Illinois Municipal Retirement Fund Acquires 85,556 Shares of Rithm Capital Corp. $RITM

Illinois Municipal Retirement Fund grew its holdings in Rithm Capital Corp. (NYSE:RITM) by 22.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 474,117 shares of the real estate investment trust’s stock after purchasing an additional 85,556 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Rithm Capital were worth $4,495,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in Rithm Capital by 2.4% during the fourth quarter. Vanguard Group Inc. now owns 50,282,841 shares of the real estate investment trust’s stock worth $548,083,000 after purchasing an additional 1,191,923 shares during the period. State Street Corp lifted its stake in Rithm Capital by 5.3% in the fourth quarter. State Street Corp now owns 10,557,874 shares of the real estate investment trust’s stock valued at $117,701,000 after buying an additional 530,607 shares during the period. Geode Capital Management LLC lifted its stake in Rithm Capital by 4.8% in the fourth quarter. Geode Capital Management LLC now owns 9,621,935 shares of the real estate investment trust’s stock valued at $104,904,000 after buying an additional 443,144 shares during the period. Qube Research & Technologies Ltd boosted its holdings in shares of Rithm Capital by 80.7% during the 3rd quarter. Qube Research & Technologies Ltd now owns 7,890,987 shares of the real estate investment trust’s stock worth $89,878,000 after buying an additional 3,524,330 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Rithm Capital during the 4th quarter worth approximately $77,067,000. Institutional investors own 44.92% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on RITM. JonesTrading reaffirmed a “buy” rating and set a $13.50 price objective on shares of Rithm Capital in a research report on Tuesday, April 28th. Compass Point began coverage on shares of Rithm Capital in a research report on Monday, June 8th. They set a “buy” rating and a $14.00 target price on the stock. Citigroup reissued an “outperform” rating on shares of Rithm Capital in a research note on Wednesday, May 20th. BTIG Research reduced their price target on shares of Rithm Capital from $16.00 to $13.00 and set a “buy” rating for the company in a report on Tuesday, June 16th. Finally, Piper Sandler decreased their price target on shares of Rithm Capital from $14.00 to $12.50 and set an “overweight” rating for the company in a research note on Thursday, July 2nd. Ten research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $13.20.

Insider Transactions at Rithm Capital

In other Rithm Capital news, Director David Saltzman sold 80,922 shares of the business’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $9.25, for a total transaction of $748,528.50. Following the completion of the sale, the director owned 44,248 shares in the company, valued at approximately $409,294. The trade was a 64.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.57% of the company’s stock.

Rithm Capital Stock Down 1.2%

Shares of NYSE:RITM opened at $9.31 on Friday. The business’s 50 day simple moving average is $9.24 and its two-hundred day simple moving average is $9.96. The firm has a market cap of $5.20 billion, a P/E ratio of 8.55 and a beta of 1.14. The company has a debt-to-equity ratio of 4.02, a quick ratio of 1.28 and a current ratio of 1.28. Rithm Capital Corp. has a 52-week low of $8.43 and a 52-week high of $12.74.

Rithm Capital (NYSE:RITM) last released its quarterly earnings data on Tuesday, April 28th. The real estate investment trust reported $0.51 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.02). Rithm Capital had a net margin of 14.44% and a return on equity of 19.48%. The firm had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.27 billion. As a group, research analysts forecast that Rithm Capital Corp. will post 2.23 EPS for the current fiscal year.

Rithm Capital Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Thursday, July 2nd will be given a $0.25 dividend. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $1.00 annualized dividend and a yield of 10.7%. Rithm Capital’s dividend payout ratio (DPR) is presently 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.