Azora Capital LP Buys 2,271,671 Shares of Rithm Capital Corp. (NYSE:RITM)

Azora Capital LP boosted its position in shares of Rithm Capital Corp. (NYSE:RITM) by 107.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,383,821 shares of the real estate investment trust’s stock after acquiring an additional 2,271,671 shares during the period. Rithm Capital accounts for about 2.7% of Azora Capital LP’s investment portfolio, making the stock its 16th largest position. Azora Capital LP’s holdings in Rithm Capital were worth $49,756,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in RITM. Charles Schwab Investment Management Inc. lifted its position in shares of Rithm Capital by 7.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,364,962 shares of the real estate investment trust’s stock valued at $60,892,000 after acquiring an additional 366,600 shares in the last quarter. Van ECK Associates Corp lifted its holdings in Rithm Capital by 20.7% in the 3rd quarter. Van ECK Associates Corp now owns 2,004,057 shares of the real estate investment trust’s stock worth $21,163,000 after purchasing an additional 343,678 shares in the last quarter. Bank of New York Mellon Corp boosted its stake 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. Mackenzie Financial Corp grew its holdings in Rithm Capital by 15.5% during the 2nd quarter. Mackenzie Financial Corp now owns 1,319,014 shares of the real estate investment trust’s stock valued at $14,390,000 after buying an additional 176,711 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Rithm Capital by 102.0% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,173,045 shares of the real estate investment trust’s stock valued at $13,314,000 after buying an additional 592,209 shares in the last quarter. Hedge funds and other institutional investors own 44.92% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on RITM shares. Wedbush restated an “outperform” rating and set a $14.00 target price on shares of Rithm Capital in a research report on Thursday, November 7th. Royal Bank of Canada reiterated an “outperform” rating and issued a $13.00 price target on shares of Rithm Capital in a research note on Thursday, November 21st. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Rithm Capital currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.78.

Rithm Capital Price Performance

RITM stock opened at $11.25 on Monday. The company has a fifty day simple moving average of $10.83 and a two-hundred day simple moving average of $11.12. Rithm Capital Corp. has a 52 week low of $9.97 and a 52 week high of $12.02. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 1.63. The firm has a market capitalization of $5.85 billion, a P/E ratio of 11.36 and a beta of 1.80.

Rithm Capital (NYSE:RITM) last announced its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.54 EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter last year, the firm earned $0.58 EPS. Analysts anticipate that Rithm Capital Corp. will post 1.89 earnings per share for the current fiscal year.

Rithm Capital Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 1st were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 8.89%. The ex-dividend date of this dividend was Tuesday, October 1st. Rithm Capital’s dividend payout ratio (DPR) is 101.01%.

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.