Rithm Capital Corp. (NYSE:RITM) Stock Has Average Target Price of $13.15 According to Brokerages

Rithm Capital Corp. (NYSE:RITM) has been assigned an average recommendation of “Moderate Buy” from the eleven research firms that are covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating and ten have issued a buy rating on the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $13.05.

RITM has been the subject of a number of research reports. Piper Sandler reduced their price target on shares of Rithm Capital from $14.00 to $12.50 and set an “overweight” rating for the company in a report on Thursday, July 2nd. UBS Group decreased their price target on shares of Rithm Capital from $14.50 to $14.00 and set a “buy” rating on the stock in a research report on Friday, August 21st. Weiss Ratings downgraded shares of Rithm Capital from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, October 2nd. Wall Street Zen raised shares of Rithm Capital from a “sell” rating to a “hold” rating in a research report on Saturday, August 1st. Finally, BTIG Research cut their price objective on shares of Rithm Capital from $13.00 to $12.00 and set a “buy” rating for the company in a research report on Monday.

Rithm Capital Stock Down 1.2%

RITM opened at $8.54 on Tuesday. Rithm Capital has a 1-year low of $8.40 and a 1-year high of $12.15. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 2.19. The stock has a market capitalization of $4.77 billion, a price-to-earnings ratio of 14.23, a P/E/G ratio of 0.55 and a beta of 1.16. The business has a 50 day moving average of $9.68 and a 200-day moving average of $9.54.

Rithm Capital (NYSE:RITM) last announced its quarterly earnings data on Tuesday, July 28th. The real estate investment trust reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.10. Rithm Capital had a net margin of 9.20% and a return on equity of 19.86%. As a group, sell-side analysts anticipate that Rithm Capital will post 2.26 earnings per share for the current year.

Rithm Capital Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Thursday, October 1st will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $1.00 dividend on an annualized basis and a yield of 11.7%. Rithm Capital’s dividend payout ratio (DPR) is 166.67%.

Insider Transactions at Rithm Capital

In related news, Director Peggy Hebard sold 14,520 shares of the business’s stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $10.18, for a total transaction of $147,813.60. Following the transaction, the director directly owned 82,259 shares in the company, valued at $837,396.62. The trade was a 15.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.57% of the stock is owned by corporate insiders.

Institutional Trading of Rithm Capital

Several institutional investors have recently modified their holdings of RITM. Wellington Management Group LLP raised its stake in shares of Rithm Capital by 14.4% in the 2nd quarter. Wellington Management Group LLP now owns 11,616,077 shares of the real estate investment trust’s stock valued at $109,075,000 after buying an additional 1,466,315 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Rithm Capital by 71.8% during the 1st quarter. Bank of New York Mellon Corp now owns 3,390,135 shares of the real estate investment trust’s stock worth $32,138,000 after acquiring an additional 1,416,415 shares during the period. Royal Bank of Canada lifted its holdings in shares of Rithm Capital by 12.5% during the 1st quarter. Royal Bank of Canada now owns 2,974,882 shares of the real estate investment trust’s stock worth $28,202,000 after acquiring an additional 331,513 shares during the period. Principal Financial Group Inc. boosted its position in shares of Rithm Capital by 17,546.2% during 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. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Rithm Capital during the 2nd quarter valued at about $22,001,000. Institutional investors and hedge funds own 44.92% of the company’s stock.

Rithm Capital Company Profile

Rithm Capital Corp. (NYSE: RITM) is a real estate investment trust and asset management company focused primarily on the residential real estate and mortgage markets. The company invests in and manages mortgage servicing rights, residential mortgage loans, mortgage-backed securities and other real estate-related assets.

Rithm also operates businesses involved in mortgage origination, loan servicing and related financial services. Through its platforms and investments, the company provides financing and servicing solutions connected with residential real estate and manages assets across the housing market.

The company was formerly known as New Residential Investment Corp.