Mackenzie Financial Corp Acquires 176,711 Shares of Rithm Capital Corp. (NYSE:RITM)

Mackenzie Financial Corp boosted its position in Rithm Capital Corp. (NYSE:RITM) by 15.5% during the second quarter, Holdings Channel reports. The fund owned 1,319,014 shares of the real estate investment trust’s stock after acquiring an additional 176,711 shares during the period. Mackenzie Financial Corp’s holdings in Rithm Capital were worth $14,390,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in RITM. Bessemer Group Inc. bought a new position in Rithm Capital during the 1st quarter worth approximately $30,000. Raleigh Capital Management Inc. raised its holdings in 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 worth $32,000 after buying an additional 1,661 shares during the last quarter. Abich Financial Wealth Management LLC lifted its position in Rithm Capital by 56.8% in the 1st 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 position in shares of Rithm Capital during the first quarter valued at $62,000. Finally, Future Financial Wealth Managment LLC bought a new stake in Rithm Capital in the 1st quarter worth about $71,000. Institutional investors own 44.92% of the company’s stock.

Analyst Ratings Changes

RITM has been the topic of several research analyst reports. Wedbush restated an “outperform” rating and set a $13.00 target price on shares of Rithm Capital in a research note 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 report on Tuesday, August 13th. Finally, JMP Securities lifted their target price on shares of 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 research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $12.60.

Rithm Capital Stock Up 0.5 %

Shares of RITM stock opened at $11.32 on Monday. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 1.81. Rithm Capital Corp. has a 12 month low of $8.87 and a 12 month high of $12.02. The stock has a market cap of $5.47 billion, a P/E ratio of 7.55 and a beta of 1.80. The company has a 50 day simple moving average of $11.49 and a two-hundred day simple moving average of $11.21.

Rithm Capital (NYSE:RITM) last announced its earnings results on Wednesday, July 31st. The real estate investment trust reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.05. Rithm Capital had a return on equity of 18.04% and a net margin of 15.55%. The company had revenue of $1.23 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same period last year, the firm earned $0.62 EPS. Rithm Capital’s revenue for the quarter was up 18.4% compared to the same quarter last year. On average, research analysts expect that Rithm Capital Corp. will post 1.82 earnings per share for the current year.

Rithm Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 1st will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 8.83%. Rithm Capital’s payout ratio is currently 66.67%.

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.