Northern Trust Corp Reduces Holdings in Rithm Capital Corp. $RITM

Key Points

• Northern Trust Corp reduced its stake in Rithm Capital Corp. by 2.2%, owning 3,211,376 shares worth approximately $36.77 million.
• Analysts have set a consensus price target of $14.00 for Rithm Capital, with multiple firms reiterating "outperform" or "buy" ratings.
• Rithm Capital announced a quarterly dividend of $0.25, representing an annualized amount of $1.00 and a dividend yield of 8.1%.

Northern Trust Corp decreased its holdings in shares of Rithm Capital Corp. (NYSE:RITM - Free Report) by 2.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,211,376 shares of the real estate investment trust's stock after selling 72,861 shares during the period. Northern Trust Corp owned approximately 0.61% of Rithm Capital worth $36,770,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in RITM. Balyasny Asset Management L.P. boosted its holdings in shares of Rithm Capital by 48.6% in the 4th quarter. Balyasny Asset Management L.P. now owns 6,535,525 shares of the real estate investment trust's stock valued at $70,780,000 after purchasing an additional 2,136,342 shares during the last quarter. Mackenzie Financial Corp increased its position in shares of Rithm Capital by 288.6% in the first quarter. Mackenzie Financial Corp now owns 2,725,392 shares of the real estate investment trust's stock worth $31,206,000 after acquiring an additional 2,024,090 shares in the last quarter. Nomura Holdings Inc. acquired a new position in Rithm Capital in the 4th quarter worth approximately $13,913,000. Nuveen LLC acquired a new stake in Rithm Capital during the first quarter valued at $14,086,000. Finally, Edgestream Partners L.P. boosted its position in Rithm Capital by 341.5% during the first quarter. Edgestream Partners L.P. now owns 688,882 shares of the real estate investment trust's stock worth $7,888,000 after purchasing an additional 532,866 shares during the period. Institutional investors and hedge funds own 44.92% of the company's stock.

Analyst Ratings Changes

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

Rithm Capital Stock Up 0.6%

Shares of NYSE:RITM traded up $0.08 during trading hours on Wednesday, hitting $12.35. The company's stock had a trading volume of 1,727,401 shares, compared to its average volume of 4,541,021. The company has a debt-to-equity ratio of 1.63, a current ratio of 0.40 and a quick ratio of 0.40. Rithm Capital Corp. has a 52 week low of $9.13 and a 52 week high of $12.61. The company has a market capitalization of $6.55 billion, a price-to-earnings ratio of 9.49 and a beta of 1.30. The firm's fifty day moving average price is $12.04 and its 200 day moving average price is $11.51.

Rithm Capital (NYSE:RITM - Get Free Report) last released its earnings results on Monday, July 28th. The real estate investment trust reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.03. Rithm Capital had a return on equity of 18.89% and a net margin of 16.72%.The business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. As a group, research analysts expect that Rithm Capital Corp. will post 1.93 EPS for the current year.

Rithm Capital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Monday, June 30th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 8.1%. The ex-dividend date of this dividend was Monday, June 30th. Rithm Capital's dividend payout ratio (DPR) is presently 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.