VIRGINIA RETIREMENT SYSTEMS ET Al Makes New Investment in Rithm Capital Corp. $RITM

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Rithm Capital Corp. (NYSE:RITM) in the 2nd quarter, Holdings Channel reports. The institutional investor acquired 2,343,033 shares of the real estate investment trust’s stock, valued at approximately $22,001,000.

A number of other institutional investors have also recently made changes to their positions in RITM. Norges Bank purchased a new position in shares of Rithm Capital in the fourth quarter worth $77,067,000. California State Teachers Retirement System boosted its position in Rithm Capital by 882.5% during the 2nd quarter. California State Teachers Retirement System now owns 6,104,383 shares of the real estate investment trust’s stock valued at $57,320,000 after buying an additional 5,483,068 shares during the period. Qube Research & Technologies Ltd boosted its position in Rithm Capital by 80.7% during 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 buying an additional 3,524,330 shares during the period. Bank of New York Mellon Corp purchased a new stake in Rithm Capital during the 2nd quarter valued at $29,635,000. Finally, Principal Financial Group Inc. grew its holdings in 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 worth $25,536,000 after acquiring an additional 2,678,431 shares during the last quarter. Hedge funds and other institutional investors own 44.92% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on RITM shares. Wall Street Zen upgraded shares of Rithm Capital from a “sell” rating to a “hold” rating in a research report on Saturday, August 1st. Piper Sandler dropped their target price on shares of Rithm Capital from $14.00 to $12.50 and set an “overweight” rating for the company in a report on Thursday, July 2nd. UBS Group cut their target price on Rithm Capital from $14.50 to $14.00 and set a “buy” rating on the stock in a research note on Friday, August 21st. Compass Point initiated coverage on Rithm Capital in a report on Monday, June 8th. They set a “buy” rating and a $14.00 price target on the stock. Finally, BTIG Research lowered their price target on Rithm Capital from $16.00 to $13.00 and set a “buy” rating for the company in a research report on Tuesday, June 16th. Ten equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $13.15.

Insider Activity

In other news, Director Peggy Hebard sold 14,520 shares of the business’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $10.18, for a total value of $147,813.60. Following the sale, the director directly owned 82,259 shares of the company’s stock, valued at $837,396.62. The trade was a 15.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.57% of the company’s stock.

Rithm Capital Stock Up 0.2%

Shares of Rithm Capital stock opened at $10.10 on Tuesday. The company has a debt-to-equity ratio of 2.19, a current ratio of 0.76 and a quick ratio of 0.76. The company has a 50-day moving average of $9.75 and a 200 day moving average of $9.64. The firm has a market cap of $5.64 billion, a price-to-earnings ratio of 16.83, a PEG ratio of 0.64 and a beta of 1.12. Rithm Capital Corp. has a 1 year low of $8.43 and a 1 year high of $12.74.

Rithm Capital (NYSE:RITM) last posted its quarterly earnings data on Tuesday, July 28th. The real estate investment trust reported $0.60 EPS for the quarter, topping the consensus estimate of $0.50 by $0.10. Rithm Capital had a net margin of 9.20% and a return on equity of 19.86%. As a group, sell-side analysts anticipate that Rithm Capital Corp. will post 2.26 earnings per share for the current fiscal year.

Rithm Capital Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Thursday, July 2nd were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 9.9%. The ex-dividend date was Thursday, July 2nd. Rithm Capital’s dividend payout ratio (DPR) is presently 166.67%.

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.