Wedmont Private Capital Lowers Position in Rithm Capital Corp. (NYSE:RITM)

Wedmont Private Capital cut its position in Rithm Capital Corp. (NYSE:RITM) by 7.5% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 20,201 shares of the real estate investment trust’s stock after selling 1,646 shares during the quarter. Wedmont Private Capital’s holdings in Rithm Capital were worth $216,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Geode Capital Management LLC raised its stake in shares of Rithm Capital by 7.8% in the third quarter. Geode Capital Management LLC now owns 8,415,057 shares of the real estate investment trust’s stock worth $95,537,000 after purchasing an additional 610,698 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Rithm Capital by 7.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,364,962 shares of the real estate investment trust’s stock valued at $60,892,000 after purchasing an additional 366,600 shares during the period. JPMorgan Chase & Co. boosted its holdings in 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 valued at $52,301,000 after purchasing an additional 2,504,529 shares during the last quarter. Azora Capital LP increased its holdings in shares of Rithm Capital by 107.6% during the 3rd quarter. Azora Capital LP now owns 4,383,821 shares of the real estate investment trust’s stock valued at $49,756,000 after purchasing an additional 2,271,671 shares in the last quarter. Finally, Wellington Management Group LLP grew its position in shares of Rithm Capital by 37.8% during 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 acquiring an additional 978,954 shares during the period. 44.92% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $13.00 target price on shares of Rithm Capital in a research note on Thursday, November 21st. Keefe, Bruyette & Woods increased their target price on shares of Rithm Capital from $13.00 to $13.50 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. B. Riley upgraded Rithm Capital to a “strong-buy” rating in a research note on Tuesday, January 7th. Finally, Wedbush reaffirmed an “outperform” rating and set a $14.00 target price on shares of Rithm Capital in a research note on Thursday, November 7th. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $12.94.

Rithm Capital Stock Performance

Shares of Rithm Capital stock opened at $11.34 on Friday. Rithm Capital Corp. has a one year low of $9.97 and a one year high of $12.02. The business has a 50-day simple moving average of $10.98 and a 200-day simple moving average of $11.10. The company has a market cap of $5.89 billion, a PE ratio of 11.45 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 (NYSE:RITM) last issued its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.12. Rithm Capital had a net margin of 14.99% and a return on equity of 17.54%. The firm had revenue of $619.51 million during the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the previous year, the firm posted $0.58 earnings per share. On average, equities research analysts forecast that Rithm Capital Corp. will post 1.95 EPS for the current fiscal year.

Rithm Capital Announces Dividend

The firm also recently disclosed 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 of this dividend is Tuesday, December 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 8.82%. Rithm Capital’s payout ratio is currently 101.01%.

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.