Rithm Capital (NYSE:RITM) Given “Outperform” Rating at Royal Bank of Canada

Royal Bank of Canada restated their outperform rating on shares of Rithm Capital (NYSE:RITM) in a research report report published on Thursday,Benzinga reports. They currently have a $13.00 price target on the real estate investment trust’s stock.

Separately, Wedbush restated an “outperform” rating and issued a $14.00 price objective on shares of Rithm Capital in a research report on Thursday, November 7th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Rithm Capital currently has an average rating of “Moderate Buy” and an average price target of $12.78.

Rithm Capital Price Performance

RITM traded up $0.09 during trading on Thursday, reaching $10.88. 182,690 shares of the stock were exchanged, compared to its average volume of 3,517,333. The business’s 50 day moving average price is $10.93 and its two-hundred day moving average price is $11.14. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.35 and a quick ratio of 1.35. The company has a market capitalization of $5.65 billion, a price-to-earnings ratio of 10.91 and a beta of 1.80. Rithm Capital has a 1 year low of $9.97 and a 1 year high of $12.02.

Rithm Capital (NYSE:RITM) last posted its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.54 EPS for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $1.11 billion. During the same period in the previous year, the business earned $0.58 earnings per share. As a group, equities research analysts anticipate that Rithm Capital will post 1.89 earnings per share for the current year.

Rithm Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 1st were paid a $0.25 dividend. The ex-dividend date was Tuesday, October 1st. This represents a $1.00 annualized dividend and a yield of 9.19%. Rithm Capital’s payout ratio is currently 101.01%.

Hedge Funds Weigh In On Rithm Capital

Several institutional investors have recently added to or reduced their stakes in RITM. Long Pond Capital LP acquired a new position in Rithm Capital in the first quarter valued at $53,025,000. Azora Capital LP increased its stake in Rithm Capital by 107.6% during the third quarter. Azora Capital LP now owns 4,383,821 shares of the real estate investment trust’s stock worth $49,756,000 after acquiring an additional 2,271,671 shares during the last quarter. Soros Fund Management LLC acquired a new stake in Rithm Capital during the third quarter worth about $23,835,000. Seven Grand Managers LLC acquired a new stake in Rithm Capital during the third quarter worth about $11,918,000. Finally, Maven Securities LTD acquired a new stake in Rithm Capital during the third quarter worth about $11,350,000. 44.92% of the stock is currently owned by institutional investors and hedge funds.

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.