Arizona State Retirement System Has $1.48 Million Stock Holdings in Rithm Capital Corp. (NYSE:RITM)

Arizona State Retirement System increased its position in shares of Rithm Capital Corp. (NYSE:RITM) by 1.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 135,282 shares of the real estate investment trust’s stock after buying an additional 2,484 shares during the quarter. Arizona State Retirement System’s holdings in Rithm Capital were worth $1,476,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in RITM. American National Bank acquired a new stake in Rithm Capital during the fourth quarter worth about $27,000. Bessemer Group Inc. bought a new position in Rithm Capital during the first quarter worth about $30,000. Raleigh Capital Management Inc. lifted its stake in Rithm Capital by 125.4% during the fourth quarter. Raleigh Capital Management Inc. now owns 2,986 shares of the real estate investment trust’s stock worth $32,000 after purchasing an additional 1,661 shares during the period. Abich Financial Wealth Management LLC lifted its stake in Rithm Capital by 56.8% during the first quarter. Abich Financial Wealth Management LLC now owns 4,031 shares of the real estate investment trust’s stock worth $45,000 after purchasing an additional 1,461 shares during the period. Finally, Fidelis Capital Partners LLC bought a new position in Rithm Capital during the first quarter worth about $62,000. 44.92% of the stock is owned by institutional investors and hedge funds.

Rithm Capital Stock Performance

RITM stock opened at $11.57 on Friday. 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 company has a 50 day moving average price of $11.35 and a 200 day moving average price of $11.14. Rithm Capital Corp. has a fifty-two week low of $8.87 and a fifty-two week high of $11.94. The stock has a market capitalization of $5.59 billion, a PE ratio of 7.71 and a beta of 1.80.

Rithm Capital (NYSE:RITM) last posted its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported $0.47 earnings per share 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 firm had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the previous year, the company posted $0.62 EPS. Rithm Capital’s revenue was up 18.4% on a year-over-year basis. Analysts forecast that Rithm Capital Corp. will post 1.82 EPS for the current year.

Rithm Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 26th. Investors of record on Monday, July 1st were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 8.64%. The ex-dividend date of this dividend was Monday, July 1st. Rithm Capital’s dividend payout ratio (DPR) is presently 66.67%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. JMP Securities raised their price target on shares of 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 restated an “outperform” rating and set a $13.00 price target on shares of Rithm Capital in a research note on Tuesday, August 13th. Finally, Wedbush restated an “outperform” rating and set a $13.00 price target on shares of Rithm Capital in a research note on Friday, August 16th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.