Franklin Resources Inc. Acquires 9,859 Shares of Rithm Capital Corp. (NYSE:RITM)

Franklin Resources Inc. boosted its stake in shares of Rithm Capital Corp. (NYSE:RITM) by 0.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,250,401 shares of the real estate investment trust’s stock after acquiring an additional 9,859 shares during the quarter. Franklin Resources Inc. owned about 0.24% of Rithm Capital worth $13,467,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Institute for Wealth Management LLC. raised its stake in shares of Rithm Capital by 12.0% in the second quarter. Institute for Wealth Management LLC. now owns 66,576 shares of the real estate investment trust’s stock valued at $726,000 after acquiring an additional 7,111 shares during the period. Catalyst Capital Advisors LLC purchased a new stake in Rithm Capital in the 2nd quarter worth about $263,000. Bank of New York Mellon Corp raised its position in Rithm Capital by 10.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,753,224 shares of the real estate investment trust’s stock worth $19,128,000 after purchasing an additional 158,857 shares during the period. Summit Securities Group LLC purchased a new position in shares of Rithm Capital during the second quarter valued at approximately $74,000. Finally, HB Wealth Management LLC boosted its position in shares of Rithm Capital by 16.8% during the second quarter. HB Wealth Management LLC now owns 13,722 shares of the real estate investment trust’s stock valued at $150,000 after buying an additional 1,978 shares during the period. 44.92% of the stock is currently owned by hedge funds and other institutional investors.

Rithm Capital Price Performance

RITM opened at $10.94 on Friday. The company has a market capitalization of $5.69 billion, a price-to-earnings ratio of 11.05 and a beta of 1.80. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 1.63. Rithm Capital Corp. has a 12-month low of $9.97 and a 12-month high of $12.02. The business’s fifty day simple moving average is $10.85 and its 200-day simple moving average is $11.12.

Rithm Capital (NYSE:RITM) last issued its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.12. Rithm Capital had a net margin of 14.99% and a return on equity of 17.54%. The company had revenue of $619.51 million for the quarter, compared to analysts’ expectations of $1.11 billion. During the same period in the prior year, the business earned $0.58 EPS. On average, equities research analysts anticipate that Rithm Capital Corp. will post 1.93 earnings per share for the current fiscal year.

Rithm Capital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 9.14%. The ex-dividend date of this dividend is Tuesday, December 31st. Rithm Capital’s payout ratio is 101.01%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Royal Bank of Canada reissued an “outperform” rating and set a $13.00 price target on shares of Rithm Capital in a research note on Thursday, November 21st. Keefe, Bruyette & Woods lifted their target price on Rithm Capital from $13.00 to $13.50 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Finally, Wedbush reissued an “outperform” rating and set a $14.00 target price on shares of Rithm Capital in a research note on Thursday, November 7th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Rithm Capital currently has an average rating of “Moderate Buy” and an average price target of $12.94.

Rithm Capital Company Profile

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.