Kovack Advisors Inc. Sells 11,579 Shares of Rithm Capital Corp. (NYSE:RITM)

Kovack Advisors Inc. cut its holdings in Rithm Capital Corp. (NYSE:RITM) by 16.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 60,356 shares of the real estate investment trust’s stock after selling 11,579 shares during the period. Kovack Advisors Inc.’s holdings in Rithm Capital were worth $674,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the business. Allianz Asset Management GmbH increased its holdings in shares of Rithm Capital by 107.7% during the 4th quarter. Allianz Asset Management GmbH now owns 1,171,379 shares of the real estate investment trust’s stock worth $12,510,000 after purchasing an additional 607,413 shares during the period. Dynamic Technology Lab Private Ltd grew its position in Rithm Capital by 14.1% during the fourth quarter. Dynamic Technology Lab Private Ltd now owns 21,181 shares of the real estate investment trust’s stock worth $226,000 after buying an additional 2,614 shares in the last quarter. Slagle Financial LLC raised its holdings in Rithm Capital by 99.1% in the 4th quarter. Slagle Financial LLC now owns 474,538 shares of the real estate investment trust’s stock valued at $5,068,000 after acquiring an additional 236,199 shares in the last quarter. Lewis Asset Management LLC bought a new stake in shares of Rithm Capital in the 4th quarter worth approximately $2,813,000. Finally, Melia Wealth LLC bought a new stake in shares of Rithm Capital in the 1st quarter worth approximately $2,370,000. Institutional investors and hedge funds own 44.92% of the company’s stock.

Rithm Capital Price Performance

NYSE RITM traded down $0.08 during trading hours on Thursday, reaching $10.65. 1,069,419 shares of the company’s stock were exchanged, compared to its average volume of 2,578,831. The firm has a fifty day moving average of $11.14 and a 200-day moving average of $10.91. Rithm Capital Corp. has a one year low of $8.87 and a one year high of $11.60. The stock has a market cap of $5.15 billion, a PE ratio of 7.10 and a beta of 1.82. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.20.

Rithm Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 26th. Stockholders of record on Monday, July 1st will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 9.39%. The ex-dividend date of this dividend is Monday, July 1st. Rithm Capital’s payout ratio is presently 66.67%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on RITM shares. Royal Bank of Canada restated an “outperform” rating and issued a $12.00 target price on shares of Rithm Capital in a research note on Monday, April 1st. Piper Sandler raised their price objective on shares of Rithm Capital from $10.50 to $12.50 and gave the stock a “neutral” rating in a report on Tuesday, May 14th. Wedbush reissued an “outperform” rating and issued a $13.00 target price on shares of Rithm Capital in a research note on Thursday, May 9th. JMP Securities restated a “market outperform” rating and set a $11.00 price target on shares of Rithm Capital in a research note on Thursday, April 18th. Finally, B. Riley reiterated a “buy” rating and issued a $14.00 price objective (up from $13.00) on shares of Rithm Capital in a research note on Friday, May 10th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $12.32.

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.