Rithm Capital (NYSE:RITM) Price Target Lowered to $13.00 at Royal Bank Of Canada

Rithm Capital (NYSE:RITM) had its target price lowered by Royal Bank Of Canada from $14.00 to $13.00 in a report issued on Friday,Benzinga reports. Royal Bank Of Canada currently has an outperform rating on the real estate investment trust’s stock.

A number of other equities research analysts also recently weighed in on RITM. Wedbush cut their price target on shares of Rithm Capital from $14.00 to $12.50 and set an “outperform” rating for the company in a report on Friday. UBS Group lowered their price objective on shares of Rithm Capital from $15.00 to $14.50 and set a “buy” rating on the stock in a research note on Friday, April 10th. Piper Sandler dropped their target price on shares of Rithm Capital from $15.00 to $14.00 and set an “overweight” rating on the stock in a report on Thursday, April 2nd. JonesTrading reissued a “buy” rating and set a $13.50 target price on shares of Rithm Capital in a research note on Tuesday. Finally, Keefe, Bruyette & Woods reduced 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. Seven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $13.63.

Rithm Capital Price Performance

Shares of RITM traded up $0.02 during midday trading on Friday, reaching $9.80. The stock had a trading volume of 5,649,204 shares, compared to its average volume of 5,912,843. The company has a debt-to-equity ratio of 2.20, a current ratio of 0.58 and a quick ratio of 0.58. The company has a market capitalization of $5.47 billion, a P/E ratio of 8.99 and a beta of 1.17. The firm’s 50 day moving average price is $9.75 and its 200-day moving average price is $10.64. Rithm Capital has a 52 week low of $8.43 and a 52 week high of $12.74.

Rithm Capital (NYSE:RITM) last announced its earnings results on Tuesday, April 28th. The real estate investment trust reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.02). The firm had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.27 billion. Rithm Capital had a net margin of 14.44% and a return on equity of 19.69%. On average, analysts forecast that Rithm Capital will post 2.28 earnings per share for the current fiscal year.

Rithm Capital Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 30th. Stockholders of record on Monday, April 6th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 10.2%. The ex-dividend date of this dividend was Monday, April 6th. Rithm Capital’s dividend payout ratio (DPR) is 91.74%.

Institutional Investors Weigh In On Rithm Capital

Several hedge funds have recently made changes to their positions in RITM. CoreCap Advisors LLC boosted its stake in Rithm Capital by 99.2% in the 4th quarter. CoreCap Advisors LLC now owns 2,295 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 1,143 shares during the period. Los Angeles Capital Management LLC acquired a new stake in Rithm Capital during the 4th quarter valued at $26,000. Bessemer Group Inc. lifted its holdings in shares of 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 purchasing an additional 2,306 shares in the last quarter. Atlantic Union Bankshares Corp purchased a new stake in shares of Rithm Capital in the third quarter valued at $31,000. Finally, Garton & Associates Financial Advisors LLC acquired a new stake in shares of Rithm Capital in the fourth quarter worth $31,000. Hedge funds and other institutional investors own 44.92% of the company’s stock.

About Rithm Capital

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.