Global Retirement Partners LLC Lowers Stock Position in Rithm Capital Corp. (NYSE:RITM)

Global Retirement Partners LLC trimmed its position in Rithm Capital Corp. (NYSE:RITM) by 2.6% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 53,077 shares of the real estate investment trust’s stock after selling 1,412 shares during the period. Global Retirement Partners LLC’s holdings in Rithm Capital were worth $602,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RITM. Northwestern Mutual Wealth Management Co. grew its holdings in Rithm Capital by 154.4% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,513 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 1,525 shares during the period. Bessemer Group Inc. bought a new stake in Rithm Capital in the 1st quarter valued at about $30,000. Abich Financial Wealth Management LLC lifted its holdings in Rithm Capital by 56.8% during the first quarter. Abich Financial Wealth Management LLC now owns 4,031 shares of the real estate investment trust’s stock valued at $45,000 after purchasing an additional 1,461 shares during the last quarter. Fidelis Capital Partners LLC bought a new position in Rithm Capital during the first quarter worth about $62,000. Finally, Future Financial Wealth Managment LLC bought a new position in Rithm Capital during the first quarter worth about $71,000. Hedge funds and other institutional investors own 44.92% of the company’s stock.

Rithm Capital Stock Performance

Shares of RITM opened at $10.84 on Monday. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 1.81. The stock has a 50-day moving average price of $11.35 and a 200-day moving average price of $11.19. The company has a market cap of $5.24 billion, a PE ratio of 7.23 and a beta of 1.80. Rithm Capital Corp. has a 12-month low of $8.87 and a 12-month high of $12.02.

Rithm Capital (NYSE:RITM) last announced 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 business had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.15 billion. Rithm Capital had a net margin of 15.55% and a return on equity of 18.04%. Rithm Capital’s revenue for the quarter was up 18.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.62 earnings per share. As a group, equities analysts forecast that Rithm Capital Corp. will post 1.82 earnings per share for the current fiscal year.

Rithm Capital Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 1st will be paid a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $1.00 dividend on an annualized basis and a yield of 9.23%. Rithm Capital’s dividend payout ratio is presently 66.67%.

Wall Street Analyst Weigh In

Several research firms recently commented on RITM. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $13.00 price objective on shares of Rithm Capital in a report on Tuesday, August 13th. JMP Securities lifted 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 report on Friday, August 16th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, Rithm Capital has a consensus rating of “Moderate Buy” and an average target price of $12.67.

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.