Bank of Montreal Can Buys 1,010,822 Shares of Rithm Capital Corp. $RITM

Bank of Montreal Can raised its stake in shares of Rithm Capital Corp. (NYSE:RITM) by 3,626.7% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 1,038,694 shares of the real estate investment trust’s stock after purchasing an additional 1,010,822 shares during the quarter. Bank of Montreal Can’s holdings in Rithm Capital were worth $11,727,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. SouthState Corp bought a new position in Rithm Capital during the 1st quarter worth approximately $25,000. Cullen Frost Bankers Inc. acquired a new stake in Rithm Capital in the second quarter worth $30,000. Ameritas Advisory Services LLC bought a new position in shares of Rithm Capital during the second quarter worth $43,000. SVB Wealth LLC bought a new position in shares of Rithm Capital during the first quarter worth $57,000. Finally, GAMMA Investing LLC grew its holdings in shares of Rithm Capital by 19.1% in the 2nd quarter. GAMMA Investing LLC now owns 5,528 shares of the real estate investment trust’s stock valued at $62,000 after buying an additional 887 shares during the period. 44.92% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have weighed in on RITM. Jones Trading reiterated a “buy” rating and set a $13.50 target price on shares of Rithm Capital in a report on Thursday, October 30th. Wedbush restated an “outperform” rating and issued a $14.00 price target on shares of Rithm Capital in a report on Wednesday, August 6th. Keefe, Bruyette & Woods raised their price target on Rithm Capital from $13.50 to $14.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 29th. Weiss Ratings reiterated a “buy (b)” rating on shares of Rithm Capital in a report on Wednesday, October 8th. Finally, UBS Group increased their target price on Rithm Capital from $14.00 to $16.00 and gave the stock a “buy” rating in a research note on Wednesday, September 3rd. One analyst has rated the stock with a Strong Buy rating and nine have given a Buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $14.25.

Rithm Capital Trading Up 0.5%

Rithm Capital stock opened at $11.01 on Friday. The company has a market cap of $6.10 billion, a price-to-earnings ratio of 7.60 and a beta of 1.30. The firm has a 50-day moving average of $11.47 and a 200-day moving average of $11.58. The company has a debt-to-equity ratio of 1.52, a current ratio of 0.45 and a quick ratio of 0.40. Rithm Capital Corp. has a one year low of $9.13 and a one year high of $12.74.

Rithm Capital (NYSE:RITM) last released its earnings results on Thursday, October 30th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.54. Rithm Capital had a return on equity of 18.82% and a net margin of 17.08%.The business had revenue of $314.93 million for the quarter, compared to analyst estimates of $1.07 billion. On average, equities analysts expect that Rithm Capital Corp. will post 1.93 earnings per share for the current fiscal year.

Rithm Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 31st. Stockholders of record on Wednesday, October 1st were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 9.1%. The ex-dividend date of this dividend was Wednesday, October 1st. Rithm Capital’s dividend payout ratio is presently 68.97%.

Insider Activity at Rithm Capital

In related news, CEO Michael Nierenberg sold 301,548 shares of the firm’s stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $11.00, for a total value of $3,317,028.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.44% of the company’s stock.

About Rithm Capital

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.