Parallel Advisors LLC Acquires 1,821 Shares of Rithm Capital Corp. (NYSE:RITM)

Parallel Advisors LLC raised its holdings in Rithm Capital Corp. (NYSE:RITM) by 6.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 29,735 shares of the real estate investment trust’s stock after buying an additional 1,821 shares during the period. Parallel Advisors LLC’s holdings in Rithm Capital were worth $324,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in Rithm Capital by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 45,815,852 shares of the real estate investment trust’s stock valued at $511,305,000 after purchasing an additional 378,931 shares during the last quarter. Norges Bank bought a new stake in Rithm Capital during the fourth quarter worth $63,896,000. Long Pond Capital LP purchased a new stake in Rithm Capital in the 1st quarter valued at $53,025,000. BlueCrest Capital Management Ltd lifted its stake in Rithm Capital by 1.0% during the 1st quarter. BlueCrest Capital Management Ltd now owns 2,134,661 shares of the real estate investment trust’s stock valued at $23,823,000 after acquiring an additional 21,424 shares in the last quarter. Finally, Wellington Management Group LLP boosted its holdings in Rithm Capital by 3.9% during the 4th quarter. Wellington Management Group LLP now owns 2,106,184 shares of the real estate investment trust’s stock worth $22,494,000 after acquiring an additional 78,838 shares during the last quarter. 44.92% of the stock is currently owned by institutional investors and hedge funds.

Rithm Capital Trading Down 0.7 %

Shares of RITM stock opened at $11.81 on Thursday. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 1.81. The firm has a market cap of $5.71 billion, a P/E ratio of 7.87 and a beta of 1.80. The company has a 50 day moving average of $11.46 and a 200-day moving average of $11.18. Rithm Capital Corp. has a 12-month low of $8.87 and a 12-month high of $11.99.

Rithm Capital (NYSE:RITM) last issued its earnings results on Wednesday, July 31st. The real estate investment trust reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.05. The firm had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.15 billion. Rithm Capital had a return on equity of 18.04% and a net margin of 15.55%. The business’s revenue was up 18.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.62 earnings per share. Sell-side analysts anticipate that Rithm Capital Corp. will post 1.82 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $13.00 price target on shares of Rithm Capital in a research report on Tuesday, August 13th. Wedbush reissued an “outperform” rating and set a $13.00 target price on shares of Rithm Capital in a research report on Friday, August 16th. Finally, JMP Securities upped their target price on Rithm Capital from $11.00 to $12.50 and gave the company a “market outperform” rating in a report on Friday, July 19th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $12.60.

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.