Kovack Advisors Inc. Decreases Stock Holdings in Rithm Capital Corp. (NYSE:RITM)

Kovack Advisors Inc. cut its holdings in shares of Rithm Capital Corp. (NYSE:RITM) by 28.0% during the third quarter, HoldingsChannel.com reports. The firm owned 39,105 shares of the real estate investment trust’s stock after selling 15,240 shares during the period. Kovack Advisors Inc.’s holdings in Rithm Capital were worth $444,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Empowered Funds LLC acquired a new position in Rithm Capital during the 1st quarter valued at approximately $136,000. Sei Investments Co. raised its stake in Rithm Capital by 725.7% in the 1st quarter. Sei Investments Co. now owns 395,384 shares of the real estate investment trust’s stock worth $4,412,000 after acquiring an additional 347,499 shares during the last quarter. Russell Investments Group Ltd. lifted its position in Rithm Capital by 196.3% during the 1st quarter. Russell Investments Group Ltd. now owns 26,182 shares of the real estate investment trust’s stock worth $293,000 after acquiring an additional 17,345 shares during the period. Avantax Advisory Services Inc. grew its stake in Rithm Capital by 10.3% during the 1st quarter. Avantax Advisory Services Inc. now owns 23,682 shares of the real estate investment trust’s stock valued at $264,000 after purchasing an additional 2,214 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System increased its holdings in shares of Rithm Capital by 0.7% in the first quarter. State Board of Administration of Florida Retirement System now owns 445,905 shares of the real estate investment trust’s stock valued at $4,976,000 after purchasing an additional 2,937 shares during the period. 44.92% of the stock is currently owned by hedge funds and other institutional investors.

Rithm Capital Stock Performance

NYSE RITM opened at $10.79 on Friday. Rithm Capital Corp. has a fifty-two week low of $9.94 and a fifty-two week high of $12.02. The firm has a market capitalization of $5.61 billion, a P/E ratio of 10.89 and a beta of 1.80. The stock’s fifty day moving average is $11.02 and its two-hundred day moving average is $11.16. 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 data 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 during the quarter, compared to analysts’ expectations 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 last year, the company posted $0.58 EPS. On average, research analysts anticipate that Rithm Capital Corp. will post 1.89 earnings per share for the current year.

Rithm Capital Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 1st were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 9.27%. The ex-dividend date was Tuesday, October 1st. Rithm Capital’s dividend payout ratio (DPR) is currently 101.01%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on RITM. Royal Bank of Canada reissued an “outperform” rating and set a $13.00 price target on shares of Rithm Capital in a research report on Tuesday, August 13th. Wedbush reissued an “outperform” rating and set a $14.00 target price on shares of Rithm Capital in a report on Thursday, November 7th. Finally, JMP Securities upped their price target on shares of Rithm Capital from $11.00 to $12.50 and gave the company a “market outperform” rating in a report on Friday, July 19th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Rithm Capital has a consensus rating of “Moderate Buy” and a consensus price target of $12.78.

Rithm Capital Company 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.