, benefit of MSR portfolio and purchase origination volume growth). Maintain Outperform and adjusting PT to $13 (from $12). |
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