Coastal Bridge Advisors LLC Acquires New Position in Rithm Capital Corp. (NYSE:RITM)

Coastal Bridge Advisors LLC purchased a new position in Rithm Capital Corp. (NYSE:RITM) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 11,361 shares of the real estate investment trust’s stock, valued at approximately $123,000.

A number of other hedge funds have also modified their holdings of the stock. Wilmington Savings Fund Society FSB acquired a new stake in shares of Rithm Capital in the third quarter worth about $43,000. Quarry LP boosted its position in Rithm Capital by 47.5% during the fourth quarter. Quarry LP now owns 4,118 shares of the real estate investment trust’s stock worth $45,000 after purchasing an additional 1,327 shares during the period. Householder Group Estate & Retirement Specialist LLC grew its holdings in Rithm Capital by 86.7% during the fourth quarter. Householder Group Estate & Retirement Specialist LLC now owns 4,439 shares of the real estate investment trust’s stock valued at $48,000 after purchasing an additional 2,062 shares during the last quarter. Quadrant Capital Group LLC raised its position in shares of Rithm Capital by 35.2% in the fourth quarter. Quadrant Capital Group LLC now owns 4,655 shares of the real estate investment trust’s stock valued at $50,000 after purchasing an additional 1,211 shares during the period. Finally, C M Bidwell & Associates Ltd. bought a new stake in shares of Rithm Capital during the 4th quarter worth $81,000. 44.92% of the stock is owned by institutional investors and hedge funds.

Rithm Capital Stock Up 0.9 %

Shares of NYSE RITM opened at $11.28 on Thursday. The company has a current ratio of 1.09, a quick ratio of 1.35 and a debt-to-equity ratio of 1.74. The firm has a market capitalization of $5.98 billion, a PE ratio of 6.75 and a beta of 1.32. The firm’s 50-day moving average is $11.01 and its 200-day moving average is $11.10. Rithm Capital Corp. has a 1 year low of $9.13 and a 1 year high of $12.20.

Rithm Capital (NYSE:RITM) last issued its earnings results on Friday, April 25th. The real estate investment trust reported $0.52 EPS for the quarter, beating the consensus estimate of $0.45 by $0.07. Rithm Capital had a net margin of 17.79% and a return on equity of 18.15%. The company had revenue of $28.89 million during the quarter, compared to analysts’ expectations of $1.27 billion. During the same quarter in the previous year, the company posted $0.48 EPS. Equities analysts expect that Rithm Capital Corp. will post 1.93 EPS for the current year.

Rithm Capital Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 30th. Investors of record on Monday, March 31st were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 8.87%. The ex-dividend date of this dividend was Monday, March 31st. Rithm Capital’s payout ratio is 83.33%.

Wall Street Analyst Weigh In

RITM has been the subject of a number of recent analyst reports. Wedbush restated an “outperform” rating and set a $14.00 price target on shares of Rithm Capital in a report on Friday, March 28th. BTIG Research reaffirmed a “buy” rating and issued a $16.00 target price on shares of Rithm Capital in a report on Friday, April 25th. Jones Trading reiterated a “buy” rating and set a $12.50 price target on shares of Rithm Capital in a report on Tuesday, April 29th. Piper Sandler upgraded shares of Rithm Capital from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $12.50 to $14.00 in a research note on Monday, April 28th. Finally, JMP Securities reiterated a “market outperform” rating and set a $12.50 target price on shares of Rithm Capital in a research note on Thursday, January 23rd. Eight investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Rithm Capital has a consensus rating of “Buy” and an average target price of $13.61.

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.