Rithm Capital Corp. (NYSE:RITM) to Post FY2023 Earnings of $1.96 Per Share, B. Riley Forecasts

Rithm Capital Corp. (NYSE:RITM) – Equities researchers at B. Riley increased their FY2023 earnings estimates for shares of Rithm Capital in a report issued on Monday, November 13th. B. Riley analyst M. Howlett now anticipates that the real estate investment trust will post earnings of $1.96 per share for the year, up from their previous forecast of $1.51. The consensus estimate for Rithm Capital’s current full-year earnings is $1.72 per share. B. Riley also issued estimates for Rithm Capital’s Q4 2023 earnings at $0.41 EPS, Q2 2024 earnings at $0.43 EPS, Q3 2024 earnings at $0.44 EPS, Q4 2024 earnings at $0.45 EPS, FY2024 earnings at $1.74 EPS and FY2025 earnings at $1.86 EPS.

Several other analysts have also recently issued reports on the stock. Compass Point upped their target price on shares of Rithm Capital from $11.00 to $12.00 in a research report on Monday, October 2nd. Royal Bank of Canada restated an “outperform” rating and set a $12.00 target price on shares of Rithm Capital in a research report on Friday, August 18th. Piper Sandler upped their price target on shares of Rithm Capital from $10.00 to $10.50 in a report on Monday, August 7th. Wedbush reiterated an “outperform” rating and set a $12.00 price target on shares of Rithm Capital in a report on Thursday, August 3rd. Finally, Raymond James upped their price target on shares of Rithm Capital from $11.50 to $12.00 and gave the company an “outperform” rating in a report on Wednesday, August 30th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $11.50.

Rithm Capital Stock Up 0.3 %

Shares of NYSE RITM opened at $10.11 on Wednesday. The firm’s 50-day moving average price is $9.55 and its 200-day moving average price is $9.33. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $4.89 billion, a price-to-earnings ratio of 6.98 and a beta of 1.86. Rithm Capital has a 12-month low of $7.40 and a 12-month high of $10.45.

Rithm Capital (NYSE:RITM) last announced its earnings results on Thursday, October 26th. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.24. The firm had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $922.90 million. Rithm Capital had a net margin of 21.51% and a return on equity of 17.01%. The business’s revenue was up 4.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.32 EPS.

Rithm Capital Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 27th. Shareholders of record on Friday, September 29th were paid a $0.25 dividend. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $1.00 dividend on an annualized basis and a yield of 9.89%. Rithm Capital’s dividend payout ratio is currently 68.97%.

Hedge Funds Weigh In On Rithm Capital

A number of hedge funds have recently added to or reduced their stakes in RITM. Lazard Asset Management LLC bought a new position in Rithm Capital in the 4th quarter worth about $34,000. American International Group Inc. bought a new position in Rithm Capital in the 4th quarter worth about $36,000. Castleview Partners LLC lifted its position in shares of Rithm Capital by 690.6% in the 3rd quarter. Castleview Partners LLC now owns 4,016 shares of the real estate investment trust’s stock worth $37,000 after purchasing an additional 3,508 shares during the period. Advisory Services Network LLC lifted its position in shares of Rithm Capital by 55.5% in the 1st quarter. Advisory Services Network LLC now owns 4,929 shares of the real estate investment trust’s stock worth $39,000 after purchasing an additional 1,760 shares during the period. Finally, Kathleen S. Wright Associates Inc. purchased a new stake in shares of Rithm Capital in the 2nd quarter worth approximately $42,000. 44.58% of the stock is currently owned by institutional investors.

About Rithm Capital

Rithm Capital Corp. operates as an investment manager that operates a vertically integrated mortgage platform and invests in real estate and related properties in the United States and Europe. The company provides capital and services to the real estate and financial services sectors. Its investment portfolio comprises mortgage servicing related assets, residential securities and loans, and single-family rental loans.