Perigon Wealth Management LLC Acquires New Position in Rithm Capital Corp. (NYSE:RITM)

Perigon Wealth Management LLC purchased a new position in shares of Rithm Capital Corp. (NYSE:RITM) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm purchased 10,634 shares of the real estate investment trust’s stock, valued at approximately $120,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Geode Capital Management LLC lifted its stake in shares of Rithm Capital by 7.8% in the 3rd quarter. Geode Capital Management LLC now owns 8,415,057 shares of the real estate investment trust’s stock valued at $95,537,000 after purchasing an additional 610,698 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Rithm Capital by 7.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,364,962 shares of the real estate investment trust’s stock worth $60,892,000 after purchasing an additional 366,600 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Rithm Capital by 119.1% in the third quarter. JPMorgan Chase & Co. now owns 4,608,008 shares of the real estate investment trust’s stock worth $52,301,000 after purchasing an additional 2,504,529 shares during the last quarter. Azora Capital LP grew its holdings in shares of Rithm Capital by 107.6% in 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 period. Finally, Wellington Management Group LLP grew its holdings in shares of Rithm Capital by 37.8% in the third quarter. Wellington Management Group LLP now owns 3,567,917 shares of the real estate investment trust’s stock worth $40,496,000 after acquiring an additional 978,954 shares during the period. 44.92% of the stock is currently owned by institutional investors.

Rithm Capital Stock Performance

NYSE:RITM opened at $11.35 on Tuesday. 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 company has a market cap of $5.90 billion, a P/E ratio of 11.46 and a beta of 1.79. Rithm Capital Corp. has a fifty-two week low of $9.97 and a fifty-two week high of $12.02. The firm’s 50 day moving average is $11.11 and its two-hundred day moving average is $11.14.

Rithm Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 8.81%. The ex-dividend date was Tuesday, December 31st. Rithm Capital’s dividend payout ratio is currently 101.01%.

Analyst Ratings Changes

RITM has been the subject of a number of recent analyst reports. B. Riley raised Rithm Capital to a “strong-buy” rating in a research note on Tuesday, January 7th. Keefe, Bruyette & Woods lifted their price target on Rithm Capital from $13.00 to $13.50 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Wedbush reiterated an “outperform” rating and issued a $14.00 price target on shares of Rithm Capital in a research report on Thursday, November 7th. JMP Securities restated a “market outperform” rating and set a $12.50 target price on shares of Rithm Capital in a research report on Thursday, January 23rd. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $13.00 price target on shares of Rithm Capital in a research note on Thursday, November 21st. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Rithm Capital presently has an average rating of “Buy” and an average price target of $12.94.

Rithm Capital 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.