Newcastle Investment Up 15.5% To 52-Week High (NCT)

Shares of Newcastle Investment Corporation NCT are currently up 15.5% at $7.08 per share during Wednesday afternoon trading. Newcastle Investment Corporation announced on Wednesday morning that the company, together with one or more of its wholly owned subsidiaries, repurchased approximately $257 million current principal balance of Newcastle CDO VI Class I-MM notes at a price of 67.5% of par. Today's trading range for shares of Newcastle Investment Corporation (NCT)has been between $6.16 and a 52-week high of $7.09 per share. The consensus price target of analysts covering the company's stock is $10.00 per share. Volume of 1.6 million shares is already nearly triple the daily average volume of 660,000 shares. Newcastle Investment Corporation owns and manages a portfolio of diversified, credit sensitive real estate debt that is primarily financed with match funded debt. Newcastle is organized and conducts its operations to qualify as a real estate investment trust (REIT) for federal income tax purposes. Read more from Benzinga's Company news.