Principal Financial Group Inc. Sells 5,037 Shares of Rithm Capital Corp. (NYSE:RITM)

Principal Financial Group Inc. trimmed its position in Rithm Capital Corp. (NYSE:RITM) by 14.0% during the third quarter, Holdings Channel reports. The institutional investor owned 30,878 shares of the real estate investment trust’s stock after selling 5,037 shares during the quarter. Principal Financial Group Inc.’s holdings in Rithm Capital were worth $350,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. raised its stake in shares of Rithm Capital by 154.4% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,513 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 1,525 shares during the period. Bessemer Group Inc. acquired a new stake in shares of Rithm Capital in the 1st quarter valued at about $30,000. Abich Financial Wealth Management LLC grew its holdings in shares of Rithm Capital by 56.8% in the 1st quarter. Abich Financial Wealth Management LLC now owns 4,031 shares of the real estate investment trust’s stock valued at $45,000 after acquiring an additional 1,461 shares in the last quarter. Godsey & Gibb Inc. bought a new position in shares of Rithm Capital in the 3rd quarter valued at about $51,000. Finally, Future Financial Wealth Managment LLC bought a new position in shares of Rithm Capital in the 3rd quarter valued at about $73,000. 44.92% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

RITM has been the subject of a number of research analyst reports. Wedbush restated an “outperform” rating and set a $14.00 price objective on shares of Rithm Capital in a report on Thursday, November 7th. Royal Bank of Canada restated an “outperform” rating and set a $13.00 price objective on shares of Rithm Capital in a research report on Thursday. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $12.78.

Rithm Capital Price Performance

Shares of RITM opened at $10.98 on Monday. The stock has a market cap of $5.71 billion, a PE ratio of 11.09 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. Rithm Capital Corp. has a fifty-two week low of $9.97 and a fifty-two week high of $12.02. The firm’s 50-day simple moving average is $10.90 and its two-hundred day simple moving average is $11.13.

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. The firm had revenue of $619.51 million for the quarter, compared to the consensus estimate of $1.11 billion. Rithm Capital had a net margin of 14.99% and a return on equity of 17.54%. During the same quarter in the prior year, the firm posted $0.58 earnings per share. 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. Investors of record on Tuesday, October 1st were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, October 1st. This represents a $1.00 annualized dividend and a yield of 9.11%. Rithm Capital’s payout ratio is 101.01%.

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.