Perennial Investment Advisors LLC Purchases Shares of 10,141 Rithm Capital Corp. (NYSE:RITM)

Perennial Investment Advisors LLC acquired a new position in Rithm Capital Corp. (NYSE:RITM) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 10,141 shares of the real estate investment trust’s stock, valued at approximately $111,000.

Other hedge funds have also recently made changes to their positions in the company. Bessemer Group Inc. acquired a new position in Rithm Capital in the 1st quarter valued at about $30,000. Raleigh Capital Management Inc. grew its holdings in shares of Rithm Capital by 125.4% in the fourth quarter. Raleigh Capital Management Inc. now owns 2,986 shares of the real estate investment trust’s stock valued at $32,000 after purchasing an additional 1,661 shares in the last quarter. Abich Financial Wealth Management LLC increased its stake in Rithm Capital by 56.8% during the 1st quarter. Abich Financial Wealth Management LLC now owns 4,031 shares of the real estate investment trust’s stock worth $45,000 after buying an additional 1,461 shares during the period. Fidelis Capital Partners LLC acquired a new stake in Rithm Capital during the 1st quarter worth approximately $62,000. Finally, Cape Investment Advisory Inc. purchased a new position in Rithm Capital in the 4th quarter valued at approximately $71,000. Hedge funds and other institutional investors own 44.92% of the company’s stock.

Analysts Set New Price Targets

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

Rithm Capital Price Performance

Shares of NYSE RITM opened at $11.81 on Thursday. The stock’s 50-day simple moving average is $11.46 and its 200-day simple moving average is $11.18. The firm has a market capitalization of $5.71 billion, a PE ratio of 7.87 and a beta of 1.80. Rithm Capital Corp. has a fifty-two week low of $8.87 and a fifty-two week high of $11.99. The company has a debt-to-equity ratio of 1.81, a quick ratio of 0.49 and a current ratio of 0.49.

Rithm Capital (NYSE:RITM) last released its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.05. Rithm Capital had a net margin of 15.55% and a return on equity of 18.04%. The company had revenue of $1.23 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter last year, the company earned $0.62 earnings per share. The firm’s revenue for the quarter was up 18.4% on a year-over-year basis. As a group, equities research analysts forecast that Rithm Capital Corp. will post 1.82 EPS for the current fiscal year.

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.