MQS Management LLC Buys New Shares in Rithm Capital Corp. (NYSE:RITM)

MQS Management LLC acquired a new position in shares of Rithm Capital Corp. (NYSE:RITM) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 19,425 shares of the real estate investment trust’s stock, valued at approximately $212,000.

Other hedge funds also recently modified their holdings of the company. Seelaus Asset Management LLC lifted its stake in Rithm Capital by 2.7% in the first quarter. Seelaus Asset Management LLC now owns 36,471 shares of the real estate investment trust’s stock valued at $407,000 after acquiring an additional 955 shares during the last quarter. Nomura Asset Management Co. Ltd. raised its holdings in shares of Rithm Capital by 15.2% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 9,100 shares of the real estate investment trust’s stock valued at $97,000 after purchasing an additional 1,200 shares during the period. Abich Financial Wealth Management LLC lifted its stake in Rithm Capital by 56.8% in the 1st quarter. Abich Financial Wealth Management LLC now owns 4,031 shares of the real estate investment trust’s stock valued at $45,000 after purchasing an additional 1,461 shares during the last quarter. SeaCrest Wealth Management LLC increased its position in Rithm Capital by 1.7% during the first quarter. SeaCrest Wealth Management LLC now owns 94,567 shares of the real estate investment trust’s stock worth $1,055,000 after buying an additional 1,547 shares during the last quarter. Finally, Raleigh Capital Management Inc. raised its stake in Rithm Capital by 125.4% in the fourth quarter. Raleigh Capital Management Inc. now owns 2,986 shares of the real estate investment trust’s stock valued at $32,000 after buying an additional 1,661 shares during the period. Institutional investors own 44.92% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on RITM. JMP Securities lifted their target price on Rithm Capital from $11.00 to $12.50 and gave the stock a “market outperform” rating in a research note on Friday, July 19th. Wedbush reiterated an “outperform” rating and issued a $13.00 price objective on shares of Rithm Capital in a report on Friday, August 16th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $13.00 price objective on shares of Rithm Capital in a research report on Tuesday, August 13th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Rithm Capital has a consensus rating of “Moderate Buy” and a consensus price target of $12.60.

Rithm Capital Price Performance

NYSE:RITM opened at $11.88 on Friday. The company has a debt-to-equity ratio of 1.81, a quick ratio of 0.49 and a current ratio of 0.49. The firm has a market cap of $5.74 billion, a price-to-earnings ratio of 7.92 and a beta of 1.80. Rithm Capital Corp. has a 52 week low of $8.87 and a 52 week high of $12.02. The firm’s 50-day simple moving average is $11.49 and its 200 day simple moving average is $11.19.

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

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.