Dark Forest Capital Management LP Acquires Shares of 43,142 Rithm Capital Corp. (NYSE:RITM)

Dark Forest Capital Management LP acquired a new stake in Rithm Capital Corp. (NYSE:RITM) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 43,142 shares of the real estate investment trust’s stock, valued at approximately $471,000.

Other hedge funds have also modified their holdings of the company. Natixis acquired a new stake in Rithm Capital during the 1st quarter worth $689,000. Allianz Asset Management GmbH raised its holdings in shares of 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 buying an additional 607,413 shares during the last quarter. Slagle Financial LLC boosted its stake 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 worth $5,068,000 after buying an additional 236,199 shares during the period. Vanguard Group Inc. grew its holdings in shares of 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 buying an additional 378,931 shares during the last quarter. Finally, Melia Wealth LLC acquired a new position in Rithm Capital in the 1st quarter valued at about $2,370,000. 44.92% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on RITM. Wedbush reaffirmed an “outperform” rating and set a $13.00 price objective on shares of Rithm Capital in a research report on Friday, August 16th. 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. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $13.00 price objective on shares of Rithm Capital in a research note on Tuesday, August 13th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $12.60.

Rithm Capital Price Performance

Rithm Capital stock opened at $11.32 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. Rithm Capital Corp. has a one year low of $8.87 and a one year high of $12.02. The company has a market cap of $5.47 billion, a P/E ratio of 7.55 and a beta of 1.80. The business has a fifty day moving average of $11.49 and a two-hundred day moving average of $11.21.

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

Rithm Capital Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 1st will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 8.83%. The ex-dividend date is Tuesday, October 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.