Rithm Capital Corp. (NYSE:RITM) to Post FY2024 Earnings of $1.75 Per Share, Wedbush Forecasts

Rithm Capital Corp. (NYSE:RITM) – Equities researchers at Wedbush boosted their FY2024 earnings per share estimates for shares of Rithm Capital in a research note issued to investors on Thursday, May 9th. Wedbush analyst J. Mccanless now expects that the real estate investment trust will post earnings of $1.75 per share for the year, up from their previous estimate of $1.70. Wedbush has a “Outperform” rating and a $13.00 price objective on the stock. The consensus estimate for Rithm Capital’s current full-year earnings is $1.69 per share. Wedbush also issued estimates for Rithm Capital’s Q4 2024 earnings at $0.46 EPS.

Other equities analysts also recently issued reports about the company. Keefe, Bruyette & Woods raised their price target on Rithm Capital from $12.00 to $12.50 and gave the company an “outperform” rating in a report on Thursday, May 2nd. Jonestrading increased their price target on shares of Rithm Capital from $11.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, February 22nd. B. Riley boosted their price objective on shares of Rithm Capital from $12.00 to $13.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. Royal Bank of Canada reissued an “outperform” rating and issued a $12.00 target price on shares of Rithm Capital in a report on Monday, April 1st. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $11.00 price objective on shares of Rithm Capital in a research report on Thursday, April 18th. Nine analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $12.05.

Rithm Capital Stock Performance

Rithm Capital stock opened at $11.31 on Friday. The stock’s 50 day moving average is $11.00 and its 200 day moving average is $10.60. The company has a market capitalization of $5.47 billion, a P/E ratio of 7.54 and a beta of 1.80. Rithm Capital has a twelve month low of $7.80 and a twelve month high of $11.45. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.12.

Rithm Capital (NYSE:RITM) last posted its quarterly earnings data on Wednesday, February 7th. The real estate investment trust reported $0.51 EPS for the quarter, topping the consensus estimate of $0.35 by $0.16. Rithm Capital had a net margin of 19.77% and a return on equity of 19.38%. The business had revenue of $709.47 million for the quarter, compared to analyst estimates of $887.04 million. During the same quarter in the previous year, the firm posted $0.33 earnings per share.

Rithm Capital Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 26th. Shareholders of record on Monday, April 1st were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 8.84%. The ex-dividend date of this dividend was Thursday, March 28th. Rithm Capital’s dividend payout ratio is presently 66.67%.

Institutional Trading of Rithm Capital

Hedge funds have recently made changes to their positions in the business. Parkside Financial Bank & Trust lifted its stake in shares of Rithm Capital by 605.1% during the 4th quarter. Parkside Financial Bank & Trust now owns 2,489 shares of the real estate investment trust’s stock worth $27,000 after acquiring an additional 2,136 shares during the last quarter. American National Bank purchased a new stake in shares of Rithm Capital in the fourth quarter valued at approximately $27,000. Raleigh Capital Management Inc. lifted its holdings in shares of Rithm Capital by 125.4% in the 4th quarter. Raleigh Capital Management Inc. now owns 2,986 shares of the real estate investment trust’s stock worth $32,000 after buying an additional 1,661 shares during the period. GAMMA Investing LLC purchased a new position in shares of Rithm Capital during the fourth quarter valued at $34,000. Finally, Altshuler Shaham Ltd bought a new position in Rithm Capital during the 4th quarter worth about $43,000. 44.92% of the stock is currently owned by hedge funds and other institutional investors.

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.