Algert Global LLC Increases Stock Position in Rithm Capital Corp. $RITM

Key Points

• Algert Global LLC boosted its stake in Rithm Capital by 92.4% in Q3 to 1,535,938 shares, worth about $17.49 million and representing roughly 0.28% of the company.
• Rithm topped quarterly estimates with EPS $0.74 (vs. $0.55 expected) and revenue of $1.29B (vs. $1.24B), and analysts carry a consensus "Moderate Buy" rating with an average price target of $14.50.
• The firm pays a quarterly dividend of $0.25 ($1.00 annualized) for a 10.6% yield

Algert Global LLC grew its holdings in shares of Rithm Capital Corp. (NYSE:RITM - Free Report) by 92.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,535,938 shares of the real estate investment trust's stock after acquiring an additional 737,708 shares during the period. Algert Global LLC owned about 0.28% of Rithm Capital worth $17,494,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of RITM. Alliancebernstein L.P. increased its position in shares of Rithm Capital by 2.7% in the 3rd quarter. Alliancebernstein L.P. now owns 448,898 shares of the real estate investment trust's stock worth $5,113,000 after purchasing an additional 11,807 shares during the last quarter. Ameriprise Financial Inc. raised its stake in Rithm Capital by 14.5% during the third quarter. Ameriprise Financial Inc. now owns 879,780 shares of the real estate investment trust's stock valued at $10,021,000 after buying an additional 111,314 shares in the last quarter. Schonfeld Strategic Advisors LLC lifted its holdings in Rithm Capital by 103.8% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 503,931 shares of the real estate investment trust's stock worth $5,740,000 after buying an additional 256,624 shares during the last quarter. Creative Planning lifted its holdings in Rithm Capital by 88.6% during the 3rd quarter. Creative Planning now owns 166,994 shares of the real estate investment trust's stock worth $1,902,000 after buying an additional 78,453 shares during the last quarter. Finally, Alden Global Capital LLC grew its position in shares of Rithm Capital by 28.3% in the 3rd quarter. Alden Global Capital LLC now owns 370,076 shares of the real estate investment trust's stock worth $4,215,000 after acquiring an additional 81,700 shares in the last quarter. 44.92% of the stock is owned by hedge funds and other institutional investors.

Rithm Capital Stock Down 1.5%

RITM stock opened at $9.46 on Friday. The firm's 50-day moving average is $10.79 and its two-hundred day moving average is $11.16. The company has a market capitalization of $5.26 billion, a price-to-earnings ratio of 9.09 and a beta of 1.21. Rithm Capital Corp. has a 52 week low of $9.13 and a 52 week high of $12.74. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 2.20.

Rithm Capital (NYSE:RITM - Get Free Report) last announced its quarterly earnings data on Tuesday, February 3rd. The real estate investment trust reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.19. Rithm Capital had a return on equity of 19.74% and a net margin of 15.55%.The business had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.24 billion. On average, analysts forecast that Rithm Capital Corp. will post 1.93 earnings per share for the current fiscal year.

Rithm Capital Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, January 30th. Stockholders of record on Wednesday, December 31st were issued a dividend of $0.25 per share. The ex-dividend date was Wednesday, December 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 10.6%. Rithm Capital's payout ratio is currently 96.15%.

Analysts Set New Price Targets

RITM has been the subject of a number of research reports. Wall Street Zen raised shares of Rithm Capital from a "hold" rating to a "buy" rating in a report on Saturday, March 7th. UBS Group set a $15.00 price target on shares of Rithm Capital in a research report on Friday, February 6th. Keefe, Bruyette & Woods reaffirmed an "outperform" rating on shares of Rithm Capital in a report on Thursday, December 18th. Wedbush initiated coverage on shares of Rithm Capital in a research report on Monday, December 15th. They set an "outperform" rating and a $14.00 price objective for the company. Finally, Piper Sandler reiterated an "overweight" rating and set a $15.00 price objective (down from $15.50) on shares of Rithm Capital in a research note on Wednesday, February 4th. Seven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Rithm Capital has an average rating of "Moderate Buy" and a consensus price target of $14.50.

Rithm Capital Profile

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.

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