Legal & General Group Plc Boosts Stock Holdings in Rithm Capital Corp. $RITM

Legal & General Group Plc raised its position in shares of Rithm Capital Corp. (NYSE:RITM) by 8.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 871,411 shares of the real estate investment trust’s stock after purchasing an additional 65,181 shares during the period. Legal & General Group Plc’s holdings in Rithm Capital were worth $9,838,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the company. Westbourne Investment Advisors Inc. bought a new stake in Rithm Capital in the 2nd quarter valued at about $593,000. Kingstone Capital Partners Texas LLC purchased a new position in shares of Rithm Capital in the second quarter worth about $96,027,000. Belpointe Asset Management LLC raised its position in shares of Rithm Capital by 84.2% in the first quarter. Belpointe Asset Management LLC now owns 54,520 shares of the real estate investment trust’s stock valued at $624,000 after purchasing an additional 24,920 shares during the period. Nomura Holdings Inc. lifted its stake in shares of Rithm Capital by 43.4% during the 1st quarter. Nomura Holdings Inc. now owns 1,842,125 shares of the real estate investment trust’s stock valued at $21,092,000 after buying an additional 557,482 shares in the last quarter. Finally, Jump Financial LLC purchased a new stake in shares of Rithm Capital during the 1st quarter valued at approximately $385,000. 44.92% of the stock is currently owned by institutional investors.

Rithm Capital Trading Down 0.4%

Shares of RITM stock opened at $11.45 on Tuesday. The company has a market capitalization of $6.34 billion, a PE ratio of 7.89 and a beta of 1.22. Rithm Capital Corp. has a 52-week low of $9.13 and a 52-week high of $12.74. The business’s fifty day moving average is $11.08 and its 200 day moving average is $11.58. The company has a debt-to-equity ratio of 1.52, a quick ratio of 0.45 and a current ratio of 0.45.

Rithm Capital (NYSE:RITM) last announced its earnings results on Thursday, October 30th. The real estate investment trust reported $0.54 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.54. The business had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.07 billion. Rithm Capital had a return on equity of 18.82% and a net margin of 17.08%. On average, equities research analysts anticipate that Rithm Capital Corp. will post 1.93 EPS for the current fiscal year.

Rithm Capital Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 31st. Shareholders of record on Wednesday, October 1st were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 8.7%. The ex-dividend date of this dividend was Wednesday, October 1st. Rithm Capital’s payout ratio is currently 68.97%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on RITM shares. BTIG Research reiterated a “buy” rating and issued a $16.00 price objective on shares of Rithm Capital in a research note on Wednesday, September 17th. Wedbush reiterated an “outperform” rating and issued a $14.00 price target on shares of Rithm Capital in a research report on Wednesday, August 6th. Weiss Ratings reissued a “hold (c+)” rating on shares of Rithm Capital in a report on Tuesday, November 25th. UBS Group raised their target price on Rithm Capital from $14.00 to $16.00 and gave the stock a “buy” rating in a research note on Wednesday, September 3rd. Finally, Jones Trading reiterated a “buy” rating and set a $13.50 price target on shares of Rithm Capital in a research report on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $14.25.

Insiders Place Their Bets

In related news, insider David Zeiden sold 19,285 shares of the stock in a transaction on Friday, November 14th. The stock was sold at an average price of $11.11, for a total value of $214,256.35. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Michael Nierenberg sold 301,548 shares of the firm’s stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $11.00, for a total value of $3,317,028.00. Additional details regarding this sale are available in the official SEC disclosure. 0.44% of the stock is owned by corporate insiders.

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.