Simplify Asset Management Inc. increased its stake in shares of Rithm Capital Corp. (NYSE:RITM – Free Report) by 188.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 336,593 shares of the real estate investment trust’s stock after buying an additional 220,000 shares during the quarter. Simplify Asset Management Inc.’s holdings in Rithm Capital were worth $3,191,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. AQR Capital Management LLC increased its position in Rithm Capital by 20.4% in the 1st quarter. AQR Capital Management LLC now owns 77,625 shares of the real estate investment trust’s stock valued at $889,000 after acquiring an additional 13,166 shares during the period. NewEdge Advisors LLC boosted its position in Rithm Capital by 5.3% during the 1st quarter. NewEdge Advisors LLC now owns 31,311 shares of the real estate investment trust’s stock worth $359,000 after acquiring an additional 1,585 shares during the period. Goldman Sachs Group Inc. boosted its position in Rithm Capital by 75.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,539,483 shares of the real estate investment trust’s stock worth $17,627,000 after acquiring an additional 662,585 shares during the period. Geneos Wealth Management Inc. grew its stake in shares of Rithm Capital by 14.3% in the first quarter. Geneos Wealth Management Inc. now owns 7,031 shares of the real estate investment trust’s stock worth $81,000 after purchasing an additional 881 shares in the last quarter. Finally, M&T Bank Corp grew its stake in shares of Rithm Capital by 13.9% in the second quarter. M&T Bank Corp now owns 26,173 shares of the real estate investment trust’s stock worth $296,000 after purchasing an additional 3,200 shares in the last quarter. 44.92% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
RITM has been the topic of a number of recent analyst reports. Wall Street Zen upgraded shares of Rithm Capital from a “sell” rating to a “hold” rating in a research note on Sunday, June 28th. Piper Sandler decreased their target price on shares of Rithm Capital from $14.00 to $12.50 and set an “overweight” rating for the company in a research report on Thursday. JonesTrading reissued a “buy” rating and set a $13.50 target price on shares of Rithm Capital in a research note on Tuesday, April 28th. Citigroup restated an “outperform” rating on shares of Rithm Capital in a research report on Wednesday, May 20th. Finally, Capital One Financial set a $12.50 price target on shares of Rithm Capital in a research note on Thursday, April 9th. Ten investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $13.20.
Insider Activity
In related news, Director David Saltzman sold 80,922 shares of the business’s stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $9.25, for a total value of $748,528.50. Following the sale, the director directly owned 44,248 shares in the company, valued at $409,294. The trade was a 64.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.57% of the stock is owned by corporate insiders.
Rithm Capital Trading Down 0.3%
Shares of Rithm Capital stock opened at $9.07 on Friday. The business has a fifty day simple moving average of $9.38 and a 200-day simple moving average of $10.09. Rithm Capital Corp. has a fifty-two week low of $8.43 and a fifty-two week high of $12.74. The firm has a market cap of $5.06 billion, a price-to-earnings ratio of 8.32 and a beta of 1.14. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 4.02.
Rithm Capital (NYSE:RITM – Get Free Report) last released its earnings results on Tuesday, April 28th. The real estate investment trust reported $0.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.02). Rithm Capital had a return on equity of 19.48% and a net margin of 14.44%.The firm had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.27 billion. On average, equities analysts forecast that Rithm Capital Corp. will post 2.27 EPS for the current fiscal year.
Rithm Capital Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Thursday, July 2nd will be paid a $0.25 dividend. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $1.00 annualized dividend and a dividend yield of 11.0%. Rithm Capital’s payout ratio is currently 91.74%.
Rithm Capital Company Profile
Rithm Capital Corporation is a specialty finance company that originates, acquires and manages structured credit investments collateralized by real estate assets in the United States. The company focuses primarily on senior floating-rate loans secured by multifamily, commercial, industrial and single-family rental properties, aiming to deliver attractive risk-adjusted yields through a diversified portfolio of floating-rate real estate debt.
In addition to senior loans, Rithm Capital invests in residential mortgage-backed securities, including agency and non-agency pools, as well as other real estate-related credit instruments.
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