Tcfg Wealth Management LLC Takes $964,000 Position in Rithm Capital Corp. $RITM

Tcfg Wealth Management LLC acquired a new position in shares of Rithm Capital Corp. (NYSE:RITM) in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 84,632 shares of the real estate investment trust’s stock, valued at approximately $964,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp increased its stake in Rithm Capital by 11.5% during the second quarter. State Street Corp now owns 10,178,853 shares of the real estate investment trust’s stock worth $117,426,000 after acquiring an additional 1,052,130 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Rithm Capital by 1.1% in the 2nd quarter. Geode Capital Management LLC now owns 8,991,146 shares of the real estate investment trust’s stock valued at $101,528,000 after purchasing an additional 98,307 shares in the last quarter. Qube Research & Technologies Ltd grew its holdings in shares of Rithm Capital by 80.7% during the 3rd quarter. Qube Research & Technologies Ltd now owns 7,890,987 shares of the real estate investment trust’s stock worth $89,878,000 after purchasing an additional 3,524,330 shares during the period. Norges Bank acquired a new stake in Rithm Capital during the 2nd quarter worth approximately $72,762,000. Finally, Wellington Management Group LLP raised its holdings in Rithm Capital by 2.3% in the third quarter. Wellington Management Group LLP now owns 6,036,229 shares of the real estate investment trust’s stock valued at $68,753,000 after buying an additional 133,631 shares during the period. Institutional investors and hedge funds own 44.92% of the company’s stock.

Rithm Capital Price Performance

RITM opened at $9.36 on Wednesday. The company has a fifty day simple moving average of $10.72 and a 200 day simple moving average of $11.11. The firm has a market cap of $5.20 billion, a price-to-earnings ratio of 9.00 and a beta of 1.21. Rithm Capital Corp. has a twelve month low of $9.13 and a twelve month high of $12.74. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 2.20.

Rithm Capital (NYSE:RITM) last issued its quarterly earnings data on Tuesday, February 3rd. The real estate investment trust reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.19. The firm had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.24 billion. Rithm Capital had a net margin of 15.55% and a return on equity of 19.74%. Equities research analysts expect that Rithm Capital Corp. will post 1.93 EPS for the current fiscal year.

Rithm Capital Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 30th. Investors of record on Wednesday, December 31st were paid a $0.25 dividend. The ex-dividend date was Wednesday, December 31st. This represents a $1.00 annualized dividend and a dividend yield of 10.7%. Rithm Capital’s payout ratio is 96.15%.

Wall Street Analyst Weigh In

Several research firms have issued reports on RITM. Weiss Ratings reiterated a “hold (c+)” rating on shares of Rithm Capital in a research note on Monday, December 29th. Keefe, Bruyette & Woods restated an “outperform” rating on shares of Rithm Capital in a report on Thursday, December 18th. Wedbush initiated coverage on Rithm Capital in a report on Monday, December 15th. They issued an “outperform” rating and a $14.00 price target for the company. Wall Street Zen raised Rithm Capital from a “hold” rating to a “buy” rating in a research report on Saturday, March 7th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $15.00 target price (down from $15.50) on shares of Rithm Capital in a research note on Wednesday, February 4th. Seven investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $14.50.

Rithm Capital Profile

Rithm Capital Corporation is a specialty finance company that originates, acquires and manages structured credit investments collateralized by real estate assets in the United States. The company focuses primarily on senior floating-rate loans secured by multifamily, commercial, industrial and single-family rental properties, aiming to deliver attractive risk-adjusted yields through a diversified portfolio of floating-rate real estate debt.

In addition to senior loans, Rithm Capital invests in residential mortgage-backed securities, including agency and non-agency pools, as well as other real estate-related credit instruments.