Van ECK Associates Corp Cuts Stock Holdings in Rithm Capital Corp. (NYSE:RITM)

Van ECK Associates Corp lowered its stake in shares of Rithm Capital Corp. (NYSE:RITM) by 9.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,813,420 shares of the real estate investment trust’s stock after selling 190,637 shares during the period. Van ECK Associates Corp owned approximately 0.35% of Rithm Capital worth $19,639,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of RITM. JPMorgan Chase & Co. raised its stake in Rithm Capital by 119.1% during 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 purchasing an additional 2,504,529 shares during the period. Azora Capital LP raised its stake 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 purchased a new position in Rithm Capital during the third quarter worth approximately $23,835,000. Maven Securities LTD purchased a new position in shares of Rithm Capital in the 3rd quarter valued at $11,350,000. Finally, Wellington Management Group LLP raised its stake in shares of Rithm Capital by 37.8% in the 3rd quarter. Wellington Management Group LLP now owns 3,567,917 shares of the real estate investment trust’s stock valued at $40,496,000 after acquiring an additional 978,954 shares during the period. Hedge funds and other institutional investors own 44.92% of the company’s stock.

Rithm Capital Price Performance

NYSE:RITM opened at $12.03 on Friday. The company has a 50-day moving average of $11.23 and a 200-day moving average of $11.16. The company has a market capitalization of $6.25 billion, a price-to-earnings ratio of 7.20 and a beta of 1.79. Rithm Capital Corp. has a 52 week low of $10.36 and a 52 week high of $12.10. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.35 and a current ratio of 1.35.

Rithm Capital (NYSE:RITM) last released its quarterly earnings data on Thursday, February 6th. The real estate investment trust reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.16. Rithm Capital had a net margin of 17.79% and a return on equity of 18.46%. As a group, equities research analysts anticipate that Rithm Capital Corp. will post 1.92 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, January 31st. Shareholders of record on Tuesday, December 31st were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 8.32%. The ex-dividend date was Tuesday, December 31st. Rithm Capital’s payout ratio is presently 59.88%.

Analysts Set New Price Targets

RITM has been the topic of several analyst reports. B. Riley raised shares of Rithm Capital to a “strong-buy” rating in a research note on Tuesday, January 7th. Wedbush reaffirmed an “outperform” rating and issued a $14.00 price target on shares of Rithm Capital in a report on Thursday, November 7th. JMP Securities reissued a “market outperform” rating and set a $12.50 target price on shares of Rithm Capital in a research note on Thursday, January 23rd. Keefe, Bruyette & Woods boosted their price target on shares of Rithm Capital from $13.00 to $13.50 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Finally, Royal Bank of Canada restated an “outperform” rating and set a $13.00 price target on shares of Rithm Capital in a research report on Thursday, November 21st. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $12.94.

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.