Allianz Asset Management GmbH Sells 442,290 Shares of Rithm Capital Corp. $RITM

Key Points

• Allianz Asset Management GmbH has reduced its stake in Rithm Capital Corp. by 16.7%, selling 442,290 shares and now holding approximately 2.2 million shares valued at $24.98 million.
• Several institutional investors have increased their holdings in Rithm Capital, with Wellington Management Group boosting their stake by 36.3% and Mackenzie Financial Corp. increasing theirs by 288.6% this past quarter.
• The company recently announced a quarterly dividend of $0.25 per share, representing a 9.2% dividend yield, with an ex-dividend date of October 1st.

Allianz Asset Management GmbH decreased its stake in shares of Rithm Capital Corp. (NYSE:RITM - Free Report) by 16.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,212,331 shares of the real estate investment trust's stock after selling 442,290 shares during the period. Allianz Asset Management GmbH owned about 0.42% of Rithm Capital worth $24,977,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Kingstone Capital Partners Texas LLC bought a new position in Rithm Capital during the second quarter valued at approximately $96,027,000. Wellington Management Group LLP lifted its position in Rithm Capital by 36.3% during the first quarter. Wellington Management Group LLP now owns 4,907,737 shares of the real estate investment trust's stock valued at $56,194,000 after purchasing an additional 1,307,276 shares during the period. Mackenzie Financial Corp lifted its position in Rithm Capital by 288.6% during the first quarter. Mackenzie Financial Corp now owns 2,725,392 shares of the real estate investment trust's stock valued at $31,206,000 after purchasing an additional 2,024,090 shares during the period. Bank of New York Mellon Corp increased its holdings in Rithm Capital by 1.2% during the first quarter. Bank of New York Mellon Corp now owns 1,940,292 shares of the real estate investment trust's stock valued at $22,216,000 after buying an additional 23,839 shares during the last quarter. Finally, Nomura Holdings Inc. increased its holdings in Rithm Capital by 43.4% during the first quarter. Nomura Holdings Inc. now owns 1,842,125 shares of the real estate investment trust's stock valued at $21,092,000 after buying an additional 557,482 shares during the last quarter. Institutional investors own 44.92% of the company's stock.

Analyst Upgrades and Downgrades

RITM has been the subject of a number of research reports. Jones Trading upped their target price on shares of Rithm Capital from $12.50 to $13.50 and gave the company a "buy" rating in a report on Tuesday, July 29th. UBS Group increased their price objective 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. Royal Bank Of Canada raised their target price on shares of Rithm Capital from $13.00 to $14.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Rithm Capital in a research note on Wednesday, October 8th. Finally, BTIG Research reaffirmed a "buy" rating and set a $16.00 target price on shares of Rithm Capital in a research note on Wednesday, September 17th. One research analyst has rated the stock with a Strong Buy rating and nine have given a Buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $14.25.

Rithm Capital Stock Performance

Shares of NYSE:RITM opened at $10.84 on Monday. Rithm Capital Corp. has a 52 week low of $9.13 and a 52 week high of $12.74. The stock has a market capitalization of $5.75 billion, a P/E ratio of 8.34 and a beta of 1.31. The firm has a fifty day simple moving average of $11.89 and a two-hundred day simple moving average of $11.49. 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 issued its quarterly earnings data on Monday, July 28th. The real estate investment trust reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.51 by $0.03. Rithm Capital had a net margin of 16.72% and a return on equity of 18.89%. The business had revenue of $1.22 billion during the quarter, compared to analysts' expectations of $1.18 billion. On average, analysts expect that Rithm Capital Corp. will post 1.93 earnings per share for the current fiscal year.

Rithm Capital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Wednesday, October 1st will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 9.2%. The ex-dividend date of this dividend is Wednesday, October 1st. Rithm Capital's dividend payout ratio (DPR) is presently 76.92%.

About Rithm Capital

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.

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