Analysts Set Expectations for Rithm Capital FY2024 Earnings

Rithm Capital Corp. (NYSE:RITM) – Equities research analysts at Wedbush raised their FY2024 EPS estimates for shares of Rithm Capital in a research note issued to investors on Thursday, November 7th. Wedbush analyst J. Mccanless now expects that the real estate investment trust will post earnings of $1.92 per share for the year, up from their previous estimate of $1.75. Wedbush currently has a “Outperform” rating and a $14.00 target price on the stock. The consensus estimate for Rithm Capital’s current full-year earnings is $1.89 per share. Wedbush also issued estimates for Rithm Capital’s Q4 2024 earnings at $0.43 EPS and FY2025 earnings at $1.90 EPS.

Rithm Capital (NYSE:RITM) last issued its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.12. Rithm Capital had a net margin of 14.99% and a return on equity of 17.54%. The business had revenue of $619.51 million for the quarter, compared to analyst estimates of $1.11 billion. During the same period in the previous year, the business earned $0.58 EPS.

RITM has been the topic of a number of other reports. Royal Bank of Canada restated an “outperform” rating and issued a $13.00 price target on shares of Rithm Capital in a research report on Tuesday, August 13th. JMP Securities boosted their price target on shares of Rithm Capital from $11.00 to $12.50 and gave the company a “market outperform” rating in a research report on Friday, July 19th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.78.

Rithm Capital Price Performance

NYSE:RITM opened at $10.78 on Monday. The firm has a market cap of $5.60 billion, a PE ratio of 10.89 and a beta of 1.80. Rithm Capital has a 12 month low of $9.68 and a 12 month high of $12.02. The company has a quick ratio of 0.49, a current ratio of 1.35 and a debt-to-equity ratio of 1.63. The company’s 50-day moving average price is $11.08 and its two-hundred day moving average price is $11.16.

Hedge Funds Weigh In On Rithm Capital

A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Rithm Capital by 0.8% during the first quarter. Vanguard Group Inc. now owns 45,815,852 shares of the real estate investment trust’s stock worth $511,305,000 after buying an additional 378,931 shares during the last quarter. Long Pond Capital LP bought a new stake in shares of Rithm Capital during the first quarter worth approximately $53,025,000. BlueCrest Capital Management Ltd raised its stake in shares of Rithm Capital by 1.0% during the first quarter. BlueCrest Capital Management Ltd now owns 2,134,661 shares of the real estate investment trust’s stock worth $23,823,000 after buying an additional 21,424 shares during the last quarter. Van ECK Associates Corp raised its stake in shares of Rithm Capital by 20.7% during the third quarter. Van ECK Associates Corp now owns 2,004,057 shares of the real estate investment trust’s stock worth $21,163,000 after buying an additional 343,678 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Rithm Capital by 10.0% during the second 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 buying an additional 158,857 shares during the last quarter. 44.92% of the stock is currently owned by institutional investors and hedge funds.

Rithm Capital Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 1st were given a dividend of $0.25 per share. The ex-dividend date was Tuesday, October 1st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 9.28%. 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.