Kingstone Capital Partners Texas LLC Invests $96.03 Million in Rithm Capital Corp. $RITM

Key Points

• Kingstone Capital Partners Texas LLC has acquired 9,298,438 shares of Rithm Capital Corp. valued at approximately $96 million, representing a 1.75% ownership stake.
• Rithm Capital has announced a quarterly dividend of $0.25 per share, equating to an annualized dividend yield of 8.3%, with the ex-dividend date set for October 1st.
• Analysts have set a new average price target of $14.25 for Rithm Capital shares, with a majority rating the stock as a "Buy" or "Strong Buy."

Kingstone Capital Partners Texas LLC acquired a new stake in Rithm Capital Corp. (NYSE:RITM - Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 9,298,438 shares of the real estate investment trust's stock, valued at approximately $96,027,000. Kingstone Capital Partners Texas LLC owned 1.75% of Rithm Capital as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. KBC Group NV increased its stake in Rithm Capital by 24.0% in the 1st quarter. KBC Group NV now owns 22,846 shares of the real estate investment trust's stock valued at $262,000 after buying an additional 4,423 shares during the period. Edgestream Partners L.P. increased its stake in Rithm Capital by 341.5% in the 1st quarter. Edgestream Partners L.P. now owns 688,882 shares of the real estate investment trust's stock valued at $7,888,000 after buying an additional 532,866 shares during the period. Amalgamated Bank increased its stake in Rithm Capital by 5.9% in the 1st quarter. Amalgamated Bank now owns 27,064 shares of the real estate investment trust's stock valued at $310,000 after buying an additional 1,502 shares during the period. Bleakley Financial Group LLC increased its stake in shares of Rithm Capital by 197.1% during the 1st quarter. Bleakley Financial Group LLC now owns 36,428 shares of the real estate investment trust's stock worth $417,000 after purchasing an additional 24,166 shares during the last quarter. Finally, Jump Financial LLC acquired a new position in shares of Rithm Capital during the 1st quarter worth $385,000. Institutional investors and hedge funds own 44.92% of the company's stock.

Wall Street Analysts Forecast Growth

RITM has been the topic of several analyst reports. BTIG Research restated a "buy" rating and set a $16.00 price target on shares of Rithm Capital in a research note on Wednesday. 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. Jones Trading increased their price target on shares of Rithm Capital from $12.50 to $13.50 and gave the stock a "buy" rating in a research note on Tuesday, July 29th. Royal Bank Of Canada increased their price target on shares of Rithm Capital from $13.00 to $14.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Finally, UBS Group increased their price target on shares of Rithm Capital from $14.00 to $16.00 and gave the stock a "buy" rating in a research note on Wednesday, September 3rd. One analyst has rated the stock with a Strong Buy rating and eight have given a Buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $14.25.

Rithm Capital Stock Performance

NYSE:RITM traded down $0.18 during midday trading on Friday, reaching $12.11. The stock had a trading volume of 9,328,730 shares, compared to its average volume of 5,309,136. Rithm Capital Corp. has a 1-year low of $9.13 and a 1-year high of $12.74. The firm's fifty day simple moving average is $12.26 and its 200-day simple moving average is $11.55. 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 $6.42 billion, a P/E ratio of 9.32 and a beta of 1.30.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. Rithm Capital had a net margin of 16.72% and a return on equity of 18.89%. On average, equities research analysts forecast that Rithm Capital Corp. will post 1.93 EPS for the current fiscal year.

Rithm Capital Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Wednesday, October 1st will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 8.3%. The ex-dividend date of this dividend is Wednesday, October 1st. Rithm Capital's dividend payout ratio (DPR) is currently 76.92%.

Rithm Capital Company 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.