Rithm Capital Corp. (NYSE:RITM – Get Rating) declared a quarterly dividend on Friday, September 23rd, Wall Street Journal reports. Shareholders of record on Tuesday, October 4th will be paid a dividend of 0.25 per share by the real estate investment trust on Friday, October 28th. This represents a $1.00 dividend on an annualized basis and a yield of 12.24%. The ex-dividend date of this dividend is Monday, October 3rd.
Rithm Capital has decreased its dividend payment by an average of 23.4% per year over the last three years and has increased its dividend every year for the last 1 years. Rithm Capital has a payout ratio of 63.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Rithm Capital to earn $1.30 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 76.9%.
Rithm Capital Price Performance
Shares of NYSE RITM traded down $0.24 during mid-day trading on Friday, reaching $8.17. The company’s stock had a trading volume of 7,529,982 shares, compared to its average volume of 5,367,400. The stock has a 50-day moving average of $9.76 and a two-hundred day moving average of $10.19. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.52 and a current ratio of 0.52. The stock has a market capitalization of $3.81 billion, a P/E ratio of 4.07 and a beta of 1.70. Rithm Capital has a 1-year low of $7.97 and a 1-year high of $11.81.
Analyst Upgrades and Downgrades
Several analysts have issued reports on the company. Credit Suisse Group dropped their target price on Rithm Capital to $12.00 in a report on Friday, July 22nd. Raymond James cut their price objective on shares of Rithm Capital from $13.00 to $12.50 and set an “outperform” rating for the company in a research report on Wednesday, August 17th. Finally, Piper Sandler cut shares of Rithm Capital from a “neutral” rating to an “underweight” rating and dropped their price target for the company from $12.00 to $10.00 in a research note on Monday, June 13th. One analyst has rated the stock with a sell rating and six have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $11.80.
Institutional Investors Weigh In On Rithm Capital
Institutional investors and hedge funds have recently made changes to their positions in the stock. Advisory Services Network LLC grew its stake in shares of Rithm Capital by 7.1% in the first quarter. Advisory Services Network LLC now owns 69,964 shares of the real estate investment trust’s stock valued at $768,000 after buying an additional 4,622 shares in the last quarter. BNP Paribas Arbitrage SA increased its stake in Rithm Capital by 43.1% during the first quarter. BNP Paribas Arbitrage SA now owns 294,559 shares of the real estate investment trust’s stock worth $3,234,000 after purchasing an additional 88,781 shares during the period. Advisors Asset Management Inc. lifted its position in shares of Rithm Capital by 340.2% during the first quarter. Advisors Asset Management Inc. now owns 53,015 shares of the real estate investment trust’s stock worth $582,000 after purchasing an additional 40,971 shares in the last quarter. Beacon Pointe Advisors LLC purchased a new position in shares of Rithm Capital in the first quarter valued at approximately $236,000. Finally, Point72 Hong Kong Ltd acquired a new position in shares of Rithm Capital in the first quarter valued at approximately $165,000. 46.51% of the stock is owned by hedge funds and other institutional investors.
About Rithm Capital
Rithm Capital Corp. provides capital and services to the real estate and financial services sectors in the United States. Its investment portfolio comprises mortgage servicing related assets, residential securities and loans, and consumer loans. It qualifies as a real estate investment trust for federal income tax purposes.
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