AIA Group Ltd Raises Position in Rithm Capital Corp. (NYSE:RITM)

Key Points

• AIA Group Ltd has increased its stake in Rithm Capital Corp. by 26.7%, owning 198,745 shares valued at approximately $2.28 million as of the latest SEC filing.
• Rithm Capital's stock received multiple upgraded ratings from analysts, with a current average target price of $14.00 following positive earning reports.
• The company declared a $0.25 quarterly dividend, resulting in an annualized yield of 8.2%, with a dividend payout ratio of 76.92%.

AIA Group Ltd grew its stake in shares of Rithm Capital Corp. (NYSE:RITM - Free Report) by 26.7% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 198,745 shares of the real estate investment trust's stock after purchasing an additional 41,859 shares during the period. AIA Group Ltd's holdings in Rithm Capital were worth $2,276,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Balyasny Asset Management L.P. boosted its stake 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 worth $70,780,000 after buying an additional 2,136,342 shares during the last quarter. Mackenzie Financial Corp lifted its stake in 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 valued at $31,206,000 after purchasing an additional 2,024,090 shares during the last quarter. First Trust Advisors LP lifted its stake in Rithm Capital by 78.3% in the fourth quarter. First Trust Advisors LP now owns 3,304,999 shares of the real estate investment trust's stock valued at $35,793,000 after purchasing an additional 1,451,829 shares during the last quarter. Nomura Holdings Inc. purchased a new position in Rithm Capital in the fourth quarter valued at approximately $13,913,000. Finally, Nuveen LLC purchased a new stake in shares of Rithm Capital during the first quarter worth $14,086,000. 44.92% of the stock is owned by institutional investors.

Rithm Capital Trading Up 0.2%

Shares of NYSE:RITM traded up $0.03 on Thursday, reaching $12.37. 3,158,490 shares of the company traded hands, compared to its average volume of 4,587,438. The business's 50-day simple moving average is $11.74 and its 200 day simple moving average is $11.44. Rithm Capital Corp. has a 52 week low of $9.13 and a 52 week high of $12.59. The stock has a market capitalization of $6.56 billion, a P/E ratio of 9.51 and a beta of 1.25. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 1.63.

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 for the quarter, topping analysts' consensus estimates of $0.51 by $0.03. The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. Rithm Capital had a net margin of 16.72% and a return on equity of 18.89%. As a group, equities analysts anticipate that Rithm Capital Corp. will post 1.93 EPS for the current fiscal year.

Rithm Capital Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Monday, June 30th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 8.1%. The ex-dividend date was Monday, June 30th. Rithm Capital's dividend payout ratio is currently 76.92%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on RITM shares. Keefe, Bruyette & Woods increased their target price on Rithm Capital from $13.50 to $14.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 29th. Piper Sandler raised shares of Rithm Capital from a "neutral" rating to an "overweight" rating and upped their price target for the stock from $12.50 to $14.00 in a report on Monday, April 28th. BTIG Research reaffirmed a "buy" rating and issued a $16.00 price target on shares of Rithm Capital in a report on Friday, April 25th. Royal Bank Of Canada upped their price target on shares of Rithm Capital from $13.00 to $14.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Finally, Jones Trading increased their target price on Rithm Capital from $12.50 to $13.50 and gave the company a "buy" rating in a research note on Tuesday, July 29th. Eight investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $14.00.

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.