Ieq Capital LLC Takes Position in Rithm Capital Corp. $RITM

Key Points

• Ieq Capital LLC has invested approximately $1.31 million in Rithm Capital Corp, acquiring 114,332 shares during the first quarter.
• Rithm Capital reported $0.54 earnings per share for the last quarter, exceeding analyst expectations of $0.51.
• The company announced a quarterly dividend of $0.25, with an annualized yield of 8.1% and a payout ratio of 76.92%.

Ieq Capital LLC bought a new stake in shares of Rithm Capital Corp. (NYSE:RITM - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 114,332 shares of the real estate investment trust's stock, valued at approximately $1,309,000.

A number of other hedge funds have also made changes to their positions in RITM. The Manufacturers Life Insurance Company raised its holdings in shares of Rithm Capital by 4.5% during the fourth quarter. The Manufacturers Life Insurance Company now owns 130,353 shares of the real estate investment trust's stock valued at $1,412,000 after acquiring an additional 5,654 shares during the last quarter. Northern Trust Corp raised its holdings in shares of Rithm Capital by 29.6% during the fourth quarter. Northern Trust Corp now owns 3,284,237 shares of the real estate investment trust's stock valued at $35,568,000 after acquiring an additional 750,656 shares during the last quarter. Schonfeld Strategic Advisors LLC raised its holdings in shares of Rithm Capital by 30.8% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 78,209 shares of the real estate investment trust's stock valued at $847,000 after acquiring an additional 18,436 shares during the last quarter. Aptus Capital Advisors LLC acquired a new position in shares of Rithm Capital during the fourth quarter valued at approximately $143,000. Finally, Ameriprise Financial Inc. increased its holdings in shares of Rithm Capital by 7.6% in the fourth quarter. Ameriprise Financial Inc. now owns 803,233 shares of the real estate investment trust's stock valued at $8,702,000 after purchasing an additional 56,992 shares during the last quarter. Institutional investors and hedge funds own 44.92% of the company's stock.

Rithm Capital Trading Up 0.4%

RITM stock traded up $0.05 during midday trading on Friday, hitting $12.61. 4,949,686 shares of the company's stock were exchanged, compared to its average volume of 4,939,353. The business has a 50-day simple moving average of $12.11 and a two-hundred day simple moving average of $11.52. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 1.63. The stock has a market capitalization of $6.68 billion, a PE ratio of 9.70 and a beta of 1.30. Rithm Capital Corp. has a 1-year low of $9.13 and a 1-year high of $12.74.

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, topping the consensus estimate of $0.51 by $0.03. The company had revenue of $1.22 billion during the quarter, compared to analysts' expectations of $1.18 billion. Rithm Capital had a return on equity of 18.89% and a net margin of 16.72%. On average, sell-side analysts predict that Rithm Capital Corp. will post 1.93 EPS for the current fiscal year.

Rithm Capital Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Monday, June 30th were paid a $0.25 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 7.9%. Rithm Capital's payout ratio is presently 76.92%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on RITM. UBS Group increased their price target on Rithm Capital from $14.00 to $16.00 and gave the company a "buy" rating in a report on Wednesday. Jones Trading increased their price target on Rithm Capital from $12.50 to $13.50 and gave the company a "buy" rating in a report on Tuesday, July 29th. Royal Bank Of Canada increased their price target on Rithm Capital from $13.00 to $14.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Wedbush reaffirmed an "outperform" rating and issued a $14.00 price target on shares of Rithm Capital in a report on Wednesday, August 6th. Finally, Keefe, Bruyette & Woods increased their price target on Rithm Capital from $13.50 to $14.00 and gave the company an "outperform" rating in a report on Tuesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating and eight have given a Buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $14.25.

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.