State of New Jersey Common Pension Fund D Acquires 31,192 Shares of Rithm Capital Corp. $RITM

Key Points

• The State of New Jersey Common Pension Fund D increased its stake in Rithm Capital Corp. by 8.2%, owning 413,914 shares worth approximately $4.74 million as of the end of the first quarter.
• Rithm Capital reported quarterly earnings of $0.54 per share, exceeding analysts' expectations, with revenue of $1.22 billion for the quarter.
• The company has declared a quarterly dividend of $0.25 per share, representing an annualized yield of 8.1%, with a payout ratio of 76.92%.

State of New Jersey Common Pension Fund D lifted its stake in Rithm Capital Corp. (NYSE:RITM - Free Report) by 8.2% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 413,914 shares of the real estate investment trust's stock after buying an additional 31,192 shares during the quarter. State of New Jersey Common Pension Fund D owned about 0.08% of Rithm Capital worth $4,739,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Sheaff Brock Investment Advisors LLC raised its stake in Rithm Capital by 8.8% during the 1st quarter. Sheaff Brock Investment Advisors LLC now owns 11,725 shares of the real estate investment trust's stock valued at $134,000 after purchasing an additional 945 shares during the period. Private Advisor Group LLC raised its stake in Rithm Capital by 2.0% during the 1st quarter. Private Advisor Group LLC now owns 50,461 shares of the real estate investment trust's stock valued at $578,000 after purchasing an additional 974 shares during the period. Fourth Dimension Wealth LLC raised its stake in Rithm Capital by 50.0% during the 1st quarter. Fourth Dimension Wealth LLC now owns 3,000 shares of the real estate investment trust's stock valued at $34,000 after purchasing an additional 1,000 shares during the period. Vident Advisory LLC raised its stake in Rithm Capital by 7.3% during the 4th quarter. Vident Advisory LLC now owns 15,509 shares of the real estate investment trust's stock valued at $168,000 after purchasing an additional 1,051 shares during the period. Finally, Townsquare Capital LLC raised its stake in Rithm Capital by 3.7% during the 1st quarter. Townsquare Capital LLC now owns 30,439 shares of the real estate investment trust's stock valued at $349,000 after purchasing an additional 1,088 shares during the period. Institutional investors own 44.92% of the company's stock.

Analyst Ratings Changes

RITM has been the topic of several recent analyst reports. Piper Sandler raised Rithm Capital from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $12.50 to $14.00 in a research note on Monday, April 28th. Royal Bank Of Canada lifted their target price on Rithm Capital from $13.00 to $14.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Wedbush reissued an "outperform" rating and set a $14.00 target price on shares of Rithm Capital in a research note on Wednesday, August 6th. Keefe, Bruyette & Woods raised 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. Finally, UBS Group restated a "buy" rating and set a $14.00 price target (up previously from $13.00) on shares of Rithm Capital in a report on Tuesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $14.00.

Rithm Capital Price Performance

NYSE RITM traded up $0.3550 during trading on Friday, hitting $12.5550. 6,791,143 shares of the stock traded hands, compared to its average volume of 5,071,700. The company has a market capitalization of $6.66 billion, a P/E ratio of 9.66 and a beta of 1.25. The firm has a 50-day simple moving average of $11.88 and a 200-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 Corp. has a 12-month low of $9.13 and a 12-month high of $12.60.

Rithm Capital (NYSE:RITM - Get Free Report) last released its quarterly 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. The business 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%. As a group, analysts predict that Rithm Capital Corp. will post 1.93 EPS for the current year.

Rithm Capital Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Monday, June 30th were issued a $0.25 dividend. The ex-dividend date was Monday, June 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 8.0%. Rithm Capital's payout ratio is 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.