The Manufacturers Life Insurance Company Has $1.42 Million Stake in Rithm Capital Corp. (NYSE:RITM)

The Manufacturers Life Insurance Company raised its position in shares of Rithm Capital Corp. (NYSE:RITM) by 1.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 124,699 shares of the real estate investment trust’s stock after purchasing an additional 2,015 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Rithm Capital were worth $1,415,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of RITM. Northwestern Mutual Wealth Management Co. lifted its position in Rithm Capital by 154.4% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,513 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 1,525 shares in the last quarter. Truvestments Capital LLC purchased a new stake in shares of Rithm Capital during the third quarter worth $43,000. Godsey & Gibb Inc. purchased a new stake in shares of Rithm Capital during the third quarter worth $51,000. Future Financial Wealth Managment LLC acquired a new stake in Rithm Capital during the third quarter valued at $73,000. Finally, Summit Securities Group LLC purchased a new position in Rithm Capital in the second quarter valued at about $74,000. Hedge funds and other institutional investors own 44.92% of the company’s stock.

Rithm Capital Stock Down 0.3 %

RITM opened at $11.15 on Wednesday. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 1.63. The stock’s fifty day simple moving average is $10.80 and its 200 day simple moving average is $11.12. Rithm Capital Corp. has a 1-year low of $9.97 and a 1-year high of $12.02. The stock has a market cap of $5.79 billion, a PE ratio of 11.26 and a beta of 1.80.

Rithm Capital (NYSE:RITM) last released its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.12. The business had revenue of $619.51 million during the quarter, compared to analysts’ expectations of $1.11 billion. Rithm Capital had a return on equity of 17.54% and a net margin of 14.99%. During the same period last year, the firm posted $0.58 EPS. As a group, research analysts expect that Rithm Capital Corp. will post 1.89 earnings per share for the current year.

Rithm Capital Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 1st were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 8.97%. The ex-dividend date of this dividend was Tuesday, October 1st. Rithm Capital’s dividend payout ratio (DPR) is 101.01%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on RITM. Wedbush restated an “outperform” rating and set a $14.00 price target on shares of Rithm Capital in a research note on Thursday, November 7th. Royal Bank of Canada reiterated an “outperform” rating and set a $13.00 price target on shares of Rithm Capital in a research note on Thursday, November 21st. Finally, Keefe, Bruyette & Woods raised their price objective on Rithm Capital from $13.00 to $13.50 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $12.94.

Rithm Capital Company 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.