Strs Ohio Acquires Shares of 225,461 Rithm Capital Corp. $RITM

Key Points

• Strs Ohio has acquired a new stake in Rithm Capital Corp. by purchasing 225,461 shares valued at approximately $2,582,000 in the first quarter of 2023.
• Several institutional investors, including Ameriprise Financial and Royal Bank of Canada, have also increased their holdings in Rithm Capital, contributing to a combined ownership of 44.92% of the company's stock.
• Rithm Capital recently declared a quarterly dividend of $0.25 per share, leading to an annualized dividend yield of 8.1%, with a payout ratio of 76.92%.

Strs Ohio purchased a new stake in shares of Rithm Capital Corp. (NYSE:RITM - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 225,461 shares of the real estate investment trust's stock, valued at approximately $2,582,000.

A number of other institutional investors and hedge funds have also modified their holdings of RITM. Mackenzie Financial Corp grew its holdings in shares of Rithm Capital by 288.6% during 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 buying an additional 2,024,090 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Rithm Capital by 36.3% during the first quarter. Wellington Management Group LLP now owns 4,907,737 shares of the real estate investment trust's stock valued at $56,194,000 after buying an additional 1,307,276 shares in the last quarter. Nuveen LLC purchased a new position in shares of Rithm Capital during the first quarter valued at $14,086,000. Goldman Sachs Group Inc. grew its holdings in shares of Rithm Capital by 75.6% during the first quarter. Goldman Sachs Group Inc. now owns 1,539,483 shares of the real estate investment trust's stock valued at $17,627,000 after buying an additional 662,585 shares in the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of Rithm Capital during the first quarter valued at $7,337,000. Hedge funds and other institutional investors own 44.92% of the company's stock.

Analyst Ratings Changes

A number of analysts recently issued reports on RITM shares. Royal Bank Of Canada lifted their price objective on Rithm Capital from $13.00 to $14.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Jones Trading lifted their price objective on Rithm Capital from $12.50 to $13.50 and gave the company a "buy" rating in a research report on Tuesday, July 29th. BTIG Research reissued a "buy" rating and set a $16.00 price objective on shares of Rithm Capital in a research report on Wednesday. Wedbush reissued an "outperform" rating and set a $14.00 price objective on shares of Rithm Capital in a research report on Wednesday, August 6th. Finally, Keefe, Bruyette & Woods lifted their price objective on Rithm Capital from $13.50 to $14.00 and gave the company an "outperform" rating in a research report on Tuesday, July 29th. One research analyst has rated the stock with a Strong Buy rating and eight have given a Buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Buy" and a consensus price target of $14.25.

Rithm Capital Price Performance

Shares of RITM traded down $0.18 during mid-day trading on Friday, reaching $12.11. The company had a trading volume of 9,328,730 shares, compared to its average volume of 5,309,136. Rithm Capital Corp. has a twelve month low of $9.13 and a twelve month high of $12.74. The company has a debt-to-equity ratio of 1.63, a current ratio of 0.40 and a quick ratio of 0.40. The company's 50-day moving average is $12.26 and its 200-day moving average is $11.55. The company has a market capitalization of $6.42 billion, a P/E ratio of 9.32 and a beta of 1.30.

Rithm Capital (NYSE:RITM - Get Free Report) last issued its earnings results on Monday, July 28th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $1.18 billion. On average, equities analysts anticipate that Rithm Capital Corp. will post 1.93 EPS for the current year.

Rithm Capital Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Wednesday, October 1st will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 8.3%. The ex-dividend date of this dividend is Wednesday, October 1st. Rithm Capital's dividend payout ratio (DPR) is currently 76.92%.

Rithm Capital 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.