Norges Bank Makes New $76.08 Million Investment in Rithm Capital Corp. (NYSE:RITM)

Norges Bank bought a new stake in Rithm Capital Corp. (NYSE:RITM) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 7,025,122 shares of the real estate investment trust’s stock, valued at approximately $76,082,000. Norges Bank owned approximately 1.35% of Rithm Capital as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. SeaCrest Wealth Management LLC raised its holdings in Rithm Capital by 1.0% in the fourth quarter. SeaCrest Wealth Management LLC now owns 94,566 shares of the real estate investment trust’s stock valued at $1,024,000 after acquiring an additional 951 shares in the last quarter. 1620 Investment Advisors Inc. increased its position in shares of Rithm Capital by 2.1% in the 4th quarter. 1620 Investment Advisors Inc. now owns 46,035 shares of the real estate investment trust’s stock worth $499,000 after purchasing an additional 960 shares during the last quarter. Summit Trail Advisors LLC raised its stake in shares of Rithm Capital by 2.0% in the 4th quarter. Summit Trail Advisors LLC now owns 49,380 shares of the real estate investment trust’s stock valued at $547,000 after purchasing an additional 967 shares in the last quarter. Steward Partners Investment Advisory LLC lifted its position in shares of Rithm Capital by 2.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 35,792 shares of the real estate investment trust’s stock worth $388,000 after purchasing an additional 1,016 shares during the last quarter. Finally, US Bancorp DE grew its stake in Rithm Capital by 3.7% in the fourth quarter. US Bancorp DE now owns 32,458 shares of the real estate investment trust’s stock worth $352,000 after purchasing an additional 1,155 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 NYSE RITM opened at $11.56 on Thursday. The company has a debt-to-equity ratio of 1.74, a current ratio of 1.09 and a quick ratio of 1.35. The firm has a market capitalization of $6.02 billion, a PE ratio of 6.92 and a beta of 1.83. Rithm Capital Corp. has a 1-year low of $10.38 and a 1-year high of $12.20. The business’s fifty day moving average price is $11.70 and its two-hundred day moving average price is $11.23.

Rithm Capital (NYSE:RITM) last released its quarterly earnings data on Thursday, February 6th. The real estate investment trust reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.16. Rithm Capital had a net margin of 17.79% and a return on equity of 18.15%. On average, research analysts expect that Rithm Capital Corp. will post 1.93 EPS for the current year.

Rithm Capital Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 8.65%. Rithm Capital’s dividend payout ratio (DPR) is presently 59.88%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Piper Sandler upped their price objective on Rithm Capital from $11.50 to $12.50 and gave the company a “neutral” rating in a research note on Friday, February 7th. Wedbush reissued an “outperform” rating and set a $14.00 price target on shares of Rithm Capital in a research report on Friday, March 28th. JMP Securities reaffirmed a “market outperform” rating and issued a $12.50 price objective on shares of Rithm Capital in a report on Thursday, January 23rd. Finally, B. Riley raised shares of Rithm Capital to a “strong-buy” rating in a report on Tuesday, January 7th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $13.25.

Rithm Capital 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.