Legal & General Group Plc Has $5.94 Million Holdings in Rithm Capital Corp. $RITM

Legal & General Group Plc cut its holdings in Rithm Capital Corp. (NYSE:RITM) by 32.7% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 544,833 shares of the real estate investment trust’s stock after selling 264,234 shares during the quarter. Legal & General Group Plc’s holdings in Rithm Capital were worth $5,939,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. CoreCap Advisors LLC boosted its stake in Rithm Capital by 99.2% in the fourth quarter. CoreCap Advisors LLC now owns 2,295 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 1,143 shares in the last quarter. Bessemer Group Inc. boosted its stake in Rithm Capital by 658.9% in the third quarter. Bessemer Group Inc. now owns 2,656 shares of the real estate investment trust’s stock valued at $30,000 after buying an additional 2,306 shares in the last quarter. Atlantic Union Bankshares Corp acquired a new stake in Rithm Capital in the third quarter valued at about $31,000. FNY Investment Advisers LLC acquired a new stake in Rithm Capital in the fourth quarter valued at about $31,000. Finally, Torren Management LLC acquired a new stake in Rithm Capital in the fourth quarter valued at about $35,000. 44.92% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Weiss Ratings lowered Rithm Capital from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, May 26th. Keefe, Bruyette & Woods reduced their price objective on Rithm Capital from $14.00 to $13.00 and set an “outperform” rating on the stock in a research note on Friday, May 1st. BTIG Research reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Rithm Capital in a research note on Friday, April 10th. UBS Group reduced their price objective on Rithm Capital from $15.00 to $14.50 and set a “buy” rating on the stock in a research note on Friday, April 10th. Finally, Piper Sandler cut their price target on Rithm Capital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research note on Thursday, April 2nd. Nine research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $13.61.

Rithm Capital Price Performance

Rithm Capital stock opened at $9.13 on Friday. The stock’s 50 day moving average is $9.59 and its 200 day moving average is $10.36. The company has a debt-to-equity ratio of 4.02, a current ratio of 1.28 and a quick ratio of 1.28. The firm has a market cap of $5.10 billion, a P/E ratio of 8.37 and a beta of 1.14. Rithm Capital Corp. has a one year low of $8.43 and a one year high of $12.74.

Rithm Capital (NYSE:RITM) last issued its earnings results on Tuesday, April 28th. The real estate investment trust reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.02). The business had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.27 billion. Rithm Capital had a return on equity of 19.48% and a net margin of 14.44%. As a group, research analysts expect that Rithm Capital Corp. will post 2.27 EPS for the current year.

Rithm Capital Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 30th. Shareholders of record on Monday, April 6th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 11.0%. The ex-dividend date was Monday, April 6th. Rithm Capital’s payout ratio is presently 91.74%.

Insiders Place Their Bets

In other Rithm Capital news, Director David Saltzman sold 80,922 shares of Rithm Capital stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $9.25, for a total value of $748,528.50. Following the completion of the sale, the director directly owned 44,248 shares in the company, valued at approximately $409,294. The trade was a 64.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.57% of the company’s stock.

Rithm Capital 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.