Rithm Capital Corp. $RITM Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. raised its position in Rithm Capital Corp. (NYSE:RITM) by 17,546.2% during the first quarter, Holdings Channel.com reports. The firm owned 2,693,696 shares of the real estate investment trust’s stock after buying an additional 2,678,431 shares during the period. Principal Financial Group Inc.’s holdings in Rithm Capital were worth $25,536,000 at the end of the most recent quarter.

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

Insiders Place Their Bets

In related news, Director David Saltzman sold 80,922 shares of the firm’s stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $9.25, for a total transaction of $748,528.50. Following the completion of the sale, the director directly owned 44,248 shares in the company, valued at approximately $409,294. This trade represents a 64.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.57% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on RITM shares. Keefe, Bruyette & Woods decreased their target price on shares of Rithm Capital from $14.00 to $13.00 and set an “outperform” rating for the company in a research report on Friday, May 1st. JonesTrading reaffirmed a “buy” rating and set a $13.50 price target on shares of Rithm Capital in a report on Tuesday, April 28th. Citizens Jmp boosted their price objective on Rithm Capital from $12.50 to $13.50 and gave the stock a “market outperform” rating in a research report on Wednesday, May 20th. Royal Bank Of Canada decreased their price objective on Rithm Capital from $14.00 to $13.00 and set an “outperform” rating for the company in a report on Friday, May 1st. Finally, UBS Group cut their target price on Rithm Capital from $15.00 to $14.50 and set a “buy” rating on the stock in a research note on Friday, April 10th. Ten equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $13.20.

Rithm Capital Price Performance

Shares of Rithm Capital stock opened at $9.19 on Tuesday. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 4.02. The company’s 50-day moving average price is $9.23 and its two-hundred day moving average price is $9.94. Rithm Capital Corp. has a 52 week low of $8.43 and a 52 week high of $12.74. The stock has a market cap of $5.13 billion, a PE ratio of 8.43 and a beta of 1.14.

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

Rithm Capital Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Thursday, July 2nd will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $1.00 annualized dividend and a yield of 10.9%. Rithm Capital’s dividend payout ratio is currently 91.74%.

Rithm Capital 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.