Rithm Capital Corp. $RITM Shares Acquired by DAVENPORT & Co LLC

DAVENPORT & Co LLC grew its holdings in Rithm Capital Corp. (NYSE:RITM) by 8.9% in the second quarter, Holdings Channel.com reports. The institutional investor owned 79,391 shares of the real estate investment trust’s stock after buying an additional 6,500 shares during the quarter. DAVENPORT & Co LLC’s holdings in Rithm Capital were worth $896,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Wealthcare Advisory Partners LLC grew its stake in Rithm Capital by 5.9% during the 2nd quarter. Wealthcare Advisory Partners LLC now owns 25,441 shares of the real estate investment trust’s stock valued at $287,000 after acquiring an additional 1,414 shares in the last quarter. Checchi Capital Advisers LLC acquired a new position in shares of Rithm Capital during the 2nd quarter worth approximately $186,000. Elevate Capital Advisors LLC acquired a new position in shares of Rithm Capital during the 2nd quarter worth approximately $121,000. QRG Capital Management Inc. lifted its position in Rithm Capital by 11.4% during the second quarter. QRG Capital Management Inc. now owns 237,221 shares of the real estate investment trust’s stock worth $2,678,000 after buying an additional 24,251 shares in the last quarter. Finally, Ameritas Advisory Services LLC purchased a new position in Rithm Capital during the second quarter worth approximately $43,000. Hedge funds and other institutional investors own 44.92% of the company’s stock.

Rithm Capital Price Performance

Rithm Capital stock opened at $10.66 on Friday. The company’s 50 day simple moving average is $12.02 and its 200-day simple moving average is $11.51. The company has a market capitalization of $5.65 billion, a price-to-earnings ratio of 8.20 and a beta of 1.31. Rithm Capital Corp. has a 1 year low of $9.13 and a 1 year high of $12.74. The company has a debt-to-equity ratio of 1.63, a quick ratio of 0.40 and a current ratio of 0.40.

Rithm Capital (NYSE:RITM) last posted its earnings results on Monday, July 28th. The real estate investment trust reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.03. Rithm Capital had a net margin of 16.72% and a return on equity of 18.89%. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. As a group, equities research analysts expect that Rithm Capital Corp. will post 1.93 earnings per share for the current year.

Rithm Capital Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Wednesday, October 1st will be paid a dividend of $0.25 per share. The ex-dividend date is Wednesday, October 1st. This represents a $1.00 dividend on an annualized basis and a yield of 9.4%. Rithm Capital’s dividend payout ratio is 76.92%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Wedbush reaffirmed an “outperform” rating and issued a $14.00 target price on shares of Rithm Capital in a research note on Wednesday, August 6th. BTIG Research reissued a “buy” rating and issued a $16.00 price objective on shares of Rithm Capital in a report on Wednesday, September 17th. Keefe, Bruyette & Woods upped their price objective on shares of Rithm Capital from $13.50 to $14.00 and gave the company an “outperform” rating in a report on Tuesday, July 29th. Jones Trading boosted their target price on shares of Rithm Capital from $12.50 to $13.50 and gave the company a “buy” rating in a report on Tuesday, July 29th. Finally, UBS Group boosted their target price on shares of Rithm Capital from $14.00 to $16.00 and gave the company a “buy” rating in a report on Wednesday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating and nine have assigned a Buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $14.25.

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.