Sterling Capital Management LLC Sells 155,972 Shares of Rithm Capital Corp. $RITM

Sterling Capital Management LLC trimmed its position in shares of Rithm Capital Corp. (NYSE:RITM) by 80.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 36,809 shares of the real estate investment trust’s stock after selling 155,972 shares during the period. Sterling Capital Management LLC’s holdings in Rithm Capital were worth $349,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of RITM. Vanguard Group Inc. grew its position in Rithm Capital by 2.4% during the fourth quarter. Vanguard Group Inc. now owns 50,282,841 shares of the real estate investment trust’s stock valued at $548,083,000 after acquiring an additional 1,191,923 shares during the last quarter. State Street Corp boosted its stake in shares of Rithm Capital by 5.3% in the 4th quarter. State Street Corp now owns 10,557,874 shares of the real estate investment trust’s stock valued at $117,701,000 after purchasing an additional 530,607 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Rithm Capital by 4.8% in the 4th quarter. Geode Capital Management LLC now owns 9,621,935 shares of the real estate investment trust’s stock valued at $104,904,000 after purchasing an additional 443,144 shares in the last quarter. Qube Research & Technologies Ltd grew its holdings in shares of Rithm Capital by 80.7% during the 3rd quarter. Qube Research & Technologies Ltd now owns 7,890,987 shares of the real estate investment trust’s stock valued at $89,878,000 after purchasing an additional 3,524,330 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Rithm Capital during the 4th quarter valued at $77,067,000. Institutional investors own 44.92% of the company’s stock.

Wall Street Analyst Weigh In

RITM has been the subject of several recent research reports. Royal Bank Of Canada lowered their price target on shares of Rithm Capital from $14.00 to $13.00 and set an “outperform” rating for the company in a research note on Friday, May 1st. Capital One Financial set a $12.50 price objective on Rithm Capital in a research note on Thursday, April 9th. UBS Group reduced their price objective on Rithm Capital from $15.00 to $14.50 and set a “buy” rating on the stock in a research note on Friday, April 10th. Citigroup reiterated an “outperform” rating on shares of Rithm Capital in a report on Wednesday, May 20th. Finally, Wedbush lowered their target price on Rithm Capital from $14.00 to $12.50 and set an “outperform” rating for the company in a research note on Friday, May 1st. Ten research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $13.20.

Insider Buying and Selling at Rithm Capital

In related news, Director David Saltzman sold 80,922 shares of the firm’s stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $9.25, for a total value of $748,528.50. Following the sale, the director directly owned 44,248 shares of the company’s stock, valued at $409,294. This trade represents a 64.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.57% of the company’s stock.

Rithm Capital Stock Down 0.3%

Shares of NYSE RITM opened at $9.07 on Friday. The firm’s fifty day moving average is $9.38 and its 200 day moving average is $10.09. Rithm Capital Corp. has a 52 week low of $8.43 and a 52 week high of $12.74. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 4.02. The company has a market cap of $5.06 billion, a price-to-earnings ratio of 8.32 and a beta of 1.14.

Rithm Capital (NYSE:RITM) last announced its quarterly earnings results on Tuesday, April 28th. The real estate investment trust reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.02). The firm had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.27 billion. Rithm Capital had a net margin of 14.44% and a return on equity of 19.48%. On average, equities research analysts expect that Rithm Capital Corp. will post 2.27 earnings per share for the current year.

Rithm Capital Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Thursday, July 2nd will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 11.0%. The ex-dividend date is Thursday, July 2nd. Rithm Capital’s dividend payout ratio is currently 91.74%.

About Rithm Capital

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.