Zacks Investment Research downgraded shares of Front Yard Residential (NYSE:RESI) from a hold rating to a sell rating in a research note published on Wednesday morning.
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. “
Several other equities analysts have also commented on the company. Deutsche Bank reduced their price target on Front Yard Residential from $14.00 to $12.00 and set a buy rating on the stock in a research report on Tuesday, November 20th. Credit Suisse Group boosted their price target on Front Yard Residential from $14.00 to $15.00 and gave the stock an outperform rating in a research report on Friday, August 10th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of Hold and a consensus price target of $14.00.
Front Yard Residential (NYSE:RESI) last released its quarterly earnings data on Wednesday, November 7th. The real estate investment trust reported ($0.89) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.93). The firm had revenue of $48.31 million during the quarter, compared to analyst estimates of $47.33 million. Front Yard Residential had a negative net margin of 85.55% and a negative return on equity of 22.74%. As a group, sell-side analysts anticipate that Front Yard Residential will post 0.14 EPS for the current year.
In related news, CFO Robin N. Lowe purchased 12,000 shares of Front Yard Residential stock in a transaction that occurred on Friday, November 9th. The shares were purchased at an average cost of $8.19 per share, with a total value of $98,280.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel Michael Graham Lubin bought 11,333 shares of the business’s stock in a transaction on Thursday, November 15th. The stock was acquired at an average cost of $8.42 per share, for a total transaction of $95,423.86. The disclosure for this purchase can be found here. Insiders have purchased a total of 61,133 shares of company stock worth $508,218 over the last three months. 0.88% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently made changes to their positions in the business. Teachers Advisors LLC raised its position in shares of Front Yard Residential by 7.6% in the 3rd quarter. Teachers Advisors LLC now owns 99,861 shares of the real estate investment trust’s stock valued at $1,083,000 after purchasing an additional 7,094 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Front Yard Residential in the 2nd quarter valued at approximately $149,000. State of Alaska Department of Revenue acquired a new position in shares of Front Yard Residential in the 3rd quarter valued at approximately $171,000. Martingale Asset Management L P acquired a new position in shares of Front Yard Residential in the 3rd quarter valued at approximately $189,000. Finally, Capital Fund Management S.A. acquired a new position in shares of Front Yard Residential in the 3rd quarter valued at approximately $206,000. 69.99% of the stock is currently owned by institutional investors.
Front Yard Residential Company Profile
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 which 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.
Further Reading: Reverse Stock Split
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Front Yard Residential Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Front Yard Residential and related companies with MarketBeat.com's FREE daily email newsletter.