Rithm Capital Corp. (NYSE:RITM) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its holdings in shares of Rithm Capital Corp. (NYSE:RITM) by 11.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 27,322 shares of the real estate investment trust’s stock after selling 3,556 shares during the quarter. Principal Financial Group Inc.’s holdings in Rithm Capital were worth $296,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. State of New Jersey Common Pension Fund D boosted its position in Rithm Capital by 18.9% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 382,722 shares of the real estate investment trust’s stock worth $4,145,000 after acquiring an additional 60,922 shares during the last quarter. Strategic Financial Concepts LLC acquired a new position in Rithm Capital during the fourth quarter worth about $921,000. Allworth Financial LP boosted its position in Rithm Capital by 1,437.5% during the fourth quarter. Allworth Financial LP now owns 133,688 shares of the real estate investment trust’s stock worth $1,505,000 after acquiring an additional 124,993 shares during the last quarter. Rhumbline Advisers boosted its position in Rithm Capital by 7.7% during the fourth quarter. Rhumbline Advisers now owns 495,456 shares of the real estate investment trust’s stock worth $5,366,000 after acquiring an additional 35,405 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its position in Rithm Capital by 15.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 21,683 shares of the real estate investment trust’s stock worth $235,000 after acquiring an additional 2,978 shares during the last quarter. 44.92% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Piper Sandler boosted their target price on shares of Rithm Capital from $11.50 to $12.50 and gave the company a “neutral” rating in a report on Friday, February 7th. JMP Securities reiterated a “market outperform” rating and issued a $12.50 target price on shares of Rithm Capital in a report on Thursday, January 23rd. Keefe, Bruyette & Woods boosted their target price on shares of Rithm Capital from $13.00 to $13.50 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Royal Bank of Canada reiterated an “outperform” rating and issued a $13.00 target price on shares of Rithm Capital in a report on Thursday, November 21st. Finally, B. Riley upgraded shares of Rithm Capital to a “strong-buy” rating in a report on Tuesday, January 7th. One analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Rithm Capital has a consensus rating of “Buy” and an average price target of $13.25.

Rithm Capital Price Performance

Rithm Capital stock opened at $11.83 on Friday. The company’s 50 day simple moving average is $11.48 and its 200-day simple moving average is $11.23. The company has a market capitalization of $6.16 billion, a price-to-earnings ratio of 7.08 and a beta of 1.79. Rithm Capital Corp. has a 1 year low of $10.38 and a 1 year high of $12.20. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.35 and a current ratio of 1.09.

Rithm Capital (NYSE:RITM) last released its quarterly earnings results on Thursday, February 6th. The real estate investment trust reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.16. Rithm Capital had a net margin of 17.79% and a return on equity of 18.15%. As a group, equities research analysts expect that Rithm Capital Corp. will post 1.93 earnings per share for the current year.

Rithm Capital Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 8.46%. The ex-dividend date of this dividend was Tuesday, December 31st. Rithm Capital’s dividend payout ratio (DPR) is 59.88%.

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.