FY2024 Earnings Forecast for Rithm Capital Issued By Wedbush

Rithm Capital Corp. (NYSE:RITM) – Analysts at Wedbush increased their FY2024 earnings per share estimates for Rithm Capital in a research note issued on Thursday, November 7th. Wedbush analyst J. Mccanless now forecasts that the real estate investment trust will post earnings of $1.92 per share for the year, up from their prior estimate of $1.75. Wedbush has a “Outperform” rating and a $14.00 price objective on the stock. The consensus estimate for Rithm Capital’s current full-year earnings is $1.89 per share. Wedbush also issued estimates for Rithm Capital’s Q4 2024 earnings at $0.43 EPS and FY2025 earnings at $1.90 EPS.

Rithm Capital (NYSE:RITM) last issued its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.12. The business had revenue of $619.51 million during the quarter, compared to analysts’ expectations of $1.11 billion. Rithm Capital had a return on equity of 17.54% and a net margin of 14.99%. During the same quarter in the previous year, the business earned $0.58 EPS.

Other analysts have also recently issued reports about the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $13.00 price target on shares of Rithm Capital in a research report on Tuesday, August 13th. JMP Securities upped their target price on Rithm Capital from $11.00 to $12.50 and gave the stock a “market outperform” rating in a research report on Friday, July 19th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, Rithm Capital has a consensus rating of “Moderate Buy” and a consensus price target of $12.78.

Rithm Capital Price Performance

Rithm Capital stock opened at $10.73 on Monday. The firm has a fifty day moving average of $11.04 and a 200-day moving average of $11.16. Rithm Capital has a 52-week low of $9.68 and a 52-week high of $12.02. The company has a quick ratio of 0.49, a current ratio of 1.35 and a debt-to-equity ratio of 1.63. The firm has a market capitalization of $5.57 billion, a P/E ratio of 10.83 and a beta of 1.80.

Rithm Capital Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 1st were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, October 1st. This represents a $1.00 annualized dividend and a dividend yield of 9.32%. Rithm Capital’s payout ratio is 101.01%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Norden Group LLC bought a new position in Rithm Capital during the first quarter worth $156,000. Duality Advisers LP acquired a new position in shares of Rithm Capital in the 1st quarter valued at about $398,000. Empowered Funds LLC acquired a new position in shares of Rithm Capital in the 1st quarter valued at about $136,000. Sei Investments Co. raised its stake in Rithm Capital by 725.7% during the first quarter. Sei Investments Co. now owns 395,384 shares of the real estate investment trust’s stock worth $4,412,000 after acquiring an additional 347,499 shares during the period. Finally, Russell Investments Group Ltd. lifted its holdings in Rithm Capital by 196.3% in the first quarter. Russell Investments Group Ltd. now owns 26,182 shares of the real estate investment trust’s stock worth $293,000 after acquiring an additional 17,345 shares during the last quarter. Institutional investors own 44.92% of the company’s stock.

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.