Rithm Capital (NYSE:RITM) Sees Large Volume Increase – Here’s What Happened

Shares of Rithm Capital Corp. (NYSE:RITM) saw unusually-high trading volume on Wednesday . Approximately 6,124,078 shares traded hands during trading, an increase of 21% from the previous session’s volume of 5,058,072 shares.The stock last traded at $11.1050 and had previously closed at $11.05.

Analyst Ratings Changes

RITM has been the topic of several research analyst reports. Wedbush initiated coverage on shares of Rithm Capital in a research note on Monday, December 15th. They issued an “outperform” rating and a $14.00 price target on the stock. Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of Rithm Capital in a research report on Thursday, December 18th. UBS Group raised their price target on Rithm Capital from $14.00 to $16.00 and gave the company a “buy” rating in a report on Wednesday, September 3rd. BTIG Research reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Rithm Capital in a research note on Wednesday, September 17th. Finally, Piper Sandler reiterated an “overweight” rating and set a $15.50 target price on shares of Rithm Capital in a research report on Monday. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $14.44.

Rithm Capital Stock Up 0.9%

The company has a market cap of $6.18 billion, a PE ratio of 7.69 and a beta of 1.22. The company has a fifty day moving average of $11.08 and a two-hundred day moving average of $11.57. The company has a debt-to-equity ratio of 1.52, a quick ratio of 0.45 and a current ratio of 0.45.

Rithm Capital (NYSE:RITM) last posted its quarterly earnings data on Thursday, October 30th. The real estate investment trust reported $0.54 EPS for the quarter, hitting the consensus estimate of $0.54. Rithm Capital had a net margin of 17.08% and a return on equity of 18.82%. The company had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.07 billion. As a group, analysts anticipate that Rithm Capital Corp. will post 1.93 earnings per share for the current fiscal year.

Rithm Capital Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 30th. Shareholders of record on Wednesday, December 31st will be paid a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $1.00 annualized dividend and a yield of 9.0%. Rithm Capital’s dividend payout ratio (DPR) is presently 68.97%.

Insider Buying and Selling at Rithm Capital

In other news, CEO Michael Nierenberg sold 301,548 shares of the firm’s stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $11.00, for a total transaction of $3,317,028.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider David Zeiden sold 19,285 shares of Rithm Capital stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $11.11, for a total transaction of $214,256.35. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.44% of the company’s stock.

Hedge Funds Weigh In On Rithm Capital

A number of large investors have recently bought and sold shares of RITM. Curi Capital LLC grew its stake in Rithm Capital by 0.7% in the second quarter. Curi Capital LLC now owns 120,262 shares of the real estate investment trust’s stock valued at $1,358,000 after purchasing an additional 829 shares during the last quarter. Geneos Wealth Management Inc. grew its position in shares of Rithm Capital by 14.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 7,031 shares of the real estate investment trust’s stock worth $81,000 after buying an additional 881 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Rithm Capital by 19.1% in the 2nd quarter. GAMMA Investing LLC now owns 5,528 shares of the real estate investment trust’s stock worth $62,000 after buying an additional 887 shares during the last quarter. Signaturefd LLC raised its stake in shares of Rithm Capital by 2.3% during the 3rd quarter. Signaturefd LLC now owns 45,012 shares of the real estate investment trust’s stock worth $513,000 after acquiring an additional 1,009 shares in the last quarter. Finally, Public Employees Retirement System of Ohio lifted its position in Rithm Capital by 0.6% during the third quarter. Public Employees Retirement System of Ohio now owns 165,278 shares of the real estate investment trust’s stock valued at $1,883,000 after acquiring an additional 1,024 shares during the last quarter. Institutional investors own 44.92% of the company’s stock.

About Rithm Capital

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.