AIA Group Ltd Increases Stock Holdings in Rithm Capital Corp. $RITM

AIA Group Ltd boosted its stake in Rithm Capital Corp. (NYSE:RITM) by 86.9% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 326,436 shares of the real estate investment trust’s stock after purchasing an additional 151,733 shares during the quarter. AIA Group Ltd’s holdings in Rithm Capital were worth $3,718,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in RITM. Waterfall Asset Management LLC raised its stake in Rithm Capital by 169.7% in the third quarter. Waterfall Asset Management LLC now owns 360,573 shares of the real estate investment trust’s stock worth $4,115,000 after buying an additional 226,859 shares in the last quarter. Public Sector Pension Investment Board bought a new stake in Rithm Capital during the 3rd quarter valued at approximately $1,519,000. Envestnet Asset Management Inc. grew its holdings in shares of Rithm Capital by 246.8% during the 3rd quarter. Envestnet Asset Management Inc. now owns 433,567 shares of the real estate investment trust’s stock worth $4,938,000 after acquiring an additional 308,555 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Rithm Capital by 16.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,415,844 shares of the real estate investment trust’s stock worth $15,985,000 after acquiring an additional 201,720 shares during the period. Finally, Thrivent Financial for Lutherans raised its position 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 worth $2,129,000 after acquiring an additional 98,269 shares in the last quarter. 44.92% of the stock is owned by hedge funds and other institutional investors.

Rithm Capital Stock Performance

Rithm Capital stock opened at $9.03 on Friday. Rithm Capital Corp. has a twelve month low of $8.97 and a twelve month high of $12.74. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 2.20. The company has a market capitalization of $5.02 billion, a P/E ratio of 8.68 and a beta of 1.21. The stock’s 50 day moving average is $10.63 and its 200 day moving average is $11.08.

Rithm Capital (NYSE:RITM) last announced its quarterly earnings data 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 return on equity of 19.74% and a net margin of 15.55%.The business had revenue of $1.29 billion during the quarter, compared to analysts’ expectations of $1.24 billion. On average, equities research analysts predict that Rithm Capital Corp. will post 1.93 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on RITM. Wedbush began coverage on Rithm Capital in a research note on Monday, December 15th. They issued an “outperform” rating and a $14.00 target price for the company. Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of Rithm Capital in a report on Thursday, December 18th. Weiss Ratings reissued a “hold (c+)” rating on shares of Rithm Capital in a research report on Monday, December 29th. Wall Street Zen upgraded shares of Rithm Capital from a “hold” rating to a “buy” rating in a report on Saturday, March 7th. Finally, UBS Group set a $15.00 target price on shares of Rithm Capital in a research report on Friday, February 6th. Seven investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Rithm Capital presently has an average rating of “Moderate Buy” and an average target price of $14.50.

Rithm Capital Company Profile

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.