Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Rithm Capital Corp. (NYSE:RITM - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 88,362 shares of the real estate investment trust's stock, valued at approximately $1,012,000.
Several other large investors have also added to or reduced their stakes in RITM. Fourth Dimension Wealth LLC boosted its holdings in Rithm Capital by 50.0% in the first quarter. Fourth Dimension Wealth LLC now owns 3,000 shares of the real estate investment trust's stock valued at $34,000 after acquiring an additional 1,000 shares in the last quarter. Quarry LP boosted its holdings in Rithm Capital by 47.5% in the fourth quarter. Quarry LP now owns 4,118 shares of the real estate investment trust's stock valued at $45,000 after acquiring an additional 1,327 shares in the last quarter. Quent Capital LLC boosted its holdings in Rithm Capital by 58.6% in the first quarter. Quent Capital LLC now owns 5,465 shares of the real estate investment trust's stock valued at $63,000 after acquiring an additional 2,019 shares in the last quarter. CWM LLC boosted its holdings in Rithm Capital by 25.5% in the first quarter. CWM LLC now owns 6,046 shares of the real estate investment trust's stock valued at $69,000 after acquiring an additional 1,228 shares in the last quarter. Finally, Rossby Financial LCC bought a new stake in Rithm Capital in the first quarter valued at $79,000. Institutional investors own 44.92% of the company's stock.
Wall Street Analyst Weigh In
RITM has been the topic of several recent analyst reports. Keefe, Bruyette & Woods lifted their price target on shares of Rithm Capital from $13.50 to $14.00 and gave the company an "outperform" rating in a report on Tuesday, July 29th. Piper Sandler upgraded shares of Rithm Capital from a "neutral" rating to an "overweight" rating and boosted their target price for the company from $12.50 to $14.00 in a report on Monday, April 28th. BTIG Research reaffirmed a "buy" rating and issued a $16.00 target price on shares of Rithm Capital in a research report on Friday, April 25th. Wedbush reaffirmed an "outperform" rating and issued a $14.00 target price on shares of Rithm Capital in a research report on Wednesday, August 6th. Finally, UBS Group reaffirmed a "buy" rating and issued a $14.00 target price (up from $13.00) on shares of Rithm Capital in a research report on Tuesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating and eight have issued a Buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $14.00.
Read Our Latest Research Report on RITM
Rithm Capital Stock Up 2.7%
Shares of NYSE:RITM traded up $0.3350 during midday trading on Friday, reaching $12.5350. The company's stock had a trading volume of 2,562,928 shares, compared to its average volume of 4,533,853. Rithm Capital Corp. has a 12-month low of $9.13 and a 12-month high of $12.59. The firm has a 50 day moving average of $11.86 and a 200-day moving average of $11.48. The firm has a market capitalization of $6.65 billion, a P/E ratio of 9.63 and a beta of 1.25. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 1.63.
Rithm Capital (NYSE:RITM - Get Free Report) last announced its quarterly earnings data on Monday, July 28th. The real estate investment trust reported $0.54 EPS for the quarter, beating the consensus estimate of $0.51 by $0.03. Rithm Capital had a net margin of 16.72% and a return on equity of 18.89%. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. On average, research analysts anticipate that Rithm Capital Corp. will post 1.93 earnings per share for the current year.
Rithm Capital Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Monday, June 30th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 8.0%. The ex-dividend date of this dividend was Monday, June 30th. Rithm Capital's dividend payout ratio is 76.92%.
About Rithm Capital
(
Free Report)
Rithm Capital Corp. operates as an asset manager focused on real estate, credit, and financial services. It operates through Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable, and Asset Management segments. Its investment portfolio primarily comprises of mortgage servicing rights (MSR), and MSR financing receivables, title, appraisal and property preservation, excess MSRs, and services advance investments; real estate securities, call rights, SFR properties, and residential mortgage loans; consumer and business purpose loans; and asset management related investments.
Further Reading
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