Truist Financial Corp Sells 40,621 Shares of Rithm Capital Corp. (NYSE:RITM)

Truist Financial Corp lowered its stake in Rithm Capital Corp. (NYSE:RITM) by 16.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 208,625 shares of the real estate investment trust’s stock after selling 40,621 shares during the quarter. Truist Financial Corp’s holdings in Rithm Capital were worth $2,276,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Rithm Capital by 154.4% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,513 shares of the real estate investment trust’s stock worth $27,000 after acquiring an additional 1,525 shares during the last quarter. Bessemer Group Inc. bought a new stake in shares of Rithm Capital during the 1st quarter worth $30,000. Raleigh Capital Management Inc. grew its position 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 valued at $32,000 after buying an additional 1,661 shares during the period. Abich Financial Wealth Management LLC increased its holdings 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 buying an additional 1,461 shares during the last quarter. Finally, Fidelis Capital Partners LLC bought a new stake in Rithm Capital in the first quarter worth about $62,000. Institutional investors own 44.92% of the company’s stock.

Rithm Capital Stock Performance

NYSE RITM opened at $10.66 on Friday. The stock has a 50-day moving average of $11.37 and a two-hundred day moving average of $11.20. The company has a debt-to-equity ratio of 1.81, a current ratio of 0.49 and a quick ratio of 0.49. Rithm Capital Corp. has a 1-year low of $8.87 and a 1-year high of $12.02. The company has a market cap of $5.15 billion, a P/E ratio of 7.10 and a beta of 1.80.

Rithm Capital (NYSE:RITM) last released its quarterly earnings results on Wednesday, July 31st. The real estate investment trust reported $0.47 EPS for the quarter, topping the consensus estimate 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 analyst estimates of $1.15 billion. During the same quarter in the previous year, the company posted $0.62 earnings per share. The firm’s revenue was up 18.4% compared to the same quarter last year. As a group, analysts anticipate that Rithm Capital Corp. will post 1.82 EPS for the current year.

Rithm Capital Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 1st will be paid a $0.25 dividend. The ex-dividend date is Tuesday, October 1st. This represents a $1.00 annualized dividend and a dividend yield of 9.39%. Rithm Capital’s dividend payout ratio (DPR) is currently 66.67%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on RITM shares. Royal Bank of Canada reissued an “outperform” rating and set a $13.00 price objective on shares of Rithm Capital in a report on Tuesday, August 13th. JMP Securities boosted 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. Finally, Wedbush reissued an “outperform” rating and issued 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 given a buy rating to the company. According to MarketBeat.com, Rithm Capital has a consensus rating of “Moderate Buy” and an average target price of $12.67.

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.