Simplify Asset Management Inc. Raises Position in Rithm Capital Corp. (NYSE:RITM)

Simplify Asset Management Inc. boosted its stake in Rithm Capital Corp. (NYSE:RITM) by 276.5% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 134,800 shares of the real estate investment trust’s stock after buying an additional 99,000 shares during the quarter. Simplify Asset Management Inc.’s holdings in Rithm Capital were worth $1,496,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of RITM. Vanguard Group Inc. increased its stake in shares of Rithm Capital by 0.8% during the first quarter. Vanguard Group Inc. now owns 45,815,852 shares of the real estate investment trust’s stock valued at $511,305,000 after purchasing an additional 378,931 shares in the last quarter. Long Pond Capital LP bought a new position in shares of Rithm Capital during the first quarter valued at approximately $53,025,000. BlueCrest Capital Management Ltd increased its stake in shares of Rithm Capital by 1.0% during the first quarter. BlueCrest Capital Management Ltd now owns 2,134,661 shares of the real estate investment trust’s stock valued at $23,823,000 after purchasing an additional 21,424 shares in the last quarter. Van ECK Associates Corp increased its stake in shares of Rithm Capital by 20.7% during the third quarter. Van ECK Associates Corp now owns 2,004,057 shares of the real estate investment trust’s stock valued at $21,163,000 after purchasing an additional 343,678 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Rithm Capital by 10.0% during the second quarter. Bank of New York Mellon Corp now owns 1,753,224 shares of the real estate investment trust’s stock valued at $19,128,000 after purchasing an additional 158,857 shares in the last quarter. 44.92% of the stock is currently owned by hedge funds and other institutional investors.

Rithm Capital Price Performance

Shares of RITM traded down $0.01 during midday trading on Friday, hitting $10.77. 672,242 shares of the company traded hands, compared to its average volume of 3,523,844. The firm has a 50 day moving average of $11.02 and a 200-day moving average of $11.16. Rithm Capital Corp. has a 52 week low of $9.94 and a 52 week high of $12.02. The stock has a market cap of $5.60 billion, a price-to-earnings ratio of 10.89 and a beta of 1.80. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.35 and a current ratio of 1.35.

Rithm Capital (NYSE:RITM) last announced its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.12. The firm had revenue of $619.51 million for the quarter, compared to analysts’ expectations of $1.11 billion. Rithm Capital had a net margin of 14.99% and a return on equity of 17.54%. During the same period in the prior year, the company earned $0.58 EPS. On average, analysts forecast that Rithm Capital Corp. will post 1.89 EPS for the current fiscal year.

Rithm Capital Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 1st were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 9.29%. The ex-dividend date of this dividend was Tuesday, October 1st. Rithm Capital’s dividend payout ratio is 101.01%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on RITM. Wedbush reaffirmed an “outperform” rating and set a $14.00 target price on shares of Rithm Capital in a research note on Thursday, November 7th. JMP Securities raised their target price on shares of Rithm Capital from $11.00 to $12.50 and gave the company a “market outperform” rating in a research note on Friday, July 19th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $13.00 target price on shares of Rithm Capital in a research note on Tuesday, August 13th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $12.78.

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.