Rithm Capital Corp. $RITM Shares Acquired by DAVENPORT & Co LLC

DAVENPORT & Co LLC lifted its stake in shares of Rithm Capital Corp. (NYSE:RITM) by 8.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 79,391 shares of the real estate investment trust’s stock after buying an additional 6,500 shares during the period. DAVENPORT & Co LLC’s holdings in Rithm Capital were worth $896,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Kingstone Capital Partners Texas LLC acquired a new position in shares of Rithm Capital in the second quarter valued at about $96,027,000. Mackenzie Financial Corp boosted its position in Rithm Capital by 288.6% in the first quarter. Mackenzie Financial Corp now owns 2,725,392 shares of the real estate investment trust’s stock valued at $31,206,000 after buying an additional 2,024,090 shares during the last quarter. Wellington Management Group LLP boosted its position in Rithm Capital by 36.3% in the first quarter. Wellington Management Group LLP now owns 4,907,737 shares of the real estate investment trust’s stock valued at $56,194,000 after buying an additional 1,307,276 shares during the last quarter. Nuveen LLC purchased a new stake in Rithm Capital in the first quarter valued at approximately $14,086,000. Finally, Goldman Sachs Group Inc. boosted its position in Rithm Capital by 75.6% in the first quarter. Goldman Sachs Group Inc. now owns 1,539,483 shares of the real estate investment trust’s stock valued at $17,627,000 after buying an additional 662,585 shares during the last quarter. Hedge funds and other institutional investors own 44.92% of the company’s stock.

Rithm Capital Price Performance

Rithm Capital stock opened at $10.66 on Friday. The company’s fifty day moving average price is $12.02 and its 200 day moving average price is $11.51. Rithm Capital Corp. has a 1 year low of $9.13 and a 1 year high of $12.74. The stock has a market capitalization of $5.65 billion, a P/E ratio of 8.20 and a beta of 1.31. The company has a debt-to-equity ratio of 1.63, a quick ratio of 0.40 and a current ratio of 0.40.

Rithm Capital (NYSE:RITM) last posted its quarterly earnings data on Monday, July 28th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.03. Rithm Capital had a net margin of 16.72% and a return on equity of 18.89%. The business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. As a group, equities research analysts anticipate that Rithm Capital Corp. will post 1.93 earnings per share for the current fiscal year.

Rithm Capital Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Wednesday, October 1st will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 9.4%. The ex-dividend date is Wednesday, October 1st. Rithm Capital’s payout ratio is 76.92%.

Analyst Ratings Changes

Several analysts have commented on RITM shares. Wedbush restated an “outperform” rating and set a $14.00 price objective on shares of Rithm Capital in a research note on Wednesday, August 6th. BTIG Research reissued a “buy” rating and set a $16.00 target price on shares of Rithm Capital in a report on Wednesday, September 17th. UBS Group increased their price target on Rithm Capital from $14.00 to $16.00 and gave the stock a “buy” rating in a research report on Wednesday, September 3rd. Keefe, Bruyette & Woods increased their price target on Rithm Capital from $13.50 to $14.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 29th. Finally, Jones Trading upped their target price on Rithm Capital from $12.50 to $13.50 and gave the stock a “buy” rating in a research note on Tuesday, July 29th. One research analyst has rated the stock with a Strong Buy rating and nine have issued a Buy rating to the company’s stock. According to data from MarketBeat, Rithm Capital has a consensus rating of “Buy” and an average target price of $14.25.

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.