Principal Financial Group Inc. Sells 1,623 Shares of Rithm Capital Corp. (NYSE:RITM)

Principal Financial Group Inc. decreased its holdings in shares of Rithm Capital Corp. (NYSE:RITM) by 5.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 25,699 shares of the real estate investment trust’s stock after selling 1,623 shares during the quarter. Principal Financial Group Inc.’s holdings in Rithm Capital were worth $294,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of RITM. Rossby Financial LCC bought a new position in Rithm Capital in the first quarter worth approximately $79,000. DAVENPORT & Co LLC grew its stake in Rithm Capital by 26.9% in the first quarter. DAVENPORT & Co LLC now owns 72,891 shares of the real estate investment trust’s stock worth $835,000 after purchasing an additional 15,441 shares in the last quarter. Summit Trail Advisors LLC grew its stake in Rithm Capital by 8.0% in the first quarter. Summit Trail Advisors LLC now owns 53,353 shares of the real estate investment trust’s stock worth $624,000 after purchasing an additional 3,973 shares in the last quarter. Kendall Capital Management bought a new position in Rithm Capital in the first quarter worth approximately $144,000. Finally, Amalgamated Bank grew its stake in Rithm Capital by 5.9% in the first quarter. Amalgamated Bank now owns 27,064 shares of the real estate investment trust’s stock worth $310,000 after purchasing an additional 1,502 shares in the last quarter. Institutional investors own 44.92% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on RITM. UBS Group reissued a “buy” rating and issued a $14.00 price objective (up previously from $13.00) on shares of Rithm Capital in a research note on Tuesday, July 15th. Piper Sandler raised Rithm Capital from a “neutral” rating to an “overweight” rating and increased their target price for the company from $12.50 to $14.00 in a research report on Monday, April 28th. Wedbush reaffirmed an “outperform” rating and set a $14.00 target price on shares of Rithm Capital in a research report on Monday, May 19th. Jones Trading reaffirmed a “buy” rating and set a $12.50 target price on shares of Rithm Capital in a research report on Tuesday, April 29th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $13.00 target price on shares of Rithm Capital in a research report on Tuesday, May 20th. Eight investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $13.69.

Rithm Capital Trading Up 0.3%

Shares of Rithm Capital stock opened at $11.94 on Monday. The stock has a market cap of $6.33 billion, a P/E ratio of 9.95 and a beta of 1.25. The stock’s 50 day simple moving average is $11.43 and its 200-day simple moving average is $11.31. Rithm Capital Corp. has a 1-year low of $9.13 and a 1-year high of $12.20. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.35 and a quick ratio of 0.35.

Rithm Capital (NYSE:RITM) last issued its earnings results on Friday, April 25th. The real estate investment trust reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.07. The business had revenue of $28.89 million for the quarter, compared to analysts’ expectations of $1.27 billion. Rithm Capital had a return on equity of 18.38% and a net margin of 15.06%. During the same period in the previous year, the firm posted $0.48 EPS. Analysts predict that Rithm Capital Corp. will post 1.93 EPS for the current fiscal year.

Rithm Capital Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, June 30th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 8.38%. The ex-dividend date of this dividend is Monday, June 30th. Rithm Capital’s dividend payout ratio is currently 83.33%.

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.