Rithm Capital (NYSE:RITM) Price Target Raised to $13.00

Rithm Capital (NYSE:RITM) had its price target raised by Keefe, Bruyette & Woods from $12.50 to $13.00 in a report published on Tuesday,Benzinga reports. They currently have an outperform rating on the real estate investment trust’s stock.

RITM has been the topic of a number of other reports. BTIG Research decreased their price objective on Rithm Capital from $13.00 to $12.00 and set a “buy” rating on the stock in a research report on Monday, October 12th. Wall Street Zen upgraded Rithm Capital from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. Weiss Ratings lowered Rithm Capital from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, October 2nd. UBS Group lowered their price target on Rithm Capital from $14.50 to $14.00 and set a “buy” rating for the company in a research report on Friday, August 21st. Finally, Wedbush began coverage on shares of Rithm Capital in a research note on Thursday, October 22nd. They set an “outperform” rating and a $10.00 price objective for the company. Ten investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $12.80.

Rithm Capital Price Performance

Shares of Rithm Capital stock opened at $9.38 on Tuesday. The stock has a 50 day moving average of $9.33 and a 200 day moving average of $9.73. Rithm Capital has a 12 month low of $8.31 and a 12 month high of $12.15. The firm has a market cap of $5.24 billion, a PE ratio of 3.86, a PEG ratio of 0.57 and a beta of 1.16. The company has a current ratio of 0.83, a quick ratio of 0.58 and a debt-to-equity ratio of 2.12.

Rithm Capital (NYSE:RITM) last released its quarterly earnings results on Friday, October 23rd. The real estate investment trust reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.05. Rithm Capital had a return on equity of 20.03% and a net margin of 8.71%. The business had revenue of $1.76 billion during the quarter, compared to analysts’ expectations of $1.47 billion. On average, research analysts expect that Rithm Capital will post 2.32 EPS for the current fiscal year.

Rithm Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Thursday, October 1st will be paid a $0.25 dividend. The ex-dividend date is Thursday, October 1st. This represents a $1.00 dividend on an annualized basis and a yield of 10.7%. Rithm Capital’s dividend payout ratio (DPR) is presently 158.73%.

Insider Buying and Selling at Rithm Capital

In other news, Director Peggy Hebard sold 14,520 shares of the business’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $10.18, for a total transaction of $147,813.60. Following the completion of the sale, the director directly owned 82,259 shares of the company’s stock, valued at approximately $837,396.62. The trade was a 15.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.57% of the company’s stock.

Institutional Investors Weigh In On Rithm Capital

Several large investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp acquired a new stake in shares of Rithm Capital during the 2nd quarter worth approximately $29,635,000. Principal Financial Group Inc. grew its position in Rithm Capital by 17,546.2% in the 1st quarter. Principal Financial Group Inc. now owns 2,693,696 shares of the real estate investment trust’s stock valued at $25,536,000 after acquiring an additional 2,678,431 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Rithm Capital during the second quarter worth about $22,001,000. Wellington Management Group LLP increased its stake in Rithm Capital by 14.4% during the second quarter. Wellington Management Group LLP now owns 11,616,077 shares of the real estate investment trust’s stock worth $109,075,000 after purchasing an additional 1,466,315 shares during the period. Finally, BlueCrest Capital Management Ltd lifted its position in shares of Rithm Capital by 37.8% during the second quarter. BlueCrest Capital Management Ltd now owns 2,046,427 shares of the real estate investment trust’s stock worth $19,216,000 after purchasing an additional 561,819 shares in the last quarter. 44.92% of the stock is owned by hedge funds and other institutional investors.

About Rithm Capital

Rithm Capital Corp. is a real estate investment trust and financial services company focused primarily on residential real estate and mortgage-related investments. Formerly known as New Residential Investment Corp., the company adopted the Rithm Capital name in 2022.

Through its operating businesses and investment platforms, Rithm participates in mortgage servicing, mortgage origination, residential mortgage loans, mortgage servicing rights and other housing-related assets. Its businesses include Newrez, a mortgage platform that provides home loan origination, servicing and related services, as well as other investments connected to residential real estate and private lending.

Rithm primarily serves the U.S.