Conversant Capital LLC Decreases Position in Rithm Capital Corp. $RITM

Conversant Capital LLC trimmed its position in Rithm Capital Corp. (NYSE:RITM) by 23.2% in the first quarter, Holdings Channel.com reports. The firm owned 2,500,000 shares of the real estate investment trust’s stock after selling 755,000 shares during the period. Rithm Capital comprises approximately 3.3% of Conversant Capital LLC’s portfolio, making the stock its 8th largest holding. Conversant Capital LLC’s holdings in Rithm Capital were worth $23,700,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. CoreCap Advisors LLC lifted its position in Rithm Capital by 99.2% during the 4th quarter. CoreCap Advisors LLC now owns 2,295 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 1,143 shares during the period. Los Angeles Capital Management LLC acquired a new stake in shares of Rithm Capital during the 4th quarter worth approximately $26,000. Garton & Associates Financial Advisors LLC acquired a new stake in shares of Rithm Capital during the 4th quarter worth approximately $31,000. FNY Investment Advisers LLC bought a new stake in shares of Rithm Capital during the fourth quarter worth approximately $31,000. Finally, Torren Management LLC bought a new stake in shares of Rithm Capital during the fourth quarter worth approximately $35,000. 44.92% of the stock is owned by institutional investors.

Rithm Capital Stock Performance

Shares of NYSE:RITM opened at $9.11 on Friday. The firm’s 50 day simple moving average is $9.21 and its 200 day simple moving average is $9.89. Rithm Capital Corp. has a fifty-two week low of $8.43 and a fifty-two week high of $12.74. The company has a market capitalization of $5.08 billion, a price-to-earnings ratio of 8.35 and a beta of 1.14. The company has a debt-to-equity ratio of 4.02, a current ratio of 1.28 and a quick ratio of 1.28.

Rithm Capital (NYSE:RITM) last issued its quarterly earnings data on Tuesday, April 28th. The real estate investment trust reported $0.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.02). Rithm Capital had a net margin of 14.44% and a return on equity of 19.48%. The firm had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.27 billion. As a group, sell-side analysts forecast that Rithm Capital Corp. will post 2.23 earnings per share for the current year.

Rithm Capital Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Thursday, July 2nd will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 11.0%. The ex-dividend date of this dividend is Thursday, July 2nd. Rithm Capital’s dividend payout ratio (DPR) is currently 91.74%.

Analyst Upgrades and Downgrades

RITM has been the topic of several analyst reports. Royal Bank Of Canada cut their price objective on shares of Rithm Capital from $14.00 to $13.00 and set an “outperform” rating on the stock in a report on Friday, May 1st. Citigroup reiterated an “outperform” rating on shares of Rithm Capital in a research report on Wednesday, May 20th. Compass Point began coverage on Rithm Capital in a research note on Monday, June 8th. They issued a “buy” rating and a $14.00 price target on the stock. BTIG Research reduced their price target on Rithm Capital from $16.00 to $13.00 and set a “buy” rating on the stock in a research report on Tuesday, June 16th. Finally, Weiss Ratings cut Rithm Capital from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, May 26th. Ten investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $13.20.

Insider Buying and Selling at Rithm Capital

In other news, Director David Saltzman sold 80,922 shares of the business’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $9.25, for a total value of $748,528.50. Following the completion of the transaction, the director owned 44,248 shares of the company’s stock, valued at $409,294. The trade was a 64.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.57% of the stock is currently owned by corporate insiders.

Rithm Capital Company 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.