Piper Sandler Cuts Rithm Capital (NYSE:RITM) Price Target to $14.00

Rithm Capital (NYSE:RITM) had its target price lowered by Piper Sandler from $15.00 to $14.00 in a report issued on Thursday morning,Benzinga reports. The firm currently has an overweight rating on the real estate investment trust’s stock.

RITM has been the subject of a number of other research reports. Wedbush initiated coverage on Rithm Capital in a research note on Monday, December 15th. They issued an “outperform” rating and a $14.00 target price for the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of Rithm Capital in a research note on Monday, December 29th. UBS Group set a $15.00 target price on shares of Rithm Capital in a report on Friday, February 6th. Wall Street Zen upgraded shares of Rithm Capital from a “hold” rating to a “buy” rating in a research report on Saturday, March 7th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of Rithm Capital in a research report on Thursday, December 18th. Seven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Rithm Capital presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.36.

Rithm Capital Price Performance

RITM opened at $9.63 on Thursday. The business has a fifty day moving average of $10.13 and a 200 day moving average of $10.83. The stock has a market cap of $5.35 billion, a P/E ratio of 9.25 and a beta of 1.19. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 2.20. Rithm Capital has a 52-week low of $8.43 and a 52-week high of $12.74.

Rithm Capital (NYSE:RITM) last released 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. The business had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.24 billion. Rithm Capital had a return on equity of 19.74% and a net margin of 15.55%. As a group, sell-side analysts anticipate that Rithm Capital will post 1.93 EPS for the current year.

Rithm Capital Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Shareholders of record on Monday, April 6th will be issued a $0.25 dividend. The ex-dividend date is Monday, April 6th. This represents a $1.00 dividend on an annualized basis and a yield of 10.4%. Rithm Capital’s dividend payout ratio (DPR) is presently 96.15%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. AIA Group Ltd boosted its position in shares of Rithm Capital by 86.9% during the 3rd quarter. AIA Group Ltd now owns 326,436 shares of the real estate investment trust’s stock valued at $3,718,000 after acquiring an additional 151,733 shares during the last quarter. Waterfall Asset Management LLC lifted its stake in Rithm Capital by 169.7% during the third quarter. Waterfall Asset Management LLC now owns 360,573 shares of the real estate investment trust’s stock worth $4,115,000 after purchasing an additional 226,859 shares in the last quarter. Public Sector Pension Investment Board purchased a new position in Rithm Capital during the 3rd quarter valued at about $1,519,000. Envestnet Asset Management Inc. grew its position in Rithm Capital by 246.8% in the 3rd quarter. Envestnet Asset Management Inc. now owns 433,567 shares of the real estate investment trust’s stock valued at $4,938,000 after acquiring an additional 308,555 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Rithm Capital by 16.6% during the second quarter. JPMorgan Chase & Co. now owns 1,415,844 shares of the real estate investment trust’s stock worth $15,985,000 after purchasing an additional 201,720 shares during the period. 44.92% of the stock is currently owned by institutional investors and hedge funds.

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.