Parallel Advisors LLC Grows Stock Holdings in Rithm Capital Corp. (NYSE:RITM)

Parallel Advisors LLC grew its stake in shares of Rithm Capital Corp. (NYSE:RITM) by 6.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 29,735 shares of the real estate investment trust’s stock after acquiring an additional 1,821 shares during the period. Parallel Advisors LLC’s holdings in Rithm Capital were worth $324,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in RITM. Bessemer Group Inc. purchased a new stake in Rithm Capital during the 1st quarter worth about $30,000. Raleigh Capital Management Inc. boosted its position in shares of Rithm Capital by 125.4% in the fourth quarter. Raleigh Capital Management Inc. now owns 2,986 shares of the real estate investment trust’s stock valued at $32,000 after acquiring an additional 1,661 shares during the period. Abich Financial Wealth Management LLC grew 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 valued at $45,000 after acquiring an additional 1,461 shares in the last quarter. Fidelis Capital Partners LLC bought a new stake in Rithm Capital during the 1st quarter worth approximately $62,000. Finally, Cape Investment Advisory Inc. purchased a new stake in Rithm Capital in the 4th quarter worth approximately $71,000. Hedge funds and other institutional investors own 44.92% of the company’s stock.

Analyst Ratings Changes

RITM has been the topic of several research analyst reports. Wedbush reaffirmed an “outperform” rating and issued a $13.00 price target on shares of Rithm Capital in a report on Friday, August 16th. Royal Bank of Canada restated an “outperform” rating and issued a $13.00 target price on shares of Rithm Capital in a research note on Tuesday, August 13th. Finally, JMP Securities raised their price target on Rithm Capital from $11.00 to $12.50 and gave the company a “market outperform” rating in a report on Friday, July 19th. One 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 a consensus price target of $12.60.

Rithm Capital Price Performance

RITM opened at $11.81 on Thursday. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 1.81. The stock has a market capitalization of $5.71 billion, a P/E ratio of 7.87 and a beta of 1.80. The stock has a 50-day moving average price of $11.46 and a 200-day moving average price of $11.18. Rithm Capital Corp. has a 12-month low of $8.87 and a 12-month high of $11.99.

Rithm Capital (NYSE:RITM) last issued 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 for 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 business’s quarterly revenue was up 18.4% on a year-over-year basis. During the same period last year, the business earned $0.62 earnings per share. Equities analysts predict that Rithm Capital Corp. will post 1.82 earnings per share for the current fiscal year.

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.