Geode Capital Management LLC Has $104.90 Million Stock Position in Rithm Capital Corp. $RITM

Geode Capital Management LLC lifted its position in shares of Rithm Capital Corp. (NYSE:RITM) by 4.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,621,935 shares of the real estate investment trust’s stock after purchasing an additional 443,144 shares during the period. Geode Capital Management LLC owned 1.74% of Rithm Capital worth $104,904,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. CoreCap Advisors LLC lifted its holdings in Rithm Capital by 99.2% during 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 last quarter. Bessemer Group Inc. lifted its holdings in Rithm Capital by 658.9% during the 3rd quarter. Bessemer Group Inc. now owns 2,656 shares of the real estate investment trust’s stock worth $30,000 after purchasing an additional 2,306 shares during the last quarter. Atlantic Union Bankshares Corp acquired a new stake in Rithm Capital during the 3rd quarter worth approximately $31,000. FNY Investment Advisers LLC acquired a new stake in Rithm Capital during the 4th quarter worth approximately $31,000. Finally, Torren Management LLC acquired a new stake in Rithm Capital during the 4th quarter worth approximately $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 RITM shares. Capital One Financial set a $12.50 price target on Rithm Capital in a report on Thursday, April 9th. Citizens Jmp raised their price target on shares of Rithm Capital from $12.50 to $13.50 and gave the stock a “market outperform” rating in a research report on Wednesday, May 20th. Wedbush lowered their price target on shares of Rithm Capital from $14.00 to $12.50 and set an “outperform” rating on the stock in a research report on Friday, May 1st. Piper Sandler lowered their price target on shares of Rithm Capital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research report on Thursday, April 2nd. Finally, Keefe, Bruyette & Woods lowered their price target on shares of Rithm Capital from $14.00 to $13.00 and set an “outperform” rating on the stock in a research report on Friday, May 1st. Nine investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $13.61.

Insider Transactions at Rithm Capital

In related news, Director David Saltzman sold 80,922 shares of the stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $9.25, for a total transaction of $748,528.50. Following the sale, the director owned 44,248 shares of the company’s stock, valued at $409,294. This represents a 64.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.57% of the stock is owned by corporate insiders.

Rithm Capital Trading Down 0.5%

Shares of NYSE:RITM opened at $9.13 on Friday. The company has a market capitalization of $5.10 billion, a P/E ratio of 8.37 and a beta of 1.14. Rithm Capital Corp. has a 1 year low of $8.43 and a 1 year high of $12.74. 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 business’s 50 day simple moving average is $9.59 and its 200 day simple moving average is $10.36.

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

Rithm Capital Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, April 30th. Investors of record on Monday, April 6th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, April 6th. This represents a $1.00 dividend on an annualized basis and a yield of 11.0%. Rithm Capital’s dividend payout ratio is currently 91.74%.

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.