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

Illinois Municipal Retirement Fund lifted its stake in shares of Rithm Capital Corp. (NYSE:RITM) by 22.0% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 474,117 shares of the real estate investment trust’s stock after buying an additional 85,556 shares during the period. Illinois Municipal Retirement Fund owned about 0.08% of Rithm Capital worth $4,495,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. grew its position in Rithm Capital by 2.4% during the 4th quarter. Vanguard Group Inc. now owns 50,282,841 shares of the real estate investment trust’s stock worth $548,083,000 after acquiring an additional 1,191,923 shares during the last quarter. State Street Corp raised its position 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 purchasing an additional 530,607 shares during the last quarter. Geode Capital Management LLC raised its position 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 purchasing an additional 443,144 shares during the last quarter. Qube Research & Technologies Ltd boosted its stake in shares of Rithm Capital by 80.7% during the third quarter. Qube Research & Technologies Ltd now owns 7,890,987 shares of the real estate investment trust’s stock valued at $89,878,000 after purchasing an additional 3,524,330 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Rithm Capital during the fourth quarter valued at about $77,067,000. 44.92% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

RITM has been the subject of several recent research reports. UBS Group lowered their price objective on Rithm Capital from $15.00 to $14.50 and set a “buy” rating for the company in a research note on Friday, April 10th. JonesTrading reiterated a “buy” rating and set a $13.50 target price on shares of Rithm Capital in a research report on Tuesday, April 28th. Citizens Jmp boosted their target price on shares of Rithm Capital from $12.50 to $13.50 and gave the stock a “market outperform” rating in a report on Wednesday, May 20th. Wedbush reduced their target price on shares of Rithm Capital from $14.00 to $12.50 and set an “outperform” rating on the stock in a report on Friday, May 1st. Finally, Wall Street Zen cut shares of Rithm Capital from a “hold” rating to a “sell” rating in a research report on Monday, July 6th. Ten equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $13.20.

Rithm Capital Trading Down 1.2%

NYSE RITM opened at $9.31 on Friday. The business’s 50-day moving average price is $9.24 and its two-hundred day moving average price is $9.96. Rithm Capital Corp. has a 12 month low of $8.43 and a 12 month high of $12.74. The firm has a market capitalization of $5.20 billion, a PE ratio of 8.55 and a beta of 1.14. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 4.02.

Rithm Capital (NYSE:RITM) last issued its quarterly earnings data 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). The company had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.27 billion. Rithm Capital had a return on equity of 19.48% and a net margin of 14.44%. On average, analysts expect that Rithm Capital Corp. will post 2.23 EPS for the current year.

Rithm Capital Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Thursday, July 2nd will be given a $0.25 dividend. The ex-dividend date is Thursday, July 2nd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 10.7%. Rithm Capital’s payout ratio is 91.74%.

Insider Activity

In other news, Director David Saltzman sold 80,922 shares of the company’s stock in a transaction 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 of the company’s stock, valued at approximately $409,294. This represents a 64.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.57% of the company’s stock.

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.