Cyndeo Wealth Partners LLC Purchases New Stake in Rithm Capital Corp. $RITM

Cyndeo Wealth Partners LLC purchased a new stake in Rithm Capital Corp. (NYSE:RITM) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 617,500 shares of the real estate investment trust’s stock, valued at approximately $6,972,000. Cyndeo Wealth Partners LLC owned about 0.12% of Rithm Capital as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. IFP Advisors Inc increased its holdings in shares of Rithm Capital by 19.1% in the second quarter. IFP Advisors Inc now owns 10,534 shares of the real estate investment trust’s stock valued at $119,000 after purchasing an additional 1,691 shares during the last quarter. WESPAC Advisors LLC increased its holdings in shares of Rithm Capital by 1.9% in the second quarter. WESPAC Advisors LLC now owns 101,616 shares of the real estate investment trust’s stock valued at $1,147,000 after purchasing an additional 1,883 shares during the last quarter. KLP Kapitalforvaltning AS increased its holdings in shares of Rithm Capital by 7.7% in the second quarter. KLP Kapitalforvaltning AS now owns 109,400 shares of the real estate investment trust’s stock valued at $1,258,000 after purchasing an additional 7,800 shares during the last quarter. Capital Advisors Inc. OK acquired a new stake in shares of Rithm Capital in the second quarter valued at approximately $114,000. Finally, Belpointe Asset Management LLC increased its holdings in shares of Rithm Capital by 3.3% in the second quarter. Belpointe Asset Management LLC now owns 56,296 shares of the real estate investment trust’s stock valued at $636,000 after purchasing an additional 1,776 shares during the last quarter. Institutional investors and hedge funds own 44.92% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on RITM. Royal Bank Of Canada increased their price target on Rithm Capital from $13.00 to $14.00 and gave the company an “outperform” rating in a report on Friday, August 1st. Wedbush reiterated an “outperform” rating and issued a $14.00 price objective on shares of Rithm Capital in a research report on Wednesday, August 6th. BTIG Research reiterated a “buy” rating and issued a $16.00 price objective on shares of Rithm Capital in a research report on Wednesday, September 17th. Jones Trading increased their price objective on Rithm Capital from $12.50 to $13.50 and gave the stock a “buy” rating in a research report on Tuesday, July 29th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Rithm Capital in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating and nine have issued a Buy rating to the stock. Based on data from MarketBeat, Rithm Capital currently has a consensus rating of “Buy” and an average price target of $14.25.

Rithm Capital Trading Down 1.5%

RITM opened at $10.79 on Friday. Rithm Capital Corp. has a 52 week low of $9.13 and a 52 week high of $12.74. The business has a fifty day simple moving average of $12.05 and a 200-day simple moving average of $11.52. The firm has a market cap of $5.72 billion, a P/E ratio of 8.30 and a beta of 1.31. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 1.63.

Rithm Capital (NYSE:RITM) last released its quarterly earnings results on Monday, July 28th. The real estate investment trust reported $0.54 EPS for the quarter, topping the consensus estimate of $0.51 by $0.03. Rithm Capital had a return on equity of 18.89% and a net margin of 16.72%.The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. On average, equities analysts expect that Rithm Capital Corp. will post 1.93 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, October 31st. Stockholders of record on Wednesday, October 1st will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 9.3%. The ex-dividend date is Wednesday, October 1st. Rithm Capital’s dividend payout ratio (DPR) is currently 76.92%.

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.