Highland Capital Management LLC Buys 5,000 Shares of Rithm Capital Corp. (NYSE:RITM)

Highland Capital Management LLC boosted its stake in shares of Rithm Capital Corp. (NYSE:RITM) by 10.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 54,125 shares of the real estate investment trust’s stock after acquiring an additional 5,000 shares during the period. Highland Capital Management LLC’s holdings in Rithm Capital were worth $614,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. increased its stake in shares of Rithm Capital by 154.4% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,513 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 1,525 shares during the last quarter. Bessemer Group Inc. bought a new position in shares of Rithm Capital in the 1st quarter valued at $30,000. Abich Financial Wealth Management LLC increased its stake in shares of Rithm Capital by 56.8% in the 1st quarter. Abich Financial Wealth Management LLC now owns 4,031 shares of the real estate investment trust’s stock valued at $45,000 after purchasing an additional 1,461 shares during the last quarter. Godsey & Gibb Inc. bought a new position in shares of Rithm Capital in the 3rd quarter valued at $51,000. Finally, Fidelis Capital Partners LLC bought a new position in shares of Rithm Capital in the 1st quarter valued at $62,000. Institutional investors own 44.92% of the company’s stock.

Rithm Capital Stock Down 0.9 %

Shares of RITM opened at $10.48 on Monday. The company has a market capitalization of $5.07 billion, a PE ratio of 6.99 and a beta of 1.80. Rithm Capital Corp. has a 12 month low of $9.06 and a 12 month high of $12.02. The stock’s 50-day moving average price is $11.28 and its two-hundred day moving average price is $11.18. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 1.81.

Rithm Capital (NYSE:RITM) last announced its earnings results on Wednesday, July 31st. The real estate investment trust reported $0.47 EPS for the quarter, topping the consensus estimate of $0.42 by $0.05. The firm had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.15 billion. Rithm Capital had a return on equity of 18.04% and a net margin of 15.55%. The business’s quarterly revenue was up 18.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.62 EPS. On average, analysts anticipate that Rithm Capital Corp. will post 1.81 EPS for the current year.

Rithm Capital Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 1st will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 9.54%. The ex-dividend date of this dividend is Tuesday, October 1st. Rithm Capital’s dividend payout ratio (DPR) is presently 66.67%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on RITM shares. JMP Securities lifted their price target on Rithm Capital from $11.00 to $12.50 and gave the company a “market outperform” rating in a research note on Friday, July 19th. Royal Bank of Canada reissued an “outperform” rating and set a $13.00 price objective on shares of Rithm Capital in a report on Tuesday, August 13th. Finally, Wedbush reissued an “outperform” rating and set a $13.00 price objective on shares of Rithm Capital in a report on Friday, August 16th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $12.67.

Rithm Capital Company Profile

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.