State Street Corp Sells 9,816 Shares of Rithm Capital Corp. (NYSE:RITM)

State Street Corp lowered its holdings in shares of Rithm Capital Corp. (NYSE:RITM) by 0.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,636,445 shares of the real estate investment trust’s stock after selling 9,816 shares during the quarter. State Street Corp’s holdings in Rithm Capital were worth $98,024,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Azora Capital LP raised its holdings in Rithm Capital by 107.6% during the 3rd quarter. Azora Capital LP now owns 4,383,821 shares of the real estate investment trust’s stock worth $49,756,000 after buying an additional 2,271,671 shares during the period. Seven Grand Managers LLC bought a new stake in Rithm Capital in the 3rd quarter valued at $11,918,000. Maven Securities LTD acquired a new position in Rithm Capital in the 3rd quarter worth $11,350,000. Philadelphia Financial Management of San Francisco LLC acquired a new stake in shares of Rithm Capital in the 3rd quarter valued at about $8,267,000. Finally, LMR Partners LLP bought a new stake in shares of Rithm Capital in the third quarter valued at about $7,378,000. Institutional investors own 44.92% of the company’s stock.

Analyst Ratings Changes

RITM has been the subject of a number of research reports. Royal Bank of Canada reiterated an “outperform” rating and set a $13.00 price objective on shares of Rithm Capital in a report on Thursday, November 21st. Wedbush reaffirmed an “outperform” rating and set a $14.00 price target on shares of Rithm Capital in a research report on Thursday, November 7th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Rithm Capital from $13.00 to $13.50 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $12.94.

Rithm Capital Stock Performance

Shares of NYSE RITM opened at $11.12 on Monday. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.35 and a current ratio of 1.35. The stock has a 50 day moving average price of $10.82 and a 200 day moving average price of $11.12. The stock has a market capitalization of $5.78 billion, a PE ratio of 11.23 and a beta of 1.80. Rithm Capital Corp. has a 52 week low of $9.97 and a 52 week high of $12.02.

Rithm Capital (NYSE:RITM) last released its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.54 EPS for the quarter, beating the consensus estimate of $0.42 by $0.12. The company had revenue of $619.51 million during the quarter, compared to the consensus estimate of $1.11 billion. Rithm Capital had a return on equity of 17.54% and a net margin of 14.99%. During the same quarter in the prior year, the firm posted $0.58 EPS. Analysts predict that Rithm Capital Corp. will post 1.93 earnings per share for the current fiscal year.

Rithm Capital Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 1st were issued a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, October 1st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 8.99%. Rithm Capital’s payout ratio is 101.01%.

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.