Belpointe Asset Management LLC Raises Stake in Rithm Capital Corp. $RITM

Belpointe Asset Management LLC boosted its holdings in shares of Rithm Capital Corp. (NYSE:RITM) by 3.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 56,296 shares of the real estate investment trust’s stock after acquiring an additional 1,776 shares during the period. Belpointe Asset Management LLC’s holdings in Rithm Capital were worth $636,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. SouthState Corp purchased a new position in Rithm Capital in the first quarter worth about $25,000. Fourth Dimension Wealth LLC raised its holdings in Rithm Capital by 50.0% in the first quarter. Fourth Dimension Wealth LLC now owns 3,000 shares of the real estate investment trust’s stock worth $34,000 after buying an additional 1,000 shares during the last quarter. Ameritas Advisory Services LLC purchased a new position in Rithm Capital in the second quarter worth about $43,000. SVB Wealth LLC purchased a new position in Rithm Capital in the first quarter worth about $57,000. Finally, GAMMA Investing LLC raised its holdings in Rithm Capital by 19.1% in the second quarter. GAMMA Investing LLC now owns 5,528 shares of the real estate investment trust’s stock worth $62,000 after buying an additional 887 shares during the last quarter. 44.92% of the stock is owned by hedge funds and other institutional investors.

Rithm Capital Stock Down 1.5%

RITM opened at $10.79 on Friday. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 1.63. The firm has a 50 day moving average price of $12.05 and a 200-day moving average price of $11.52. Rithm Capital Corp. has a twelve month low of $9.13 and a twelve month high of $12.74. The stock has a market capitalization of $5.72 billion, a price-to-earnings ratio of 8.30 and a beta of 1.31.

Rithm Capital (NYSE:RITM) last released its quarterly earnings data on Monday, July 28th. The real estate investment trust reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.03. Rithm Capital had a net margin of 16.72% and a return on equity of 18.89%. The firm had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. Equities research analysts forecast that Rithm Capital Corp. will post 1.93 earnings per share for the current year.

Rithm Capital Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Wednesday, October 1st will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 9.3%. The ex-dividend date is Wednesday, October 1st. Rithm Capital’s payout ratio is 76.92%.

Analyst Ratings Changes

Several research analysts have issued reports on RITM shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Rithm Capital in a report on Wednesday. Wedbush reaffirmed an “outperform” rating and issued a $14.00 target price on shares of Rithm Capital in a report on Wednesday, August 6th. Keefe, Bruyette & Woods lifted their target price on shares of Rithm Capital from $13.50 to $14.00 and gave the stock an “outperform” rating in a report on Tuesday, July 29th. Jones Trading lifted their target price on shares of Rithm Capital from $12.50 to $13.50 and gave the stock a “buy” rating in a report on Tuesday, July 29th. Finally, Royal Bank Of Canada boosted their price objective on shares of Rithm Capital from $13.00 to $14.00 and gave the company an “outperform” rating in a report on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating and nine have assigned a Buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $14.25.

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.