Vanguard Group Inc. Sells 458,353 Shares of Rithm Capital Corp. $RITM

Vanguard Group Inc. decreased its stake in Rithm Capital Corp. (NYSE:RITM) by 0.9% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 49,090,918 shares of the real estate investment trust’s stock after selling 458,353 shares during the quarter. Vanguard Group Inc. owned about 0.09% of Rithm Capital worth $559,146,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. State Street Corp raised its stake in shares of Rithm Capital by 11.5% in the second quarter. State Street Corp now owns 10,178,853 shares of the real estate investment trust’s stock valued at $117,426,000 after acquiring an additional 1,052,130 shares during the period. Geode Capital Management LLC grew its holdings in Rithm Capital by 1.1% during the 2nd quarter. Geode Capital Management LLC now owns 8,991,146 shares of the real estate investment trust’s stock valued at $101,528,000 after purchasing an additional 98,307 shares during the last quarter. Norges Bank purchased a new stake in Rithm Capital in the 2nd quarter worth about $72,762,000. Qube Research & Technologies Ltd lifted its stake in Rithm Capital by 31.5% in the second quarter. Qube Research & Technologies Ltd now owns 4,366,657 shares of the real estate investment trust’s stock worth $49,300,000 after purchasing an additional 1,045,018 shares during the last quarter. Finally, Conversant Capital LLC boosted its position in shares of Rithm Capital by 16.7% during the second quarter. Conversant Capital LLC now owns 3,960,500 shares of the real estate investment trust’s stock valued at $44,714,000 after buying an additional 565,500 shares during the period. Institutional investors own 44.92% of the company’s stock.

Rithm Capital Price Performance

NYSE RITM opened at $10.14 on Wednesday. The company has a market cap of $5.64 billion, a PE ratio of 9.75 and a beta of 1.20. The firm’s 50 day moving average price is $11.10 and its 200-day moving average price is $11.37. The company has a debt-to-equity ratio of 2.20, a quick ratio of 0.58 and a current ratio of 0.58. Rithm Capital Corp. has a 52-week low of $9.13 and a 52-week high of $12.74.

Rithm Capital (NYSE:RITM) last posted its earnings results on Tuesday, February 3rd. The real estate investment trust reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.19. Rithm Capital had a return on equity of 19.74% and a net margin of 15.55%.The company had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.24 billion. Sell-side analysts forecast that Rithm Capital Corp. will post 1.93 EPS for the current fiscal year.

Rithm Capital Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 30th. Shareholders of record on Wednesday, December 31st were issued a $0.25 dividend. The ex-dividend date was Wednesday, December 31st. This represents a $1.00 dividend on an annualized basis and a yield of 9.9%. Rithm Capital’s payout ratio is currently 96.15%.

Analyst Upgrades and Downgrades

RITM has been the subject of a number of research analyst reports. Wedbush assumed coverage on Rithm Capital in a research note on Monday, December 15th. They set an “outperform” rating and a $14.00 price target for the company. UBS Group set a $15.00 price target on shares of Rithm Capital in a research note on Friday, February 6th. JonesTrading reissued a “buy” rating and issued a $13.50 price objective on shares of Rithm Capital in a research report on Thursday, October 30th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Rithm Capital in a research report on Monday, December 29th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of Rithm Capital in a research note on Thursday, December 18th. Seven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Rithm Capital currently has an average rating of “Moderate Buy” and a consensus target price of $14.50.

About Rithm Capital

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.