Rithm Capital Corp. (NYSE:RITM) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. decreased its holdings in Rithm Capital Corp. (NYSE:RITM) by 10.9% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 35,915 shares of the real estate investment trust’s stock after selling 4,388 shares during the quarter. Principal Financial Group Inc.’s holdings in Rithm Capital were worth $392,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Natixis purchased a new stake in shares of Rithm Capital in the first quarter valued at $689,000. Allianz Asset Management GmbH lifted its position in shares of Rithm Capital by 107.7% in the 4th quarter. Allianz Asset Management GmbH now owns 1,171,379 shares of the real estate investment trust’s stock worth $12,510,000 after buying an additional 607,413 shares during the last quarter. Dynamic Technology Lab Private Ltd raised its position in shares of Rithm Capital by 14.1% during the 4th quarter. Dynamic Technology Lab Private Ltd now owns 21,181 shares of the real estate investment trust’s stock worth $226,000 after purchasing an additional 2,614 shares during the period. Slagle Financial LLC boosted its stake in Rithm Capital by 99.1% during the 4th quarter. Slagle Financial LLC now owns 474,538 shares of the real estate investment trust’s stock valued at $5,068,000 after purchasing an additional 236,199 shares during the period. Finally, Vanguard Group Inc. grew its holdings in Rithm Capital by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 45,815,852 shares of the real estate investment trust’s stock worth $511,305,000 after buying an additional 378,931 shares in the last quarter. Institutional investors and hedge funds own 44.92% of the company’s stock.

Rithm Capital Price Performance

Shares of NYSE RITM opened at $11.77 on Friday. Rithm Capital Corp. has a twelve month low of $8.87 and a twelve month high of $11.94. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 1.81. The firm has a market capitalization of $5.69 billion, a P/E ratio of 7.85 and a beta of 1.80. The stock’s 50-day simple moving average is $11.39 and its two-hundred day simple moving average is $11.15.

Rithm Capital (NYSE:RITM) last issued its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported $0.47 EPS for the quarter, topping 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 period last year, the business posted $0.62 earnings per share. Rithm Capital’s quarterly revenue was up 18.4% compared to the same quarter last year. As a group, equities analysts anticipate that Rithm Capital Corp. will post 1.82 EPS for the current fiscal year.

Rithm Capital Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 26th. Shareholders of record on Monday, July 1st were paid a dividend of $0.25 per share. The ex-dividend date was Monday, July 1st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 8.50%. Rithm Capital’s dividend payout ratio is currently 66.67%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on RITM. Royal Bank of Canada reissued an “outperform” rating and set a $13.00 price objective on shares of Rithm Capital in a research report on Tuesday, August 13th. Wedbush reaffirmed an “outperform” rating and issued a $13.00 price target on shares of Rithm Capital in a report on Friday, August 16th. Finally, JMP Securities lifted their target price on shares of Rithm Capital from $11.00 to $12.50 and gave the company a “market outperform” rating in a research report on Friday, July 19th. One 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 currently has a consensus rating of “Moderate Buy” and an average price target of $12.60.

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.