Envestnet Asset Management Inc. Buys 308,555 Shares of Rithm Capital Corp. $RITM

Envestnet Asset Management Inc. raised its position in shares of Rithm Capital Corp. (NYSE:RITM) by 246.8% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 433,567 shares of the real estate investment trust’s stock after purchasing an additional 308,555 shares during the period. Envestnet Asset Management Inc. owned approximately 0.08% of Rithm Capital worth $4,938,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in RITM. Westbourne Investment Advisors Inc. purchased a new stake in Rithm Capital during the second quarter valued at about $593,000. JPMorgan Chase & Co. lifted its stake in shares of Rithm Capital by 16.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,415,844 shares of the real estate investment trust’s stock valued at $15,985,000 after acquiring an additional 201,720 shares during the last quarter. Thrivent Financial for Lutherans lifted its stake in shares of Rithm Capital by 108.7% in the 2nd quarter. Thrivent Financial for Lutherans now owns 188,633 shares of the real estate investment trust’s stock valued at $2,129,000 after acquiring an additional 98,269 shares during the last quarter. Y Intercept Hong Kong Ltd boosted its holdings in Rithm Capital by 459.2% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 239,007 shares of the real estate investment trust’s stock valued at $2,722,000 after acquiring an additional 196,265 shares during the period. Finally, Synergy Asset Management LLC bought a new position in Rithm Capital during the 3rd quarter worth approximately $2,821,000. 44.92% of the stock is owned by hedge funds and other institutional investors.

Rithm Capital Trading Down 1.1%

NYSE RITM opened at $10.47 on Monday. The stock’s 50 day moving average is $11.14 and its 200 day moving average is $11.41. The firm has a market capitalization of $5.82 billion, a PE ratio of 10.06 and a beta of 1.20. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 2.20. Rithm Capital Corp. has a twelve month low of $9.13 and a twelve month high of $12.74.

Rithm Capital (NYSE:RITM) last issued its quarterly earnings results on Tuesday, February 3rd. The real estate investment trust reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.19. Rithm Capital had a net margin of 15.55% and a return on equity of 19.74%. The company had revenue of $1.29 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Research analysts forecast that Rithm Capital Corp. will post 1.93 earnings per share for the current fiscal year.

Rithm Capital Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 30th. Stockholders of record on Wednesday, December 31st were given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 9.6%. The ex-dividend date of this dividend was Wednesday, December 31st. Rithm Capital’s payout ratio is currently 96.15%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on RITM. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Rithm Capital in a research note on Thursday, December 18th. Piper Sandler reissued an “overweight” rating and set a $15.00 price target (down previously from $15.50) on shares of Rithm Capital in a research report on Wednesday, February 4th. Wedbush assumed coverage on shares of Rithm Capital in a report on Monday, December 15th. They issued an “outperform” rating and a $14.00 price target on the stock. JonesTrading reaffirmed a “buy” rating and set a $13.50 price objective on shares of Rithm Capital in a research note on Thursday, October 30th. Finally, UBS Group set a $15.00 target price on shares of Rithm Capital in a report on Friday, February 6th. Seven research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $14.50.

About Rithm Capital

Rithm Capital Corporation is a specialty finance company that originates, acquires and manages structured credit investments collateralized by real estate assets in the United States. The company focuses primarily on senior floating-rate loans secured by multifamily, commercial, industrial and single-family rental properties, aiming to deliver attractive risk-adjusted yields through a diversified portfolio of floating-rate real estate debt.

In addition to senior loans, Rithm Capital invests in residential mortgage-backed securities, including agency and non-agency pools, as well as other real estate-related credit instruments.