Police & Firemen s Retirement System of New Jersey Acquires 11,130 Shares of Rithm Capital Corp. $RITM

Police & Firemen s Retirement System of New Jersey grew its holdings in shares of Rithm Capital Corp. (NYSE:RITM) by 5.8% in the 2nd quarter, Holdings Channel reports. The fund owned 202,548 shares of the real estate investment trust’s stock after buying an additional 11,130 shares during the period. Police & Firemen s Retirement System of New Jersey’s holdings in Rithm Capital were worth $2,287,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. SouthState Corp acquired a new position in Rithm Capital during the 1st quarter worth approximately $25,000. Cullen Frost Bankers Inc. bought a new stake in shares of Rithm Capital during the second quarter worth $30,000. Ameritas Advisory Services LLC acquired a new position in shares of Rithm Capital during the second quarter worth $43,000. SVB Wealth LLC bought a new position in shares of Rithm Capital in the 1st quarter valued at $57,000. Finally, GAMMA Investing LLC boosted its holdings in shares of Rithm Capital by 19.1% during the 2nd quarter. GAMMA Investing LLC now owns 5,528 shares of the real estate investment trust’s stock valued at $62,000 after acquiring an additional 887 shares in the last quarter. 44.92% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Michael Nierenberg sold 301,548 shares of the firm’s stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $11.00, for a total transaction of $3,317,028.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider David Zeiden sold 19,285 shares of Rithm Capital stock in a transaction on Friday, November 14th. The shares were sold at an average price of $11.11, for a total transaction of $214,256.35. Additional details regarding this sale are available in the official SEC disclosure. 0.44% of the stock is currently owned by corporate insiders.

Rithm Capital Price Performance

RITM stock opened at $10.84 on Thursday. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 1.52. The company’s fifty day simple moving average is $11.24 and its 200 day simple moving average is $11.59. Rithm Capital Corp. has a 12-month low of $9.13 and a 12-month high of $12.74. The firm has a market cap of $6.01 billion, a price-to-earnings ratio of 7.47 and a beta of 1.30.

Rithm Capital (NYSE:RITM) last announced its quarterly earnings data on Thursday, October 30th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.54. Rithm Capital had a return on equity of 18.82% and a net margin of 17.08%.The company had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.07 billion. On average, analysts expect that Rithm Capital Corp. will post 1.93 earnings per share for the current year.

Rithm Capital Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 31st. Shareholders of record on Wednesday, October 1st were paid a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, October 1st. This represents a $1.00 annualized dividend and a yield of 9.2%. Rithm Capital’s payout ratio is 68.97%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on RITM. UBS Group upped their target price on Rithm Capital from $14.00 to $16.00 and gave the stock a “buy” rating in a report on Wednesday, September 3rd. Wedbush reaffirmed an “outperform” rating and issued a $14.00 price objective on shares of Rithm Capital in a research note on Wednesday, August 6th. Royal Bank Of Canada raised their price objective on shares of Rithm Capital from $13.00 to $14.00 and gave the company an “outperform” rating in a report on Friday, August 1st. Weiss Ratings reissued a “buy (b-)” rating on shares of Rithm Capital in a report on Thursday, November 13th. Finally, Jones Trading restated a “buy” rating and issued a $13.50 price target on shares of Rithm Capital in a research report on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating and nine have assigned a Buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $14.25.

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.