Market Overview

New Residential Investment Corp Higher After Q1 Beat


New Residential Investment Corp (NYSE: NRZ) shares are trading higher by $0.24 (1.4 percent) at $16.91 in Monday's session. Before the open, the company reported a Q1 EPS beat of a penny along with a $9.2 million beat for revenues.

This has aided in sustaining the recovery from its decline on April 20 ($17.75 to $$16.39), when the company revealed it owned some servicing rights to the troubled Ocwen Financial (NYSE: OCN). During today's conference call, a company executive suggested the company will pay $425 million for Mortgage Servicing Rights to Ocwen.

After a higher open, it had a brief retreat to $16.85 before rallying to $17.18. That marks the highest level since sinking on April 24 to a low of $15.75 off the Ocwen news. The all-time high for the stock was made in May 2015 at $17.91 and it came within a nickel of it when it reached $17.86 on April 19, one day before its became embroiled with the potential problems at Ocwen.

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