Rithm Capital’s (RITM) “Outperform” Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reissued their outperform rating on shares of Rithm Capital (NYSE:RITM) in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a $13.00 price target on the real estate investment trust’s stock.

Separately, Wedbush reiterated an “outperform” rating and set a $14.00 target price on shares of Rithm Capital in a report on Thursday, November 7th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, Rithm Capital currently has an average rating of “Moderate Buy” and an average price target of $12.78.

Rithm Capital Trading Up 1.8 %

NYSE:RITM opened at $10.98 on Thursday. Rithm Capital has a 52-week low of $9.97 and a 52-week high of $12.02. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 1.63. The stock has a fifty day simple moving average of $10.90 and a 200-day simple moving average of $11.13. The company has a market capitalization of $5.71 billion, a PE ratio of 11.09 and a beta of 1.80.

Rithm Capital (NYSE:RITM) last announced its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.12. The company had revenue of $619.51 million during the quarter, compared to analysts’ expectations of $1.11 billion. Rithm Capital had a net margin of 14.99% and a return on equity of 17.54%. During the same quarter in the previous year, the business posted $0.58 earnings per share. On average, equities research analysts expect that Rithm Capital will post 1.89 earnings per share for the current fiscal year.

Rithm Capital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 1st were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 9.11%. The ex-dividend date was Tuesday, October 1st. Rithm Capital’s dividend payout ratio (DPR) is 101.01%.

Hedge Funds Weigh In On Rithm Capital

Several institutional investors have recently added to or reduced their stakes in RITM. Neo Ivy Capital Management acquired a new stake in Rithm Capital in the 3rd quarter worth about $1,476,000. Geode Capital Management LLC lifted its holdings in shares of Rithm Capital by 7.8% during the 3rd quarter. Geode Capital Management LLC now owns 8,415,057 shares of the real estate investment trust’s stock worth $95,537,000 after acquiring an additional 610,698 shares during the period. MML Investors Services LLC boosted its position in shares of Rithm Capital by 9.8% in the third quarter. MML Investors Services LLC now owns 95,352 shares of the real estate investment trust’s stock worth $1,082,000 after acquiring an additional 8,547 shares during the last quarter. Wellington Management Group LLP grew its holdings in Rithm Capital by 37.8% in the third quarter. Wellington Management Group LLP now owns 3,567,917 shares of the real estate investment trust’s stock valued at $40,496,000 after purchasing an additional 978,954 shares during the period. Finally, Soros Fund Management LLC acquired a new position in Rithm Capital during the third quarter worth approximately $23,835,000. 44.92% of the stock is currently owned by institutional investors and hedge funds.

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.