Geode Capital Management LLC Acquires 443,144 Shares of Rithm Capital Corp. $RITM

Geode Capital Management LLC boosted its holdings in shares of Rithm Capital Corp. (NYSE:RITM) by 4.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,621,935 shares of the real estate investment trust’s stock after purchasing an additional 443,144 shares during the period. Geode Capital Management LLC’s holdings in Rithm Capital were worth $104,904,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Curi Capital LLC lifted its position in shares of Rithm Capital by 0.7% during the 2nd quarter. Curi Capital LLC now owns 120,262 shares of the real estate investment trust’s stock worth $1,358,000 after buying an additional 829 shares during the last quarter. Geneos Wealth Management Inc. lifted its position in shares of Rithm Capital by 14.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 7,031 shares of the real estate investment trust’s stock worth $81,000 after buying an additional 881 shares during the last quarter. City Holding Co. lifted its position in shares of Rithm Capital by 35.1% during the 4th quarter. City Holding Co. now owns 3,850 shares of the real estate investment trust’s stock worth $42,000 after buying an additional 1,000 shares during the last quarter. Westbourne Investment Advisors Inc. lifted its position in shares of Rithm Capital by 1.8% during the 4th quarter. Westbourne Investment Advisors Inc. now owns 55,500 shares of the real estate investment trust’s stock worth $605,000 after buying an additional 1,000 shares during the last quarter. Finally, Public Employees Retirement System of Ohio lifted its position in shares of Rithm Capital by 0.6% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 165,278 shares of the real estate investment trust’s stock worth $1,883,000 after buying an additional 1,024 shares during the last quarter. 44.92% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on RITM. Piper Sandler dropped their price objective on Rithm Capital from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Thursday, April 2nd. UBS Group dropped their price objective on Rithm Capital from $15.00 to $14.50 and set a “buy” rating for the company in a research report on Friday, April 10th. Citizens Jmp upped their price objective on Rithm Capital from $12.50 to $13.50 and gave the stock a “market outperform” rating in a research report on Wednesday, May 20th. Capital One Financial set a $12.50 price objective on Rithm Capital in a research report on Thursday, April 9th. Finally, Wall Street Zen downgraded shares of Rithm Capital from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Nine equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $13.61.

Rithm Capital Price Performance

RITM stock opened at $9.13 on Friday. The firm has a market cap of $5.10 billion, a price-to-earnings ratio of 8.37 and a beta of 1.14. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 4.02. Rithm Capital Corp. has a 12-month low of $8.43 and a 12-month high of $12.74. The company’s fifty day simple moving average is $9.59 and its 200 day simple moving average is $10.36.

Rithm Capital (NYSE:RITM) last released its earnings results on Tuesday, April 28th. The real estate investment trust reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.02). The firm had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.27 billion. Rithm Capital had a net margin of 14.44% and a return on equity of 19.48%. On average, analysts expect that Rithm Capital Corp. will post 2.27 earnings per share for the current year.

Rithm Capital Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 30th. Investors of record on Monday, April 6th were issued a $0.25 dividend. The ex-dividend date was Monday, April 6th. This represents a $1.00 annualized dividend and a yield of 11.0%. Rithm Capital’s payout ratio is presently 91.74%.

Insider Transactions at Rithm Capital

In related 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 value of $748,528.50. Following the transaction, the director owned 44,248 shares in the company, valued at $409,294. The trade was a 64.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.57% of the stock is currently owned by insiders.

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.