Kovack Advisors Inc. Reduces Stake in Rithm Capital Corp. (NYSE:RITM)

Kovack Advisors Inc. cut its holdings in shares of Rithm Capital Corp. (NYSE:RITM) by 16.1% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 60,356 shares of the real estate investment trust’s stock after selling 11,579 shares during the quarter. Kovack Advisors Inc.’s holdings in Rithm Capital were worth $674,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Parkside Financial Bank & Trust grew its holdings in shares of Rithm Capital by 605.1% during the 4th quarter. Parkside Financial Bank & Trust now owns 2,489 shares of the real estate investment trust’s stock worth $27,000 after acquiring an additional 2,136 shares during the period. American National Bank bought a new position in Rithm Capital in the fourth quarter worth $27,000. Raleigh Capital Management Inc. lifted its position in Rithm Capital by 125.4% during the fourth quarter. Raleigh Capital Management Inc. now owns 2,986 shares of the real estate investment trust’s stock valued at $32,000 after buying an additional 1,661 shares during the period. GAMMA Investing LLC bought a new stake in shares of Rithm Capital during the 4th quarter valued at $34,000. Finally, Altshuler Shaham Ltd purchased a new stake in shares of Rithm Capital in the 4th quarter worth about $43,000. Institutional investors own 44.92% of the company’s stock.

Rithm Capital Stock Performance

NYSE RITM traded down $0.08 on Thursday, hitting $10.65. 1,069,419 shares of the company traded hands, compared to its average volume of 2,578,831. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.20. The business’s 50 day moving average price is $11.14 and its 200-day moving average price is $10.91. The company has a market capitalization of $5.15 billion, a price-to-earnings ratio of 7.10 and a beta of 1.82. Rithm Capital Corp. has a 52-week low of $8.87 and a 52-week high of $11.60.

Rithm Capital Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Monday, July 1st will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 9.39%. The ex-dividend date is Monday, July 1st. Rithm Capital’s dividend payout ratio is 66.67%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $12.00 price objective on shares of Rithm Capital in a research note on Monday, April 1st. JMP Securities restated a “market outperform” rating and set a $11.00 price target on shares of Rithm Capital in a report on Thursday, April 18th. Piper Sandler upped their price target on shares of Rithm Capital from $10.50 to $12.50 and gave the stock a “neutral” rating in a research note on Tuesday, May 14th. Keefe, Bruyette & Woods raised their price objective on shares of Rithm Capital from $12.00 to $12.50 and gave the company an “outperform” rating in a research note on Thursday, May 2nd. Finally, Wedbush reiterated an “outperform” rating and issued a $13.00 target price on shares of Rithm Capital in a research note on Thursday, May 9th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $12.32.

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.