Essex Financial Services Inc. Acquires 1,277 Shares of Rithm Capital Corp. (NYSE:RITM)

Essex Financial Services Inc. boosted its holdings in Rithm Capital Corp. (NYSE:RITM) by 8.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 17,131 shares of the real estate investment trust’s stock after acquiring an additional 1,277 shares during the quarter. Essex Financial Services Inc.’s holdings in Rithm Capital were worth $186,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in RITM. Geode Capital Management LLC lifted its position in shares of Rithm Capital by 7.8% during the 3rd quarter. Geode Capital Management LLC now owns 8,415,057 shares of the real estate investment trust’s stock worth $95,537,000 after buying an additional 610,698 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Rithm Capital by 7.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,364,962 shares of the real estate investment trust’s stock valued at $60,892,000 after acquiring an additional 366,600 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Rithm Capital by 119.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,608,008 shares of the real estate investment trust’s stock valued at $52,301,000 after purchasing an additional 2,504,529 shares in the last quarter. Azora Capital LP grew its holdings in shares of Rithm Capital by 107.6% in the 3rd quarter. Azora Capital LP now owns 4,383,821 shares of the real estate investment trust’s stock worth $49,756,000 after purchasing an additional 2,271,671 shares during the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of Rithm Capital by 37.8% in the 3rd quarter. Wellington Management Group LLP now owns 3,567,917 shares of the real estate investment trust’s stock worth $40,496,000 after purchasing an additional 978,954 shares during the last quarter. Institutional investors and hedge funds own 44.92% of the company’s stock.

Rithm Capital Stock Up 0.3 %

Shares of NYSE RITM opened at $12.03 on Friday. The firm’s 50-day moving average is $11.23 and its 200-day moving average is $11.16. Rithm Capital Corp. has a 1 year low of $10.36 and a 1 year high of $12.10. The firm has a market capitalization of $6.25 billion, a PE ratio of 7.20 and a beta of 1.79. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 1.63.

Rithm Capital (NYSE:RITM) last posted its quarterly earnings results on Thursday, February 6th. The real estate investment trust reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.16. Rithm Capital had a return on equity of 18.46% and a net margin of 17.79%. Equities analysts expect that Rithm Capital Corp. will post 1.92 EPS for the current year.

Rithm Capital Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 31st. Investors of record on Tuesday, December 31st were given a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 8.32%. Rithm Capital’s dividend payout ratio is 59.88%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on RITM shares. JMP Securities restated a “market outperform” rating and issued a $12.50 price target on shares of Rithm Capital in a research report on Thursday, January 23rd. Royal Bank of Canada reiterated an “outperform” rating and issued a $13.00 price objective on shares of Rithm Capital in a research report on Thursday, November 21st. Keefe, Bruyette & Woods boosted their price objective on Rithm Capital from $13.00 to $13.50 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Wedbush reaffirmed an “outperform” rating and issued a $14.00 price target on shares of Rithm Capital in a report on Thursday, November 7th. Finally, B. Riley raised shares of Rithm Capital to a “strong-buy” rating in a report on Tuesday, January 7th. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Rithm Capital has an average rating of “Buy” and an average price target of $12.94.

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.