JPMorgan Chase & Co. Buys 121,137 Shares of Rithm Capital Corp. $RITM

JPMorgan Chase & Co. grew its stake in shares of Rithm Capital Corp. (NYSE:RITM) by 8.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,536,981 shares of the real estate investment trust’s stock after acquiring an additional 121,137 shares during the period. JPMorgan Chase & Co.’s holdings in Rithm Capital were worth $17,506,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the company. State Street Corp increased its stake in shares of Rithm Capital by 11.5% during the second quarter. State Street Corp now owns 10,178,853 shares of the real estate investment trust’s stock worth $117,426,000 after purchasing an additional 1,052,130 shares during the period. Geode Capital Management LLC increased its position in Rithm Capital by 1.1% during the 2nd quarter. Geode Capital Management LLC now owns 8,991,146 shares of the real estate investment trust’s stock worth $101,528,000 after buying an additional 98,307 shares during the period. Norges Bank bought a new position in Rithm Capital during the 2nd quarter worth $72,762,000. Qube Research & Technologies Ltd lifted its holdings in shares of Rithm Capital by 31.5% during the second quarter. Qube Research & Technologies Ltd now owns 4,366,657 shares of the real estate investment trust’s stock worth $49,300,000 after buying an additional 1,045,018 shares in the last quarter. Finally, Conversant Capital LLC boosted its position in shares of Rithm Capital by 16.7% in the second quarter. Conversant Capital LLC now owns 3,960,500 shares of the real estate investment trust’s stock valued at $44,714,000 after acquiring an additional 565,500 shares during the period. Institutional investors own 44.92% of the company’s stock.

Rithm Capital Stock Performance

Shares of Rithm Capital stock opened at $9.97 on Wednesday. The company has a 50 day moving average of $11.00 and a 200-day moving average of $11.30. Rithm Capital Corp. has a 1-year low of $9.13 and a 1-year high of $12.74. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 2.20. The company has a market cap of $5.54 billion, a PE ratio of 9.59 and a beta of 1.21.

Rithm Capital (NYSE:RITM) last announced its quarterly earnings data on Tuesday, February 3rd. The real estate investment trust reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.19. Rithm Capital had a net margin of 15.55% and a return on equity of 19.74%. The business had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.24 billion. As a group, equities research analysts forecast that Rithm Capital Corp. will post 1.93 earnings per share for the current fiscal year.

Rithm Capital Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 30th. Stockholders of record on Wednesday, December 31st were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 10.0%. Rithm Capital’s payout ratio is 96.15%.

Analysts Set New Price Targets

A number of research firms recently commented on RITM. UBS Group set a $15.00 price target on shares of Rithm Capital in a research report on Friday, February 6th. Piper Sandler restated an “overweight” rating and set a $15.00 target price (down from $15.50) on shares of Rithm Capital in a research report on Wednesday, February 4th. Wedbush started coverage on shares of Rithm Capital in a report on Monday, December 15th. They set an “outperform” rating and a $14.00 target price on the stock. Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of Rithm Capital in a research report on Thursday, December 18th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Rithm Capital in a research report on Monday, December 29th. Seven analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $14.50.

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.