Meridian Financial Partners LLC Takes $898,000 Position in Rithm Capital Corp. (NYSE:RITM)

Meridian Financial Partners LLC acquired a new position in Rithm Capital Corp. (NYSE:RITM) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 82,961 shares of the real estate investment trust’s stock, valued at approximately $898,000.

A number of other large investors have also recently bought and sold shares of the business. JPMorgan Chase & Co. lifted its position in shares of Rithm Capital by 119.1% in the third quarter. JPMorgan Chase & Co. now owns 4,608,008 shares of the real estate investment trust’s stock worth $52,301,000 after buying an additional 2,504,529 shares during the last quarter. Azora Capital LP boosted its position in Rithm Capital by 107.6% during the third quarter. Azora Capital LP now owns 4,383,821 shares of the real estate investment trust’s stock worth $49,756,000 after purchasing an additional 2,271,671 shares during the period. Soros Fund Management LLC bought a new stake in Rithm Capital during the third quarter worth approximately $23,835,000. Seven Grand Managers LLC bought a new stake in Rithm Capital during the third quarter worth approximately $11,918,000. Finally, Maven Securities LTD acquired a new position in Rithm Capital during the third quarter valued at approximately $11,350,000. 44.92% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on RITM. Royal Bank of Canada reaffirmed an “outperform” rating and set a $13.00 price objective on shares of Rithm Capital in a report on Thursday, November 21st. Keefe, Bruyette & Woods lifted their target price on Rithm Capital from $13.00 to $13.50 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. B. Riley raised shares of Rithm Capital to a “strong-buy” rating in a report on Tuesday, January 7th. Finally, Wedbush reissued an “outperform” rating and issued a $14.00 target price on shares of Rithm Capital in a report on Thursday, November 7th. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $12.94.

Rithm Capital Price Performance

Shares of RITM stock opened at $10.98 on Wednesday. The firm’s 50 day moving average price is $10.95 and its two-hundred day moving average price is $11.10. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.35 and a current ratio of 1.35. The stock has a market cap of $5.71 billion, a PE ratio of 11.09 and a beta of 1.79. Rithm Capital Corp. has a 52-week low of $9.97 and a 52-week high of $12.02.

Rithm Capital (NYSE:RITM) last released its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.12. The business had revenue of $619.51 million for the quarter, compared to analyst estimates of $1.11 billion. Rithm Capital had a net margin of 14.99% and a return on equity of 17.54%. During the same quarter last year, the firm earned $0.58 EPS. As a group, analysts forecast that Rithm Capital Corp. will post 1.93 EPS for the current year.

Rithm Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 9.11%. The ex-dividend date is Tuesday, December 31st. Rithm Capital’s dividend payout ratio is 101.01%.

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.