Plato Investment Management Ltd Invests $170,000 in Rithm Capital Corp. (NYSE:RITM)

Plato Investment Management Ltd purchased a new position in shares of Rithm Capital Corp. (NYSE:RITM) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 15,275 shares of the real estate investment trust’s stock, valued at approximately $170,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Bayesian Capital Management LP acquired a new stake in shares of Rithm Capital during the 1st quarter valued at approximately $723,000. BlueCrest Capital Management Ltd raised its stake in shares of Rithm Capital by 1.0% in the 1st quarter. BlueCrest Capital Management Ltd now owns 2,134,661 shares of the real estate investment trust’s stock valued at $23,823,000 after purchasing an additional 21,424 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Rithm Capital by 7.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 225,902 shares of the real estate investment trust’s stock valued at $2,522,000 after purchasing an additional 15,098 shares in the last quarter. Beck Capital Management LLC raised its stake in Rithm Capital by 5.2% during the first quarter. Beck Capital Management LLC now owns 205,234 shares of the real estate investment trust’s stock worth $2,290,000 after acquiring an additional 10,056 shares during the period. Finally, Long Pond Capital LP bought a new position in Rithm Capital in the 1st quarter worth about $53,025,000. 44.92% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on RITM shares. Keefe, Bruyette & Woods increased their price objective on shares of Rithm Capital from $12.00 to $12.50 and gave the company an “outperform” rating in a report on Thursday, May 2nd. Piper Sandler increased their price target on shares of Rithm Capital from $10.50 to $12.50 and gave the stock a “neutral” rating in a research note on Tuesday, May 14th. B. Riley reiterated a “buy” rating and issued a $14.00 target price (up from $13.00) on shares of Rithm Capital in a research note on Friday, May 10th. Wedbush restated an “outperform” rating and issued a $13.00 price target on shares of Rithm Capital in a research report on Thursday, May 9th. Finally, JMP Securities raised their price objective on shares of Rithm Capital from $11.00 to $12.50 and gave the stock a “market outperform” rating in a report on Friday, July 19th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $12.45.

Rithm Capital Price Performance

Shares of RITM traded down $0.26 during mid-day trading on Thursday, reaching $11.35. The company had a trading volume of 5,667,172 shares, compared to its average volume of 3,289,866. The company’s 50 day simple moving average is $11.12 and its 200 day simple moving average is $10.98. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.29 and a current ratio of 0.29. Rithm Capital Corp. has a 1-year low of $8.87 and a 1-year high of $11.85. The company has a market capitalization of $5.49 billion, a price-to-earnings ratio of 7.59 and a beta of 1.82.

Rithm Capital (NYSE:RITM) last released its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.05. The company had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.15 billion. Rithm Capital had a net margin of 19.77% and a return on equity of 19.33%. Rithm Capital’s revenue for the quarter was up 18.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.62 EPS. Analysts expect that Rithm Capital Corp. will post 1.76 EPS for the current year.

Rithm Capital Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 26th. Shareholders of record on Monday, July 1st were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 8.81%. The ex-dividend date of this dividend was Monday, July 1st. Rithm Capital’s dividend payout ratio (DPR) is presently 66.67%.

About Rithm Capital

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.