1776 Wealth LLC Reduces Stock Position in Rithm Capital Corp. (NYSE:RITM)

1776 Wealth LLC lowered its stake in shares of Rithm Capital Corp. (NYSE:RITM) by 12.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 51,409 shares of the real estate investment trust’s stock after selling 7,130 shares during the period. 1776 Wealth LLC’s holdings in Rithm Capital were worth $583,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Rithm Capital by 154.4% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,513 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 1,525 shares during the period. Bessemer Group Inc. purchased a new stake in shares of Rithm Capital during the first quarter worth about $30,000. Abich Financial Wealth Management LLC boosted its holdings in shares of Rithm Capital by 56.8% during the first quarter. Abich Financial Wealth Management LLC now owns 4,031 shares of the real estate investment trust’s stock worth $45,000 after purchasing an additional 1,461 shares during the period. Godsey & Gibb Inc. purchased a new stake in shares of Rithm Capital during the third quarter worth about $51,000. Finally, Future Financial Wealth Managment LLC purchased a new stake in shares of Rithm Capital during the third quarter worth about $73,000. Hedge funds and other institutional investors own 44.92% of the company’s stock.

Rithm Capital Stock Down 0.6 %

Shares of NYSE RITM traded down $0.06 during midday trading on Friday, reaching $10.72. 3,374,936 shares of the company’s stock traded hands, compared to its average volume of 3,536,382. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 1.63. The stock’s 50 day simple moving average is $10.99 and its 200-day simple moving average is $11.15. Rithm Capital Corp. has a one year low of $9.94 and a one year high of $12.02. The company has a market cap of $5.57 billion, a price-to-earnings ratio of 10.84 and a beta of 1.80.

Rithm Capital (NYSE:RITM) last announced its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.12. The company had revenue of $619.51 million during the quarter, compared to the consensus estimate of $1.11 billion. Rithm Capital had a net margin of 14.99% and a return on equity of 17.54%. During the same period last year, the firm earned $0.58 earnings per share. On average, analysts predict that Rithm Capital Corp. will post 1.89 EPS for the current fiscal year.

Rithm Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 1st were issued a dividend of $0.25 per share. The ex-dividend date was Tuesday, October 1st. This represents a $1.00 annualized dividend and a dividend yield of 9.33%. Rithm Capital’s dividend payout ratio (DPR) is presently 101.01%.

Analyst Upgrades and Downgrades

Several brokerages have commented on RITM. Wedbush restated an “outperform” rating and issued a $14.00 price objective on shares of Rithm Capital in a report on Thursday, November 7th. Royal Bank of Canada reissued an “outperform” rating and issued a $13.00 price target on shares of Rithm Capital in a research report on Tuesday, August 13th. Finally, JMP Securities boosted 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 research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.78.

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.