Transcend Capital Advisors LLC Trims Stock Position in Rithm Capital Corp. (NYSE:RITM)

Transcend Capital Advisors LLC lessened its stake in shares of Rithm Capital Corp. (NYSE:RITM) by 3.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 68,930 shares of the real estate investment trust’s stock after selling 2,420 shares during the quarter. Transcend Capital Advisors LLC’s holdings in Rithm Capital were worth $752,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in RITM. Parkside Financial Bank & Trust lifted its holdings in Rithm Capital by 605.1% during the 4th quarter. Parkside Financial Bank & Trust now owns 2,489 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 2,136 shares in the last quarter. American National Bank purchased a new position in Rithm Capital in the fourth quarter valued at $27,000. Bessemer Group Inc. acquired a new position in Rithm Capital during the 1st quarter worth $30,000. Raleigh Capital Management Inc. increased its holdings in Rithm Capital by 125.4% during the 4th quarter. Raleigh Capital Management Inc. now owns 2,986 shares of the real estate investment trust’s stock worth $32,000 after purchasing an additional 1,661 shares during the period. Finally, GAMMA Investing LLC acquired a new stake in Rithm Capital in the 4th quarter valued at about $34,000. Hedge funds and other institutional investors own 44.92% of the company’s stock.

Rithm Capital Trading Down 1.7 %

Shares of NYSE:RITM traded down $0.19 during midday trading on Monday, reaching $10.98. The company had a trading volume of 3,237,915 shares, compared to its average volume of 3,299,408. The company has a fifty day simple moving average of $11.13 and a two-hundred day simple moving average of $10.99. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.29 and a current ratio of 0.29. The firm has a market cap of $5.31 billion, a price-to-earnings ratio of 7.29 and a beta of 1.82. Rithm Capital Corp. has a 1-year low of $8.87 and a 1-year high of $11.85.

Rithm Capital (NYSE:RITM) last announced its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.05. Rithm Capital had a return on equity of 18.20% and a net margin of 15.55%. The firm had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period last year, the company posted $0.62 EPS. The business’s quarterly revenue was up 18.4% compared to the same quarter last year. Research analysts predict that Rithm Capital Corp. will post 1.78 earnings per share for the current year.

Rithm Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 26th. Shareholders of record on Monday, July 1st were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 9.11%. The ex-dividend date was Monday, July 1st. Rithm Capital’s payout ratio is 66.67%.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Wedbush reiterated an “outperform” rating and set a $13.00 price target on shares of Rithm Capital in a report on Thursday, May 9th. Keefe, Bruyette & Woods raised their price objective on shares of Rithm Capital from $12.00 to $12.50 and gave the stock an “outperform” rating in a research note on Thursday, May 2nd. B. Riley reissued a “buy” rating and issued a $14.00 target price (up previously from $13.00) on shares of Rithm Capital in a research note on Friday, May 10th. Piper Sandler boosted their price target on Rithm Capital from $10.50 to $12.50 and gave the company a “neutral” rating in a report on Tuesday, May 14th. Finally, JMP Securities increased their price objective on shares of Rithm Capital from $11.00 to $12.50 and gave the stock a “market outperform” rating in a report on Friday, July 19th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $12.45.

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.