In the latest trading session, New Residential Investment (NRZ) closed at $11, marking a +1.38% move from the previous day. The stock lagged the S&P 500's daily gain of 1.64%. At the same time, the Dow added 1.08%, and the tech-heavy Nasdaq gained 0.45%.

Coming into today, shares of the real estate investment trust had lost 3.98% in the past month. In that same time, the Finance sector lost 3.51%, while the S&P 500 lost 0.83%.

Wall Street will be looking for positivity from New Residential Investment as it approaches its next earnings report date. On that day, New Residential Investment is projected to report earnings of $0.37 per share, which would represent year-over-year growth of 15.63%. Meanwhile, our latest consensus estimate is calling for revenue of $218.46 million, up 92.57% from the prior-year quarter.

For the full year, our Zacks Consensus Estimates are projecting earnings of $1.41 per share and revenue of $843.91 million, which would represent changes of -3.42% and +62.9%, respectively, from the prior year.

It is also important to note the recent changes to analyst estimates for New Residential Investment. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 5.41% higher. New Residential Investment is currently sporting a Zacks Rank of #2 (Buy).

In terms of valuation, New Residential Investment is currently trading at a Forward P/E ratio of 7.68. For comparison, its industry has an average Forward P/E of 9.03, which means New Residential Investment is trading at a discount to the group.

The REIT and Equity Trust industry is part of the Finance sector. This group has a Zacks Industry Rank of 104, putting it in the top 41% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow NRZ in the coming trading sessions, be sure to utilize Zacks.com.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
New Residential Investment Corp. (NRZ) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.