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NRZ

New Residential

$15.58

0.12 (0.78%)

06:33
06/18/19
06/18
06:33
06/18/19
06:33

New Residential enters into APA to acquire forward assets of Ditech Financial

New Residential Investment announced that it has entered into a "stalking horse" Asset Purchase Agreement, or APA, with Ditech Holding and Ditech Financial to purchase substantially all of the forward assets of Ditech Financial. The final purchase price will be determined at the closing of the transaction based on the tangible book value of the related assets, subject to certain agreed upon adjustments. New Residential expects to finance the acquisition of these assets with existing financing facilities and cash on hand. Under the terms of the APA, subject to certain conditions, New Residential has agreed to purchase, among other assets, Ditech Financial's forward Fannie Mae, Ginnie Mae and non-agency mortgage servicing rights, or MSRs, with an aggregate unpaid principal balance of approximately $63B as of March 31 the servicer advance receivables relating to such MSRs and other net assets core to the forward origination and servicing businesses. Additionally, New Residential has agreed to assume certain Ditech office spaces and plans to make employment offers to a number of Ditech employees. Under the APA, New Residential will not purchase any of the stock or assets related to Ditech Financial's reverse mortgage business. If New Residential's bid is successful, the transaction is expected to close in the second half of 2019, subject to certain closing conditions.

NRZ New Residential
$15.58

0.12 (0.78%)

12/13/18
FBCO
12/13/18
NO CHANGE
FBCO
Outperform
New Residential selloff makes valuation attractive, says Credit Suisse
Credit Suisse analyst Douglas Harter said the recent selloff in shares of New Residential has made the stock's valuation attractive on a relative basis. He reiterates an Outperform rating on New Residential.
03/26/19
NOMU
03/26/19
INITIATION
Target $18.5
NOMU
Buy
New Residential initiated with a Buy at Nomura Instinet
Nomura Instinet analyst Matthew Howlett started New Residential Investment with a Buy rating and $18.50 price target. The analyst sees an opportunity to purchase the stock ahead of "continued alpha generation" and to capture one of the highest yields among the mortgage real estate investment trust peer group. He initiated coverage of the U.S. Mortgage REITs industry with a positive outlook. The environment for levered mortgage-based operating models is the best it's been since the Taper Tantrum, Howlett tells investors in a research note. He thinks the space is poised to attract interest from "yield-starved investors amid a low, range-bound interest rate environment and expected yield curve steepening."

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QEP Resources

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Intercorp Financial Services

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GCI

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RCUS

Arcus Biosciences

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Abercrombie & Fitch

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GOOG

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