JPMorgan Chase & Co. Purchases 2,504,529 Shares of Rithm Capital Corp. (NYSE:RITM)

JPMorgan Chase & Co. grew its position in shares of Rithm Capital Corp. (NYSE:RITM) by 119.1% in the 3rd quarter, HoldingsChannel reports. The firm owned 4,608,008 shares of the real estate investment trust’s stock after acquiring an additional 2,504,529 shares during the quarter. JPMorgan Chase & Co.’s holdings in Rithm Capital were worth $52,301,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. AQR Capital Management LLC lifted its position in Rithm Capital by 4.1% in the 2nd quarter. AQR Capital Management LLC now owns 29,848 shares of the real estate investment trust’s stock worth $326,000 after buying an additional 1,183 shares during the last quarter. Empowered Funds LLC raised its stake in shares of Rithm Capital by 8.3% during the third quarter. Empowered Funds LLC now owns 15,824 shares of the real estate investment trust’s stock worth $176,000 after acquiring an additional 1,216 shares in the last quarter. Founders Financial Alliance LLC lifted its holdings in shares of Rithm Capital by 2.6% in the 2nd quarter. Founders Financial Alliance LLC now owns 50,942 shares of the real estate investment trust’s stock worth $556,000 after acquiring an additional 1,286 shares during the last quarter. Atomi Financial Group Inc. boosted its stake in shares of Rithm Capital by 6.4% in the 3rd quarter. Atomi Financial Group Inc. now owns 24,711 shares of the real estate investment trust’s stock valued at $280,000 after purchasing an additional 1,481 shares in the last quarter. Finally, Cerity Partners LLC grew its holdings in shares of Rithm Capital by 2.1% during the 3rd quarter. Cerity Partners LLC now owns 72,434 shares of the real estate investment trust’s stock valued at $822,000 after purchasing an additional 1,508 shares during the last quarter. 44.92% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have issued reports on RITM. Keefe, Bruyette & Woods upped their price target on shares of Rithm Capital from $13.00 to $13.50 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. Wedbush restated an “outperform” rating and set a $14.00 target price on shares of Rithm Capital in a report on Thursday, November 7th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $13.00 price target on shares of Rithm Capital in a research note on Thursday, November 21st. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $12.94.

Rithm Capital Stock Up 2.7 %

Shares of NYSE:RITM opened at $11.15 on Friday. The stock’s 50-day moving average is $10.90 and its 200 day moving average is $11.10. The company has a market cap of $5.80 billion, a PE ratio of 11.26 and a beta of 1.79. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.35 and a quick ratio of 1.35. Rithm Capital Corp. has a 1 year low of $9.97 and a 1 year high of $12.02.

Rithm Capital (NYSE:RITM) last posted its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.12. Rithm Capital had a return on equity of 17.54% and a net margin of 14.99%. The firm had revenue of $619.51 million for the quarter, compared to analysts’ expectations of $1.11 billion. During the same period in the previous year, the firm earned $0.58 earnings per share. Sell-side analysts anticipate that Rithm Capital Corp. will post 1.93 EPS for the current year.

Rithm Capital Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 8.97%. The ex-dividend date of this dividend is Tuesday, December 31st. Rithm Capital’s payout ratio is 101.01%.

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.