Chicago Partners Investment Group LLC raised its stake in Rithm Capital Corp. (NYSE:RITM – Free Report) by 4.1% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 48,471 shares of the real estate investment trust’s stock after purchasing an additional 1,926 shares during the quarter. Chicago Partners Investment Group LLC’s holdings in Rithm Capital were worth $594,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in RITM. Wealth Enhancement Advisory Services LLC raised its stake in shares of Rithm Capital by 5.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 178,507 shares of the real estate investment trust’s stock valued at $2,044,000 after acquiring an additional 9,508 shares during the period. Janney Montgomery Scott LLC increased its stake in Rithm Capital by 1.4% during the 1st quarter. Janney Montgomery Scott LLC now owns 98,329 shares of the real estate investment trust’s stock worth $1,126,000 after buying an additional 1,380 shares during the period. Cambridge Investment Research Advisors Inc. increased its stake in Rithm Capital by 1.1% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 257,992 shares of the real estate investment trust’s stock worth $2,954,000 after buying an additional 2,892 shares during the period. Flagship Harbor Advisors LLC increased its stake in Rithm Capital by 4.7% during the 1st quarter. Flagship Harbor Advisors LLC now owns 36,808 shares of the real estate investment trust’s stock worth $421,000 after buying an additional 1,636 shares during the period. Finally, Oppenheimer & Co. Inc. increased its stake in Rithm Capital by 1,146.1% during the 1st quarter. Oppenheimer & Co. Inc. now owns 356,485 shares of the real estate investment trust’s stock worth $4,082,000 after buying an additional 327,878 shares during the period. Hedge funds and other institutional investors own 44.92% of the company’s stock.
Rithm Capital Trading Down 0.8%
NYSE RITM opened at $10.83 on Wednesday. Rithm Capital Corp. has a one year low of $9.13 and a one year high of $12.74. The company has a 50-day simple moving average of $11.83 and a 200-day simple moving average of $11.49. The company has a debt-to-equity ratio of 1.63, a quick ratio of 0.40 and a current ratio of 0.40. The firm has a market capitalization of $5.74 billion, a PE ratio of 8.33 and a beta of 1.31.
Rithm Capital Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Wednesday, October 1st will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 9.2%. The ex-dividend date of this dividend is Wednesday, October 1st. Rithm Capital’s payout ratio is presently 76.92%.
Wall Street Analyst Weigh In
RITM has been the topic of several analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Rithm Capital in a research note on Wednesday, October 8th. UBS Group raised their price objective on shares of Rithm Capital from $14.00 to $16.00 and gave the stock a “buy” rating in a report on Wednesday, September 3rd. Jones Trading raised their price objective on shares of Rithm Capital from $12.50 to $13.50 and gave the stock a “buy” rating in a report on Tuesday, July 29th. Wedbush reissued an “outperform” rating and set a $14.00 price objective on shares of Rithm Capital in a report on Wednesday, August 6th. Finally, Royal Bank Of Canada raised their price objective on shares of Rithm Capital from $13.00 to $14.00 and gave the stock an “outperform” rating in a report on Friday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating and nine have issued a Buy rating to the stock. According to data from MarketBeat.com, Rithm Capital presently has an average rating of “Buy” and a consensus target price of $14.25.
Get Our Latest Research Report on RITM
Rithm Capital 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.
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