Principal Financial Group Inc. Reduces Holdings in Rithm Capital Corp. (NYSE:RITM)

Principal Financial Group Inc. decreased its holdings in shares of Rithm Capital Corp. (NYSE:RITM) by 14.0% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 30,878 shares of the real estate investment trust’s stock after selling 5,037 shares during the period. Principal Financial Group Inc.’s holdings in Rithm Capital were worth $350,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Northwestern Mutual Wealth Management Co. boosted its position in Rithm Capital by 154.4% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,513 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 1,525 shares in the last quarter. Truvestments Capital LLC purchased a new stake in Rithm Capital during the 3rd quarter worth $43,000. Wilmington Savings Fund Society FSB purchased a new stake in Rithm Capital during the 3rd quarter worth $43,000. Godsey & Gibb Inc. purchased a new stake in Rithm Capital during the 3rd quarter worth approximately $51,000. Finally, Future Financial Wealth Managment LLC bought a new position in shares of Rithm Capital during the third quarter worth about $73,000. Institutional investors and hedge funds own 44.92% of the company’s stock.

Rithm Capital Price Performance

NYSE RITM opened at $11.06 on Tuesday. Rithm Capital Corp. has a twelve month low of $9.97 and a twelve month high of $12.02. The stock has a 50-day simple moving average of $10.91 and a 200 day simple moving average of $11.10. The stock has a market capitalization of $5.75 billion, a PE ratio of 11.17 and a beta of 1.79. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.35 and a current ratio of 1.35.

Rithm Capital (NYSE:RITM) last posted its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.12. The firm had revenue of $619.51 million for the quarter, compared to the consensus estimate of $1.11 billion. Rithm Capital had a net margin of 14.99% and a return on equity of 17.54%. During the same quarter in the previous year, the company earned $0.58 earnings per share. Research analysts anticipate that Rithm Capital Corp. will post 1.93 EPS for the current year.

Rithm Capital Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.00 annualized dividend and a yield of 9.04%. Rithm Capital’s dividend payout ratio is 101.01%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Keefe, Bruyette & Woods lifted their target price on Rithm Capital from $13.00 to $13.50 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Royal Bank of Canada reissued an “outperform” rating and issued a $13.00 price target on shares of Rithm Capital in a report on Thursday, November 21st. Finally, Wedbush reissued an “outperform” rating and issued a $14.00 price target on shares of Rithm Capital in a research note on Thursday, November 7th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price 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.