Connor Clark & Lunn Investment Management Ltd. Takes Position in Rithm Capital Corp. $RITM

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Rithm Capital Corp. (NYSE:RITM - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 88,362 shares of the real estate investment trust's stock, valued at approximately $1,012,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fourth Dimension Wealth LLC lifted its stake 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 buying an additional 1,000 shares during the last quarter. Quarry LP lifted its stake 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 buying an additional 1,327 shares during the last quarter. Quent Capital LLC raised its stake in shares of Rithm Capital by 58.6% during the first quarter. Quent Capital LLC now owns 5,465 shares of the real estate investment trust's stock worth $63,000 after purchasing an additional 2,019 shares during the last quarter. CWM LLC raised its stake in shares of Rithm Capital by 25.5% during the first quarter. CWM LLC now owns 6,046 shares of the real estate investment trust's stock worth $69,000 after purchasing an additional 1,228 shares during the last quarter. Finally, Rossby Financial LCC purchased a new stake in shares of Rithm Capital during the first quarter worth approximately $79,000. Hedge funds and other institutional investors own 44.92% of the company's stock.

Rithm Capital Price Performance

Rithm Capital stock traded up $0.0150 during trading hours on Wednesday, hitting $12.3350. The stock had a trading volume of 3,180,096 shares, compared to its average volume of 4,560,056. The company has a debt-to-equity ratio of 1.63, a current ratio of 0.40 and a quick ratio of 0.40. The stock has a market capitalization of $6.54 billion, a price-to-earnings ratio of 9.49 and a beta of 1.25. Rithm Capital Corp. has a 1-year low of $9.13 and a 1-year high of $12.59. The stock's fifty day moving average is $11.82 and its two-hundred day moving average is $11.47.

Rithm Capital (NYSE:RITM - Get Free Report) last posted its earnings results on Monday, July 28th. The real estate investment trust reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.03. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. Rithm Capital had a return on equity of 18.89% and a net margin of 16.72%. As a group, analysts predict that Rithm Capital Corp. will post 1.93 earnings per share for the current fiscal year.

Rithm Capital Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Monday, June 30th were issued a $0.25 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.00 annualized dividend and a yield of 8.1%. Rithm Capital's dividend payout ratio is 76.92%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on RITM shares. Wedbush restated an "outperform" rating and set a $14.00 price target on shares of Rithm Capital in a research note on Wednesday, August 6th. Keefe, Bruyette & Woods upped their price target on Rithm Capital from $13.50 to $14.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 29th. Piper Sandler upgraded Rithm Capital from a "neutral" rating to an "overweight" rating and increased their price objective for the stock from $12.50 to $14.00 in a research report on Monday, April 28th. Jones Trading increased their price objective on Rithm Capital from $12.50 to $13.50 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. Finally, Royal Bank Of Canada increased their price objective on Rithm Capital from $13.00 to $14.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating and eight have given a Buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $14.00.

Rithm Capital Profile

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.