Bank of America Corp DE Has $65.79 Million Holdings in Rithm Capital Corp. $RITM

Key Points

• Bank of America reduced its Rithm Capital stake by 7% in the first quarter, selling 524,846 shares and retaining 6.94 million shares valued at $65.79 million, or about 1.24% of RITM.
• Analysts remain broadly positive, with 10 Buy ratings and one Hold rating contributing to a “Moderate Buy” consensus and an average price target of $13.20, above the stock’s $10.12 price.
• Rithm Capital reported quarterly EPS of $0.60, beating estimates by $0.10, and declared a $0.25 quarterly dividend, equivalent to a 9.9% annualized yield.

Bank of America Corp DE trimmed its holdings in shares of Rithm Capital Corp. (NYSE:RITM - Free Report) by 7.0% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 6,939,976 shares of the real estate investment trust's stock after selling 524,846 shares during the period. Bank of America Corp DE owned approximately 1.24% of Rithm Capital worth $65,791,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of RITM. Janus Henderson Group PLC increased its stake in Rithm Capital by 15.6% in the first quarter. Janus Henderson Group PLC now owns 259,927 shares of the real estate investment trust's stock valued at $2,465,000 after purchasing an additional 35,000 shares in the last quarter. Arkadios Wealth Advisors bought a new position in shares of Rithm Capital during the 1st quarter worth about $206,000. Altshuler Shaham Ltd boosted its position in shares of Rithm Capital by 100.0% during the 1st quarter. Altshuler Shaham Ltd now owns 3,600 shares of the real estate investment trust's stock worth $34,000 after purchasing an additional 1,800 shares in the last quarter. Amundi grew its stake in shares of Rithm Capital by 261.1% in the 1st quarter. Amundi now owns 65,992 shares of the real estate investment trust's stock valued at $626,000 after buying an additional 47,716 shares during the period. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Rithm Capital by 14.1% in the 1st quarter. EverSource Wealth Advisors LLC now owns 10,309 shares of the real estate investment trust's stock valued at $98,000 after buying an additional 1,274 shares during the period. Institutional investors and hedge funds own 44.92% of the company's stock.

Insiders Place Their Bets

In related news, Director David Saltzman sold 80,922 shares of the firm's stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $9.25, for a total transaction of $748,528.50. Following the completion of the sale, the director owned 44,248 shares in the company, valued at approximately $409,294. This trade represents a 64.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.57% of the company's stock.

Wall Street Analyst Weigh In

RITM has been the subject of a number of research analyst reports. Compass Point initiated coverage on Rithm Capital in a research note on Monday, June 8th. They set a "buy" rating and a $14.00 price target on the stock. Weiss Ratings upgraded Rithm Capital from a "sell (d+)" rating to a "hold (c-)" rating in a report on Tuesday, July 28th. Citizens Jmp boosted their price objective on Rithm Capital from $12.50 to $13.50 and gave the company a "market outperform" rating in a report on Wednesday, May 20th. Piper Sandler lowered their target price on Rithm Capital from $14.00 to $12.50 and set an "overweight" rating on the stock in a research report on Thursday, July 2nd. Finally, JonesTrading reiterated a "buy" rating and issued a $13.50 target price on shares of Rithm Capital in a report on Tuesday, April 28th. Ten research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $13.20.

Rithm Capital Trading Down 0.7%

NYSE:RITM opened at $10.12 on Tuesday. Rithm Capital Corp. has a 52 week low of $8.43 and a 52 week high of $12.74. The firm has a 50-day moving average price of $9.37 and a two-hundred day moving average price of $9.77. The company has a debt-to-equity ratio of 2.19, a quick ratio of 0.76 and a current ratio of 0.76. The firm has a market cap of $5.65 billion, a price-to-earnings ratio of 16.87 and a beta of 1.14.

Rithm Capital (NYSE:RITM - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The real estate investment trust reported $0.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.50 by $0.10. Rithm Capital had a return on equity of 19.86% and a net margin of 9.20%. On average, equities analysts expect that Rithm Capital Corp. will post 2.22 earnings per share for the current fiscal year.

Rithm Capital Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Thursday, July 2nd were given a dividend of $0.25 per share. The ex-dividend date was Thursday, July 2nd. This represents a $1.00 annualized dividend and a yield of 9.9%. Rithm Capital's dividend payout ratio is presently 166.67%.

About Rithm Capital

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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