Altisource Residential (RESI) CEO Steps Down; Compass Point Reiterates Buy Rating

Compass Point reiterates a Buy rating and $21.00 price target on Altisource Residential (NYSE: RESI) as CEO Ashish Pandey steps down to pursue other interests. RESI also declared a $0.55 dividend.

Analyst Fred Small commented, "Altisource Residential announced last night that CEO Ashish Pandey would step down and leave the company to pursue other interests. Additionally, RESI declared a 2Q15 dividend of $0.55 (unchanged from 1Q15). George Ellison, who joined the company at the end of March as President will take over as RESI CEO. Pandey will also leave his post as the Executive Chairman of RESI's external manager, Altisource Asset Management (AAMC). Our understanding is that Pandey had largely stepped away from day-to-day management at RESI, so we do not expect his departure will disrupt operations of the NPL or SFR portfolios."

For an analyst ratings summary and ratings history on Altisource Residential click here. For more ratings news on Altisource Residential click here.

Shares of Altisource Residential closed at $17.86 yesterday.

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