Rithm Capital (NYSE:RITM) Share Price Crosses Above 50 Day Moving Average – What’s Next?

Rithm Capital Corp. (NYSE:RITM)’s stock price crossed above its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $9.37 and traded as high as $9.43. Rithm Capital shares last traded at $9.3850, with a volume of 8,249,640 shares trading hands.

Analyst Upgrades and Downgrades

RITM has been the subject of several analyst reports. Weiss Ratings cut shares of Rithm Capital from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, October 2nd. Wedbush reissued an “outperform” rating and set a $10.00 price target on shares of Rithm Capital in a report on Thursday, October 22nd. UBS Group dropped their price target on shares of Rithm Capital from $14.50 to $14.00 and set a “buy” rating on the stock in a research report on Friday, August 21st. Piper Sandler cut their price objective on shares of Rithm Capital from $14.00 to $12.50 and set an “overweight” rating for the company in a report on Thursday, July 2nd. Finally, BTIG Research decreased their price objective on shares of Rithm Capital from $13.00 to $12.00 and set a “buy” rating for the company in a research report on Monday, October 12th. Ten investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.80.

Rithm Capital Trading Up 1.8%

The business has a 50-day simple moving average of $9.37 and a 200-day simple moving average of $9.75.

Rithm Capital (NYSE:RITM) last posted its quarterly earnings data on Friday, October 23rd. The real estate investment trust reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.05. The business had revenue of $1.76 billion during the quarter, compared to analysts’ expectations of $1.47 billion. As a group, equities analysts forecast that Rithm Capital Corp. will post 2.32 EPS for the current fiscal year.

Rithm Capital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Thursday, October 1st will be paid a $0.25 dividend. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $1.00 dividend on an annualized basis and a yield of 10.7%.

Insider Transactions at Rithm Capital

In other Rithm Capital news, Director Peggy Hebard sold 14,520 shares of the company’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $10.18, for a total transaction of $147,813.60. Following the completion of the transaction, the director directly owned 82,259 shares in the company, valued at approximately $837,396.62. This represents a 15.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.57% of the company’s stock.

Institutional Trading of Rithm Capital

A number of institutional investors and hedge funds have recently modified their holdings of RITM. Bank of New York Mellon Corp acquired a new position in shares of Rithm Capital during the 2nd quarter worth about $29,635,000. Principal Financial Group Inc. lifted its stake in Rithm Capital by 17,546.2% in the 1st quarter. Principal Financial Group Inc. now owns 2,693,696 shares of the real estate investment trust’s stock valued at $25,536,000 after buying an additional 2,678,431 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Rithm Capital in the 2nd quarter valued at about $22,001,000. Wellington Management Group LLP boosted its holdings in Rithm Capital by 14.4% in the 2nd quarter. Wellington Management Group LLP now owns 11,616,077 shares of the real estate investment trust’s stock worth $109,075,000 after buying an additional 1,466,315 shares during the last quarter. Finally, BlueCrest Capital Management Ltd boosted its holdings in Rithm Capital by 37.8% in the 2nd quarter. BlueCrest Capital Management Ltd now owns 2,046,427 shares of the real estate investment trust’s stock worth $19,216,000 after buying an additional 561,819 shares during the last quarter. Hedge funds and other institutional investors own 44.92% of the company’s stock.

About Rithm Capital

Rithm Capital Corp. is a real estate investment trust and financial services company focused primarily on residential real estate and mortgage-related investments. Formerly known as New Residential Investment Corp., the company adopted the Rithm Capital name in 2022.

Through its operating businesses and investment platforms, Rithm participates in mortgage servicing, mortgage origination, residential mortgage loans, mortgage servicing rights and other housing-related assets. Its businesses include Newrez, a mortgage platform that provides home loan origination, servicing and related services, as well as other investments connected to residential real estate and private lending.

Rithm primarily serves the U.S.