Rithm Capital (NYSE:RITM) Sets New 52-Week High After Analyst Upgrade

Shares of Rithm Capital Corp. (NYSE:RITM - Get Free Report) reached a new 52-week high on Wednesday after Piper Sandler raised their price target on the stock from $10.50 to $12.50. Piper Sandler currently has a neutral rating on the stock. Rithm Capital traded as high as $11.60 and last traded at $11.56, with a volume of 608781 shares trading hands. The stock had previously closed at $11.40.

A number of other research firms also recently weighed in on RITM. Jonestrading increased their price target on Rithm Capital from $11.00 to $12.00 and gave the company a "buy" rating in a research note on Thursday, February 22nd. Royal Bank of Canada reaffirmed an "outperform" rating and set a $12.00 price objective on shares of Rithm Capital in a research note on Monday, April 1st. JMP Securities reaffirmed a "market outperform" rating and set a $11.00 price objective on shares of Rithm Capital in a research note on Thursday, April 18th. Argus raised their price objective on Rithm Capital from $11.00 to $12.00 and gave the stock a "buy" rating in a research note on Tuesday, March 5th. Finally, Keefe, Bruyette & Woods raised their price objective on Rithm Capital from $12.00 to $12.50 and gave the stock an "outperform" rating in a research note on Thursday, May 2nd. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $12.32.

Hedge Funds Weigh In On Rithm Capital

Hedge funds have recently modified their holdings of the stock. Jump Financial LLC grew its holdings in shares of Rithm Capital by 668.7% in the 3rd quarter. Jump Financial LLC now owns 215,492 shares of the real estate investment trust's stock valued at $2,002,000 after acquiring an additional 187,460 shares in the last quarter. Lewis Asset Management LLC bought a new position in Rithm Capital during the fourth quarter worth about $2,813,000. Capula Management Ltd bought a new position in Rithm Capital during the third quarter worth about $910,000. Ritholtz Wealth Management bought a new position in Rithm Capital during the fourth quarter worth about $114,000. Finally, Invesco Ltd. grew its holdings in Rithm Capital by 67.0% during the third quarter. Invesco Ltd. now owns 1,198,412 shares of the real estate investment trust's stock worth $11,133,000 after purchasing an additional 480,769 shares during the period. Institutional investors own 44.92% of the company's stock.

Rithm Capital Price Performance

The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.20. The firm has a market cap of $5.59 billion, a P/E ratio of 7.71 and a beta of 1.80. The business has a fifty day moving average of $11.04 and a 200 day moving average of $10.68.

Rithm Capital Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 26th. Investors of record on Monday, April 1st were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 8.65%. The ex-dividend date of this dividend was Thursday, March 28th. Rithm Capital's payout ratio is currently 66.67%.

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.