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New Residential Spin-Off: 13 Things for Potential NRZ Stock Investors to Know

New Residential (NYSE:NRZ) is preparing for a spin-off of NewRez with an initial public offering (IPO) on the way.

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Source: Shutterstock

Here’s what investors in New Residential need to know about the spin-off plans.

  • New Rez is a mortgage lending and services company under New Residential.
  • An affiliate of the company has confidentially submitted a draft registration statement for an IPO with the U.S. Securities and Exchange Commission (SEC).
  • The finer details of this IPO spin-off from New Residential are still unknown.
  • That includes no idea of how many shares of NewRez stock will be offered or at what price per share.
  • We also don’t know what exchange the company plans to trade on or what stock ticker it will be using.
  • Adding to that, there’s no date range revealing when the IPO might take place.
  • Instead, New Residential just says that it will occur following once the SEC completes its review of the filing.
  • Of course, that also includes changing the potential timing based on market conditions.
  • It’s worth noting that New Residential is a mortgage real estate investment trust.
  • The company was founded in 2011 and started trading shares publicly in 2013.
  • NRZ stock’s current market capitalization is sitting at 3.88 billion.
  • news of the New Residential spin-off has boosted trading to about 6.49 million shares as of noon Friday.
  • That’s above the company’s average daily trading volume of 4.53 million shares.

NRZ stock was up 8.3% as of noon Friday.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

Article printed from InvestorPlace Media, https://investorplace.com/2020/11/new-residential-spin-off-what-to-know/.

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