Rithm Capital (NYSE:RITM) Shares Gap Down to $11.81

Rithm Capital Corp. (NYSE:RITM) shares gapped down prior to trading on Wednesday . The stock had previously closed at $11.81, but opened at $11.39. Rithm Capital shares last traded at $11.34, with a volume of 6,001,297 shares traded.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on RITM shares. JMP Securities boosted their price objective 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. Royal Bank of Canada reissued an “outperform” rating and set a $13.00 target price on shares of Rithm Capital in a research report on Tuesday, August 13th. Finally, Wedbush reaffirmed an “outperform” rating and set a $13.00 price objective on shares of Rithm Capital in a research note on Friday, August 16th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $12.60.

Rithm Capital Stock Performance

The firm has a 50-day moving average price of $11.51 and a two-hundred day moving average price of $11.21. 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 firm has a market capitalization of $5.47 billion, a P/E ratio of 7.87 and a beta of 1.80.

Rithm Capital (NYSE:RITM) last released its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.05. The company had revenue of $1.23 billion during the quarter, compared to analysts’ expectations 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 company earned $0.62 EPS. On average, analysts forecast that Rithm Capital Corp. will post 1.82 EPS for the current fiscal year.

Rithm Capital Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 1st will be issued a dividend of $0.25 per share. The ex-dividend date is Tuesday, October 1st. This represents a $1.00 annualized dividend and a yield of 8.83%. Rithm Capital’s payout ratio is currently 66.67%.

Institutional Trading of Rithm Capital

Institutional investors and hedge funds have recently made changes to their positions in the company. Natixis purchased a new stake in Rithm Capital during the first quarter worth $689,000. Allianz Asset Management GmbH grew its stake in Rithm Capital by 107.7% in the fourth quarter. Allianz Asset Management GmbH now owns 1,171,379 shares of the real estate investment trust’s stock valued at $12,510,000 after purchasing an additional 607,413 shares during the last quarter. Dynamic Technology Lab Private Ltd raised its holdings in Rithm Capital by 14.1% in the fourth 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 in the last quarter. Slagle Financial LLC lifted its position in shares of Rithm Capital by 99.1% during the fourth quarter. Slagle Financial LLC now owns 474,538 shares of the real estate investment trust’s stock valued at $5,068,000 after buying an additional 236,199 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of 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 valued at $511,305,000 after buying an additional 378,931 shares in the last quarter. 44.92% of the stock is currently owned by institutional investors.

About Rithm Capital

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.