Waterfall Asset Management LLC Makes New Investment in Rithm Capital Corp. (NYSE:RITM)

Waterfall Asset Management LLC bought a new stake in Rithm Capital Corp. (NYSE:RITM) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 202,500 shares of the real estate investment trust’s stock, valued at approximately $2,209,000. Rithm Capital comprises approximately 1.1% of Waterfall Asset Management LLC’s holdings, making the stock its 12th largest holding.

Other hedge funds have also made changes to their positions in the company. Corient Private Wealth LLC lifted its holdings in shares of Rithm Capital by 14.7% during the fourth quarter. Corient Private Wealth LLC now owns 179,180 shares of the real estate investment trust’s stock worth $1,914,000 after purchasing an additional 22,942 shares during the period. Franklin Resources Inc. lifted its stake in shares of Rithm Capital by 43.7% in the 4th quarter. Franklin Resources Inc. now owns 485,294 shares of the real estate investment trust’s stock worth $5,183,000 after acquiring an additional 147,660 shares during the period. Nomura Asset Management Co. Ltd. boosted its holdings in shares of Rithm Capital by 15.2% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 9,100 shares of the real estate investment trust’s stock valued at $97,000 after acquiring an additional 1,200 shares in the last quarter. Allianz Asset Management GmbH increased its stake in shares of 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 acquiring an additional 607,413 shares during the period. Finally, Treasurer of the State of North Carolina raised its holdings in Rithm Capital by 4.2% during the fourth quarter. Treasurer of the State of North Carolina now owns 220,466 shares of the real estate investment trust’s stock worth $2,355,000 after purchasing an additional 8,889 shares in the last quarter. Institutional investors and hedge funds own 44.92% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on RITM. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $13.00 price objective on shares of Rithm Capital in a report on Tuesday, August 13th. JMP Securities upped their price objective 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, Wedbush reiterated an “outperform” rating and issued a $13.00 price objective on shares of Rithm Capital in a research report on Friday, August 16th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.60.

Rithm Capital Stock Performance

NYSE:RITM opened at $11.32 on Friday. 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 company has a market capitalization of $5.47 billion, a P/E ratio of 7.55 and a beta of 1.80. The firm has a 50-day moving average price of $11.49 and a two-hundred day moving average price of $11.21. Rithm Capital Corp. has a twelve month low of $8.87 and a twelve month high of $12.02.

Rithm Capital (NYSE:RITM) last issued its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.05. The business had revenue of $1.23 billion during 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 company’s revenue was up 18.4% on a year-over-year basis. During the same period last year, the company posted $0.62 EPS. As a group, research analysts expect that Rithm Capital Corp. will post 1.82 earnings per share for the current fiscal year.

Rithm Capital Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 1st will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 8.83%. The ex-dividend date of this dividend is Tuesday, October 1st. Rithm Capital’s payout ratio is 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.