PFG Investments LLC Reduces Position in Rithm Capital Corp. (NYSE:RITM)

PFG Investments LLC reduced its holdings in Rithm Capital Corp. (NYSE:RITM) by 59.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 63,437 shares of the real estate investment trust’s stock after selling 92,335 shares during the period. PFG Investments LLC’s holdings in Rithm Capital were worth $692,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of RITM. Norges Bank purchased a new stake in Rithm Capital in the 4th quarter valued at $63,896,000. Long Pond Capital LP acquired a new position in shares of Rithm Capital during the 1st quarter valued at about $53,025,000. MGO One Seven LLC grew its holdings in shares of Rithm Capital by 4,525.1% in the fourth quarter. MGO One Seven LLC now owns 768,511 shares of the real estate investment trust’s stock valued at $8,208,000 after purchasing an additional 751,895 shares during the period. Allianz Asset Management GmbH raised its stake in Rithm Capital by 107.7% during the fourth quarter. Allianz Asset Management GmbH now owns 1,171,379 shares of the real estate investment trust’s stock worth $12,510,000 after purchasing an additional 607,413 shares during the period. Finally, Vanguard Group Inc. raised its stake in Rithm Capital by 0.8% during the first quarter. Vanguard Group Inc. now owns 45,815,852 shares of the real estate investment trust’s stock worth $511,305,000 after purchasing an additional 378,931 shares during the period. 44.92% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Wedbush restated an “outperform” rating and set a $13.00 price target on shares of Rithm Capital in a report on Friday, August 16th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $13.00 price target on shares of Rithm Capital in a research note on Tuesday, August 13th. Finally, JMP Securities increased their price target on Rithm Capital from $11.00 to $12.50 and gave the stock a “market outperform” rating in a report on Friday, July 19th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $12.60.

Rithm Capital Stock Performance

Shares of Rithm Capital stock opened at $11.43 on Thursday. The company has a debt-to-equity ratio of 1.81, a current ratio of 0.49 and a quick ratio of 0.49. The stock has a market capitalization of $5.52 billion, a price-to-earnings ratio of 7.61 and a beta of 1.80. The business has a 50-day moving average of $11.33 and a 200 day moving average of $11.14. Rithm Capital Corp. has a 12 month low of $8.87 and a 12 month high of $11.94.

Rithm Capital (NYSE:RITM) last posted its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported $0.47 EPS for the quarter, beating the consensus estimate of $0.42 by $0.05. Rithm Capital had a net margin of 15.55% and a return on equity of 18.04%. The business had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same quarter last year, the firm posted $0.62 earnings per share. The business’s revenue for the quarter was up 18.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Rithm Capital Corp. will post 1.82 earnings per share for the current year.

Rithm Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 26th. Stockholders of record on Monday, July 1st were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 8.75%. The ex-dividend date was Monday, July 1st. Rithm Capital’s dividend payout ratio is currently 66.67%.

Rithm Capital Profile

Rithm Capital Corp. operates as an asset manager focused on real estate, credit, and financial services. It operates through Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable, and Asset Management segments. Its investment portfolio primarily comprises of mortgage servicing rights (MSR), and MSR financing receivables, title, appraisal and property preservation, excess MSRs, and services advance investments; real estate securities, call rights, SFR properties, and residential mortgage loans; consumer and business purpose loans; and asset management related investments.