Moran Wealth Management LLC Buys New Position in Rithm Capital Corp. (NYSE:RITM)

Moran Wealth Management LLC purchased a new position in Rithm Capital Corp. (NYSE:RITM) in the third quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 23,400 shares of the real estate investment trust’s stock, valued at approximately $266,000.

A number of other hedge funds have also made changes to their positions in RITM. Seven Grand Managers LLC acquired a new position in shares of Rithm Capital during the 3rd quarter valued at $11,918,000. LMR Partners LLP bought a new stake in Rithm Capital in the third quarter worth about $7,378,000. Vanguard Group Inc. raised its position in Rithm Capital by 0.8% in the first quarter. Vanguard Group Inc. now owns 45,815,852 shares of the real estate investment trust’s stock worth $511,305,000 after acquiring an additional 378,931 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Rithm Capital in the 3rd quarter valued at about $4,112,000. Finally, Van ECK Associates Corp boosted its position in shares of Rithm Capital by 20.7% during the 3rd quarter. Van ECK Associates Corp now owns 2,004,057 shares of the real estate investment trust’s stock valued at $21,163,000 after purchasing an additional 343,678 shares in the last quarter. Institutional investors and hedge funds own 44.92% of the company’s stock.

Rithm Capital Price Performance

RITM opened at $10.98 on Friday. The firm has a market capitalization of $5.70 billion, a P/E ratio of 11.09 and a beta of 1.80. Rithm Capital Corp. has a 12-month low of $9.97 and a 12-month high of $12.02. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 1.63. The stock has a fifty day moving average of $10.92 and a 200-day moving average of $11.14.

Rithm Capital (NYSE:RITM) last released its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.12. Rithm Capital had a return on equity of 17.54% and a net margin of 14.99%. The company had revenue of $619.51 million for the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the previous year, the business posted $0.58 EPS. Equities analysts forecast that Rithm Capital Corp. will post 1.89 EPS for the current fiscal year.

Rithm Capital Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 1st were issued a dividend of $0.25 per share. The ex-dividend date was Tuesday, October 1st. This represents a $1.00 annualized dividend and a dividend yield of 9.11%. Rithm Capital’s dividend payout ratio is 101.01%.

Wall Street Analyst Weigh In

Several analysts recently commented on RITM shares. Wedbush reissued an “outperform” rating and set a $14.00 target price on shares of Rithm Capital in a research note on Thursday, November 7th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $13.00 target price on shares of Rithm Capital in a research report on Thursday. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.78.

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.