Royal Bank of Canada Has $28.20 Million Position in Rithm Capital Corp. $RITM

Royal Bank of Canada lifted its position in shares of Rithm Capital Corp. (NYSE:RITM) by 12.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,974,882 shares of the real estate investment trust’s stock after acquiring an additional 331,513 shares during the period. Royal Bank of Canada’s holdings in Rithm Capital were worth $28,202,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. Norges Bank acquired a new position in Rithm Capital during the fourth quarter valued at approximately $77,067,000. Qube Research & Technologies Ltd boosted its holdings in shares of Rithm Capital by 80.7% in the 3rd quarter. Qube Research & Technologies Ltd now owns 7,890,987 shares of the real estate investment trust’s stock valued at $89,878,000 after purchasing an additional 3,524,330 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Rithm Capital by 17,546.2% in the 1st quarter. Principal Financial Group Inc. now owns 2,693,696 shares of the real estate investment trust’s stock valued at $25,536,000 after purchasing an additional 2,678,431 shares during the last quarter. UBS Group AG increased its stake in shares of Rithm Capital by 127.9% in the 3rd quarter. UBS Group AG now owns 3,718,822 shares of the real estate investment trust’s stock valued at $42,357,000 after purchasing an additional 2,087,282 shares during the last quarter. Finally, Balyasny Asset Management L.P. raised its holdings in shares of Rithm Capital by 52.1% during the 3rd quarter. Balyasny Asset Management L.P. now owns 5,939,093 shares of the real estate investment trust’s stock worth $67,646,000 after buying an additional 2,033,973 shares in the last quarter. Institutional investors and hedge funds own 44.92% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on RITM. Citigroup restated an “outperform” rating on shares of Rithm Capital in a research report on Wednesday, May 20th. Weiss Ratings upgraded Rithm Capital from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, July 28th. Wedbush lowered their target price on Rithm Capital from $14.00 to $12.50 and set an “outperform” rating for the company in a research note on Friday, May 1st. Royal Bank Of Canada dropped their target price on shares of Rithm Capital from $14.00 to $13.00 and set an “outperform” rating for the company in a report on Friday, May 1st. Finally, Wall Street Zen upgraded shares of Rithm Capital from a “sell” rating to a “hold” rating in a research note on Saturday. Ten analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, Rithm Capital has a consensus rating of “Moderate Buy” and a consensus target price of $13.20.

Insider Activity

In related news, Director David Saltzman sold 80,922 shares of the firm’s stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $9.25, for a total value of $748,528.50. Following the completion of the transaction, the director owned 44,248 shares in the company, valued at $409,294. This trade represents a 64.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.57% of the stock is owned by corporate insiders.

Rithm Capital Stock Up 1.9%

Shares of RITM opened at $10.25 on Wednesday. The company has a debt-to-equity ratio of 2.19, a quick ratio of 1.28 and a current ratio of 0.90. Rithm Capital Corp. has a 52 week low of $8.43 and a 52 week high of $12.74. The stock has a market capitalization of $5.72 billion, a price-to-earnings ratio of 17.08 and a beta of 1.14. The stock has a fifty day moving average of $9.30 and a 200-day moving average of $9.81.

Rithm Capital (NYSE:RITM) last issued its quarterly earnings data on Tuesday, July 28th. The real estate investment trust reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.10. Rithm Capital had a return on equity of 19.86% and a net margin of 9.20%. As a group, sell-side analysts anticipate that Rithm Capital Corp. will post 2.22 earnings per share for the current fiscal year.

Rithm Capital Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Thursday, July 2nd were paid a $0.25 dividend. The ex-dividend date of this dividend was Thursday, July 2nd. This represents a $1.00 annualized dividend and a dividend yield of 9.8%. Rithm Capital’s dividend payout ratio is currently 166.67%.

Rithm Capital Company Profile

Rithm Capital Corporation is a specialty finance company that originates, acquires and manages structured credit investments collateralized by real estate assets in the United States. The company focuses primarily on senior floating-rate loans secured by multifamily, commercial, industrial and single-family rental properties, aiming to deliver attractive risk-adjusted yields through a diversified portfolio of floating-rate real estate debt.

In addition to senior loans, Rithm Capital invests in residential mortgage-backed securities, including agency and non-agency pools, as well as other real estate-related credit instruments.