Front Yard Residential Corp (NYSE:RESI) Expected to Announce Quarterly Sales of $52.70 Million

Wall Street brokerages expect Front Yard Residential Corp (NYSE:RESI) to announce $52.70 million in sales for the current quarter, according to Zacks. Two analysts have issued estimates for Front Yard Residential’s earnings. The lowest sales estimate is $51.81 million and the highest is $53.59 million. Front Yard Residential posted sales of $48.31 million in the same quarter last year, which suggests a positive year-over-year growth rate of 9.1%. The company is expected to announce its next quarterly earnings report on Wednesday, November 6th.

According to Zacks, analysts expect that Front Yard Residential will report full-year sales of $211.55 million for the current fiscal year, with estimates ranging from $210.27 million to $212.82 million. For the next fiscal year, analysts forecast that the company will post sales of $237.59 million. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that cover Front Yard Residential.

Front Yard Residential (NYSE:RESI) last announced its quarterly earnings data on Wednesday, August 7th. The real estate investment trust reported $0.47 EPS for the quarter, beating the Zacks’ consensus estimate of $0.05 by $0.42. The business had revenue of $51.55 million during the quarter, compared to analyst estimates of $52.66 million. Front Yard Residential had a negative net margin of 36.63% and a negative return on equity of 16.43%.

A number of brokerages have recently commented on RESI. ValuEngine lowered shares of Front Yard Residential from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Zacks Investment Research raised shares of Front Yard Residential from a “sell” rating to a “hold” rating in a research report on Tuesday, October 8th.

Shares of RESI opened at $12.02 on Wednesday. The company has a 50-day simple moving average of $11.58 and a 200-day simple moving average of $11.31. The firm has a market capitalization of $646.99 million, a P/E ratio of 54.64 and a beta of 1.28. Front Yard Residential has a 52 week low of $7.99 and a 52 week high of $12.59.

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.99%. The ex-dividend date of this dividend was Friday, September 27th.

In other news, major shareholder Deer Park Road Management Comp sold 25,000 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $12.11, for a total transaction of $302,750.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 243,137 shares of company stock valued at $2,928,282 in the last ninety days. 0.88% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of RESI. Monarch Partners Asset Management LLC increased its stake in Front Yard Residential by 148.4% in the second quarter. Monarch Partners Asset Management LLC now owns 1,066,574 shares of the real estate investment trust’s stock valued at $13,034,000 after acquiring an additional 637,174 shares during the period. Balyasny Asset Management LLC bought a new stake in Front Yard Residential in the second quarter valued at about $6,616,000. Nuveen Asset Management LLC bought a new stake in Front Yard Residential in the second quarter valued at about $6,237,000. FMR LLC increased its stake in Front Yard Residential by 7.3% in 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 acquiring an additional 270,400 shares during the period. Finally, Morgan Stanley increased its stake in Front Yard Residential by 11.0% in the second quarter. Morgan Stanley now owns 1,823,368 shares of the real estate investment trust’s stock valued at $22,282,000 after acquiring an additional 181,179 shares during the period. 76.72% of the stock is currently owned by institutional investors and hedge funds.

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 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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