M&T Bank Corp Cuts Stock Holdings in Rithm Capital Corp. (NYSE:RITM)

M&T Bank Corp lowered its stake in Rithm Capital Corp. (NYSE:RITM) by 5.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 20,321 shares of the real estate investment trust’s stock after selling 1,273 shares during the period. M&T Bank Corp’s holdings in Rithm Capital were worth $231,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of RITM. AQR Capital Management LLC increased its stake in Rithm Capital by 4.1% in the 2nd quarter. AQR Capital Management LLC now owns 29,848 shares of the real estate investment trust’s stock worth $326,000 after purchasing an additional 1,183 shares during the period. Empowered Funds LLC grew its holdings in shares of Rithm Capital by 8.3% in the third quarter. Empowered Funds LLC now owns 15,824 shares of the real estate investment trust’s stock worth $176,000 after purchasing an additional 1,216 shares during the last quarter. Founders Financial Alliance LLC increased its stake in shares of Rithm Capital by 2.6% in the second quarter. Founders Financial Alliance LLC now owns 50,942 shares of the real estate investment trust’s stock worth $556,000 after buying an additional 1,286 shares during the period. Atomi Financial Group Inc. raised its holdings in Rithm Capital by 6.4% during the 3rd quarter. Atomi Financial Group Inc. now owns 24,711 shares of the real estate investment trust’s stock valued at $280,000 after buying an additional 1,481 shares during the last quarter. Finally, Cerity Partners LLC boosted its position in Rithm Capital by 2.1% during the 3rd quarter. Cerity Partners LLC now owns 72,434 shares of the real estate investment trust’s stock valued at $822,000 after buying an additional 1,508 shares during the period. Institutional investors own 44.92% of the company’s stock.

Wall Street Analysts Forecast Growth

RITM has been the topic of a number of analyst reports. Wedbush restated an “outperform” rating and issued a $14.00 price objective on shares of Rithm Capital in a research report on Thursday, November 7th. Keefe, Bruyette & Woods boosted their price target on Rithm Capital from $13.00 to $13.50 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $13.00 price objective on shares of Rithm Capital in a report on Thursday, November 21st. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Rithm Capital presently has an average rating of “Moderate Buy” and an average price target of $12.94.

Rithm Capital Stock Down 0.3 %

RITM stock opened at $10.67 on Friday. The company has a market capitalization of $5.55 billion, a price-to-earnings ratio of 10.78 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. The business’s 50 day moving average price is $10.85 and its two-hundred day moving average price is $11.12. Rithm Capital Corp. has a fifty-two week low of $9.97 and a fifty-two week high of $12.02.

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

Rithm Capital Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 9.37%. The ex-dividend date of this dividend is Tuesday, December 31st. Rithm Capital’s dividend payout ratio (DPR) is 101.01%.

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.