State of Michigan Retirement System Lowers Holdings in Rithm Capital Corp. (NYSE:RITM)

State of Michigan Retirement System lowered its stake in shares of Rithm Capital Corp. (NYSE:RITM - Free Report) by 23.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,400,000 shares of the real estate investment trust's stock after selling 2,004,734 shares during the quarter. State of Michigan Retirement System owned 1.21% of Rithm Capital worth $73,280,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. 1620 Investment Advisors Inc. raised its position in shares of Rithm Capital by 2.1% during the 4th quarter. 1620 Investment Advisors Inc. now owns 46,035 shares of the real estate investment trust's stock valued at $499,000 after buying an additional 960 shares in the last quarter. Fourth Dimension Wealth LLC raised its position in Rithm Capital by 50.0% in the 1st quarter. Fourth Dimension Wealth LLC now owns 3,000 shares of the real estate investment trust's stock worth $34,000 after purchasing an additional 1,000 shares during the period. Steward Partners Investment Advisory LLC raised its position in Rithm Capital by 2.9% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 35,792 shares of the real estate investment trust's stock worth $388,000 after purchasing an additional 1,016 shares during the period. Vident Advisory LLC raised its position in Rithm Capital by 7.3% in the 4th quarter. Vident Advisory LLC now owns 15,509 shares of the real estate investment trust's stock worth $168,000 after purchasing an additional 1,051 shares during the period. Finally, Sowell Financial Services LLC raised its position in Rithm Capital by 3.2% in the 1st quarter. Sowell Financial Services LLC now owns 35,680 shares of the real estate investment trust's stock worth $409,000 after purchasing an additional 1,108 shares during the period. Hedge funds and other institutional investors own 44.92% of the company's stock.

Analysts Set New Price Targets

A number of research firms have issued reports on RITM. Jones Trading restated a "buy" rating and issued a $12.50 price objective on shares of Rithm Capital in a research report on Tuesday, April 29th. Wedbush restated an "outperform" rating and issued a $14.00 price objective on shares of Rithm Capital in a research report on Monday, May 19th. UBS Group decreased their price objective on shares of Rithm Capital from $14.00 to $13.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Royal Bank Of Canada restated an "outperform" rating and issued a $13.00 price objective on shares of Rithm Capital in a research report on Tuesday, May 20th. Finally, Piper Sandler raised shares of 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. Eight equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $13.56.

Rithm Capital Stock Up 0.3%

RITM opened at $11.76 on Friday. Rithm Capital Corp. has a twelve month low of $9.13 and a twelve month high of $12.20. The stock has a market capitalization of $6.23 billion, a price-to-earnings ratio of 9.80 and a beta of 1.25. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 1.68. The firm has a 50 day moving average price of $11.36 and a 200-day moving average price of $11.27.

Rithm Capital (NYSE:RITM - Get Free Report) last posted its quarterly earnings results on Friday, April 25th. The real estate investment trust reported $0.52 earnings per share for the quarter, topping analysts' consensus estimates of $0.45 by $0.07. The business had revenue of $28.89 million during the quarter, compared to analyst estimates of $1.27 billion. Rithm Capital had a net margin of 15.06% and a return on equity of 18.38%. During the same period in the prior year, the business posted $0.48 earnings per share. Equities research analysts forecast that Rithm Capital Corp. will post 1.93 earnings per share for the current year.

Rithm Capital Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 30th will be paid a dividend of $0.25 per share. The ex-dividend date is Monday, June 30th. This represents a $1.00 annualized dividend and a yield of 8.51%. Rithm Capital's payout ratio is 83.33%.

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.

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