Russell Investments Group Ltd. Cuts Stock Position in Rithm Capital Corp. (NYSE:RITM)

Russell Investments Group Ltd. decreased its holdings in Rithm Capital Corp. (NYSE:RITM) by 15.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 27,668 shares of the real estate investment trust’s stock after selling 4,880 shares during the period. Russell Investments Group Ltd.’s holdings in Rithm Capital were worth $300,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Envestnet Asset Management Inc. boosted its stake in Rithm Capital by 144.4% in the 4th quarter. Envestnet Asset Management Inc. now owns 205,963 shares of the real estate investment trust’s stock worth $2,231,000 after purchasing an additional 121,706 shares during the period. Wedbush Securities Inc. lifted its holdings in shares of Rithm Capital by 13.7% in the fourth quarter. Wedbush Securities Inc. now owns 231,682 shares of the real estate investment trust’s stock worth $2,509,000 after buying an additional 27,924 shares in the last quarter. Wells Fargo & Company MN boosted its position in shares of Rithm Capital by 113.9% during the fourth quarter. Wells Fargo & Company MN now owns 1,464,456 shares of the real estate investment trust’s stock worth $15,860,000 after acquiring an additional 779,771 shares during the last quarter. Geode Capital Management LLC grew its stake in Rithm Capital by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 8,494,199 shares of the real estate investment trust’s stock valued at $92,021,000 after acquiring an additional 79,142 shares in the last quarter. Finally, Cannell & Spears LLC increased its holdings in Rithm Capital by 4.7% in the 4th quarter. Cannell & Spears LLC now owns 127,000 shares of the real estate investment trust’s stock valued at $1,375,000 after acquiring an additional 5,700 shares during the last quarter. Hedge funds and other institutional investors own 44.92% of the company’s stock.

Rithm Capital Stock Performance

NYSE:RITM opened at $10.39 on Friday. The firm has a market capitalization of $5.51 billion, a PE ratio of 6.22 and a beta of 1.36. The stock’s fifty day moving average is $11.20 and its 200 day moving average is $11.08. Rithm Capital Corp. has a fifty-two week low of $9.13 and a fifty-two week 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 announced its earnings results on Thursday, February 6th. The real estate investment trust reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.16. Rithm Capital had a net margin of 17.79% and a return on equity of 18.15%. On average, sell-side analysts anticipate that Rithm Capital Corp. will post 1.93 earnings per share for the current year.

Rithm Capital Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 31st will be issued a $0.25 dividend. The ex-dividend date is Monday, March 31st. This represents a $1.00 annualized dividend and a dividend yield of 9.62%. Rithm Capital’s payout ratio is 59.88%.

Wall Street Analyst Weigh In

Several research analysts have commented on RITM shares. UBS Group dropped their price objective on shares of Rithm Capital from $14.00 to $13.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Wedbush restated an “outperform” rating and set a $14.00 price target on shares of Rithm Capital in a report on Friday, March 28th. Piper Sandler upped their price objective on Rithm Capital from $11.50 to $12.50 and gave the stock a “neutral” rating in a report on Friday, February 7th. JMP Securities reiterated 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, B. Riley upgraded shares of Rithm Capital to a “strong-buy” rating in a research report on Tuesday, January 7th. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $13.21.

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.