Principal Financial Group Inc. Sells 5,037 Shares of Rithm Capital Corp. (NYSE:RITM)

Principal Financial Group Inc. decreased its holdings in shares of Rithm Capital Corp. (NYSE:RITM) by 14.0% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 30,878 shares of the real estate investment trust’s stock after selling 5,037 shares during the quarter. Principal Financial Group Inc.’s holdings in Rithm Capital were worth $350,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Azora Capital LP increased 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 in the last quarter. Soros Fund Management LLC acquired a new stake in Rithm Capital during the third quarter worth approximately $23,835,000. Seven Grand Managers LLC bought a new position in Rithm Capital during the 3rd quarter worth $11,918,000. Maven Securities LTD bought a new stake in shares of Rithm Capital in the third quarter valued at approximately $11,350,000. Finally, Wellington Management Group LLP raised its position in shares of Rithm Capital by 37.8% in the 3rd quarter. Wellington Management Group LLP now owns 3,567,917 shares of the real estate investment trust’s stock valued at $40,496,000 after buying an additional 978,954 shares in the last quarter. 44.92% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RITM has been the subject of a number of recent research reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $13.00 target price on shares of Rithm Capital in a report on Thursday, November 21st. Keefe, Bruyette & Woods raised their target price on Rithm Capital from $13.00 to $13.50 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Finally, Wedbush reiterated an “outperform” rating and set a $14.00 price objective on shares of Rithm Capital in a report on Thursday, November 7th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Rithm Capital presently has an average rating of “Moderate Buy” and a consensus target price of $12.94.

Rithm Capital Price Performance

Shares of NYSE:RITM opened at $11.06 on Tuesday. The company has a market capitalization of $5.75 billion, a P/E ratio of 11.17 and a beta of 1.79. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.35 and a current ratio of 1.35. Rithm Capital Corp. has a fifty-two week low of $9.97 and a fifty-two week high of $12.02. The company’s 50-day moving average is $10.91 and its 200 day moving average is $11.10.

Rithm Capital (NYSE:RITM) last announced its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.12. The business had revenue of $619.51 million for the quarter, compared to analysts’ expectations of $1.11 billion. Rithm Capital had a return on equity of 17.54% and a net margin of 14.99%. During the same period in the previous year, the business posted $0.58 EPS. On average, equities research analysts forecast that Rithm Capital Corp. will post 1.93 earnings per share for the current year.

Rithm Capital Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be issued a $0.25 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.00 annualized dividend and a dividend yield of 9.04%. Rithm Capital’s payout ratio is currently 101.01%.

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.