Park Avenue Securities LLC Makes New $134,000 Investment in Rithm Capital Corp. $RITM

Park Avenue Securities LLC bought a new position in Rithm Capital Corp. (NYSE:RITM) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 11,894 shares of the real estate investment trust’s stock, valued at approximately $134,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Kingstone Capital Partners Texas LLC acquired a new position in shares of Rithm Capital in the second quarter worth about $96,027,000. Wellington Management Group LLP boosted its holdings in shares of Rithm Capital by 36.3% in the first quarter. Wellington Management Group LLP now owns 4,907,737 shares of the real estate investment trust’s stock worth $56,194,000 after buying an additional 1,307,276 shares during the period. Mackenzie Financial Corp boosted its holdings in shares of Rithm Capital by 288.6% in the first quarter. Mackenzie Financial Corp now owns 2,725,392 shares of the real estate investment trust’s stock worth $31,206,000 after buying an additional 2,024,090 shares during the period. Allianz Asset Management GmbH boosted its holdings in shares of Rithm Capital by 13.7% in the first quarter. Allianz Asset Management GmbH now owns 2,654,621 shares of the real estate investment trust’s stock worth $30,395,000 after buying an additional 320,357 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Rithm Capital by 1.2% in the first quarter. Bank of New York Mellon Corp now owns 1,940,292 shares of the real estate investment trust’s stock worth $22,216,000 after buying an additional 23,839 shares during the period. 44.92% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Jones Trading increased their price target on shares of Rithm Capital from $12.50 to $13.50 and gave the stock a “buy” rating in a research report on Tuesday, July 29th. BTIG Research reissued a “buy” rating and issued a $16.00 price target on shares of Rithm Capital in a research report on Wednesday, September 17th. UBS Group increased their price target on shares of Rithm Capital from $14.00 to $16.00 and gave the stock a “buy” rating in a research report on Wednesday, September 3rd. Wedbush reissued an “outperform” rating and issued a $14.00 price target on shares of Rithm Capital in a research report on Wednesday, August 6th. Finally, Royal Bank Of Canada increased their price target on shares of Rithm Capital from $13.00 to $14.00 and gave the stock an “outperform” rating in a research report on Friday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating and eight have given a Buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $14.25.

Rithm Capital Trading Down 0.6%

Shares of Rithm Capital stock opened at $11.16 on Friday. The firm has a market capitalization of $5.92 billion, a PE ratio of 8.58 and a beta of 1.31. The company has a debt-to-equity ratio of 1.63, a current ratio of 0.40 and a quick ratio of 0.40. The company’s fifty day moving average price is $12.18 and its two-hundred day moving average price is $11.55. Rithm Capital Corp. has a 52-week low of $9.13 and a 52-week high of $12.74.

Rithm Capital (NYSE:RITM) last announced its quarterly earnings results on Monday, July 28th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.03. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. Rithm Capital had a net margin of 16.72% and a return on equity of 18.89%. On average, analysts expect that Rithm Capital Corp. will post 1.93 EPS for the current year.

Rithm Capital Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Wednesday, October 1st will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 9.0%. The ex-dividend date of this dividend is Wednesday, October 1st. Rithm Capital’s payout ratio is 76.92%.

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.