State of New Jersey Common Pension Fund D Sells 156,482 Shares of Rithm Capital Corp. (NYSE:RITM)

State of New Jersey Common Pension Fund D cut its position in Rithm Capital Corp. (NYSE:RITM) by 32.4% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 326,846 shares of the real estate investment trust’s stock after selling 156,482 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Rithm Capital were worth $3,566,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Natixis bought a new position in Rithm Capital during the first quarter worth $689,000. Allianz Asset Management GmbH boosted its position in Rithm Capital by 107.7% during the fourth quarter. Allianz Asset Management GmbH now owns 1,171,379 shares of the real estate investment trust’s stock worth $12,510,000 after purchasing an additional 607,413 shares during the period. Dynamic Technology Lab Private Ltd boosted its position in Rithm Capital by 14.1% during 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 during the period. Slagle Financial LLC boosted its position in 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 purchasing an additional 236,199 shares during the period. Finally, Vanguard Group Inc. boosted its position in 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 purchasing an additional 378,931 shares during the period. 44.92% of the stock is owned by institutional investors.

Rithm Capital Stock Down 0.2 %

RITM stock opened at $11.89 on Wednesday. The company has a market cap of $5.75 billion, a PE ratio of 7.92 and a beta of 1.80. The business has a 50-day simple moving average of $11.44 and a 200 day simple moving average of $11.17. Rithm Capital Corp. has a 52 week low of $8.87 and a 52 week high of $11.97. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 1.81.

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

Wall Street Analyst Weigh In

A number of research firms have commented 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. Royal Bank of Canada reissued an “outperform” rating and set a $13.00 target price on shares of Rithm Capital in a report on Tuesday, August 13th. Finally, 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 report on Friday, July 19th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target 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.