Bank of New York Mellon Corp Purchases 1,416,415 Shares of Rithm Capital Corp. $RITM

Bank of New York Mellon Corp increased its position in shares of Rithm Capital Corp. (NYSE:RITM) by 71.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,390,135 shares of the real estate investment trust’s stock after buying an additional 1,416,415 shares during the period. Bank of New York Mellon Corp’s holdings in Rithm Capital were worth $32,138,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in RITM. Norges Bank purchased a new stake in Rithm Capital in the fourth quarter worth about $77,067,000. Qube Research & Technologies Ltd increased its position in 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 period. Principal Financial Group Inc. raised its holdings in shares of Rithm Capital by 17,546.2% in the 1st quarter. Principal Financial Group Inc. now owns 2,693,696 shares of the real estate investment trust’s stock valued at $25,536,000 after purchasing an additional 2,678,431 shares in the last quarter. UBS Group AG raised its holdings in shares of Rithm Capital by 127.9% in the 3rd quarter. UBS Group AG now owns 3,718,822 shares of the real estate investment trust’s stock valued at $42,357,000 after purchasing an additional 2,087,282 shares in the last quarter. Finally, Balyasny Asset Management L.P. raised its holdings in shares of Rithm Capital by 52.1% in the 3rd quarter. Balyasny Asset Management L.P. now owns 5,939,093 shares of the real estate investment trust’s stock valued at $67,646,000 after purchasing an additional 2,033,973 shares in the last quarter. 44.92% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

RITM has been the topic of a number of recent research reports. Weiss Ratings downgraded shares of Rithm Capital from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, May 26th. UBS Group reduced their price objective on shares of Rithm Capital from $15.00 to $14.50 and set a “buy” rating for the company in a research note on Friday, April 10th. Wall Street Zen lowered Rithm Capital from a “hold” rating to a “sell” rating in a report on Monday, July 6th. Capital One Financial set a $12.50 target price on Rithm Capital in a research report on Thursday, April 9th. Finally, BTIG Research cut their price target on Rithm Capital from $16.00 to $13.00 and set a “buy” rating on the stock in a report on Tuesday, June 16th. Ten research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $13.20.

Insider Buying and Selling at Rithm Capital

In other news, Director David Saltzman sold 80,922 shares of the company’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $9.25, for a total transaction of $748,528.50. Following the transaction, the director owned 44,248 shares in the company, valued at $409,294. This represents a 64.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.57% of the company’s stock.

Rithm Capital Stock Down 0.2%

Rithm Capital stock opened at $9.11 on Monday. The company has a debt-to-equity ratio of 4.02, a current ratio of 1.28 and a quick ratio of 1.28. The stock has a market capitalization of $5.08 billion, a price-to-earnings ratio of 8.35 and a beta of 1.14. Rithm Capital Corp. has a 1-year low of $8.43 and a 1-year high of $12.74. The business has a fifty day moving average price of $9.21 and a 200-day moving average price of $9.88.

Rithm Capital (NYSE:RITM) last announced its earnings results on Tuesday, April 28th. The real estate investment trust reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.02). Rithm Capital had a net margin of 14.44% and a return on equity of 19.48%. The business had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.27 billion. Equities research analysts forecast that Rithm Capital Corp. will post 2.23 EPS for the current fiscal year.

Rithm Capital Dividend Announcement

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