The Vanguard Group, Inc. recently announced the acquisition of new stake in Rithm Capital Corp. (NYSE:RITM). The institutional investor has increased its shareholding in the Real Estate company by 1.19% to 45.6 million shares with purchase of 0.54 million shares. This fresh investment now brings its stake to 9.43% valued currently at $470.09 million. In addition, BlackRock Fund Advisors raised its holdings by 0.97 million to 22.97 million shares. And Geode Capital Management LLC has lifted its position by 7.00% or 0.59 million shares – to 9.09 million shares.
With over 5.81 million Rithm Capital Corp. (RITM) shares trading Monday and a closing price of $10.03 on the day, the dollar volume was approximately $58.32 million. The shares have shown a positive half year performance of 29.92% and its price on 09/18/23 lost nearly -0.40%. Currently, there are 483.09M common shares owned by the public and among those 480.01M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 10 analysts who have offered their price forecasts for RITM have a consensus price objective of $11.61. The analysts have set the share’s price value over the next 12 months at a high of $13.00 and a low of $10.50. The average price target is 13.16% above its recent price level and an upside to the estimated low will see the stock gain 4.48% over that period. But an upside of 22.85% will see the stock hit the forecast high price target while median target price for the stock is $12.00.
Insiders at the company have transacted a total of 17 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 17 of these insider trades were purchases, accounting for 1,288,294 shares. Insider sales of the common stock occurred on 0 occasions, with total insider shares sold totaling 0 shares.
The top 3 mutual fund holders in Rithm Capital Corp. are Vanguard Total Stock Market ETF, Vanguard Small Cap Index Fund, and Vanguard Small Cap Value Index Fu. Vanguard Total Stock Market ETF owns 15.33 million shares of the company’s stock, all valued at over $158.05 million. The company sold 1203.0 shares recently to bring their total holdings to about 3.17% of the shares outstanding. Vanguard Small Cap Index Fund bought 49507.0 shares to see its total holdings expand to 12.57 million shares valued at over $129.64 million and representing 2.60% of the shares outstanding. Vanguard Small Cap Value Index Fu sold 13583.0 shares to bring its total holdings to over 8.69 million shares at a value of $89.59 million. Vanguard Small Cap Value Index Fu now owns shares totaling to 1.80% of the shares outstanding.
Shares of Rithm Capital Corp. (NYSE: RITM) opened at $10.10, up $0.03 from a prior closing price of $10.07. However, the script later moved the day high at 10.10, down -0.40%. The company’s stock has a 5-day price change of -1.38% and 7.85% over the past three months. RITM shares are trading 22.77% year to date (YTD), with the 12-month market performance up to 15.25% higher. It has a 12-month low price of $6.86 and touched a high of $10.45 over the same period. RITM has an average intraday trading volume of 3.77 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -0.09%, 0.87%, and 12.17% respectively.
Institutional ownership of Rithm Capital Corp. (NYSE: RITM) shares accounts for 49.50% of the company’s 483.09M shares outstanding. Mutual fund holders own 22.10%, while other institutional holders and individual stakeholders account for 24.41% and 0.94% respectively.
It has a market capitalization of $4.88B and a beta (3y monthly) value of 1.78. The stock’s trailing 12-month PE ratio is 7.64, while the earnings-per-share (ttm) stands at $1.31. The company has a PEG of 0.54 and the debt-to-equity ratio at 4.02. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.42% over the week and 1.45% over the month.
Analysts forecast that Rithm Capital Corp. (RITM) will achieve an EPS of $0.39 for the current quarter, $0.4 for the next quarter and $1.61 for 2024. The lowest estimate earnings-per-share for the quarter is $0.36 while analysts give the company a high EPS estimate of $0.45. Comparatively, EPS for the current quarter was $0.32 a year ago. Earnings per share for the fiscal year are expected to increase by 19.00%, and -8.54% over the next financial year. EPS should grow at an annualized rate of 14.14% over the next five years, compared to -10.40% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 10 brokerage firm advisors rate Rithm Capital Corp. (RITM) as a “Strong Buy” at a consensus score of 1.80. Specifically, 8 Wall Street analysts polled rate the stock as a buy, while 1 of the 10 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the RITM, a number of firms have released research notes about the stock. B. Riley Securities stated their Buy rating for the stock in a research note on December 16, 2022, with the firm’s price target at $12.
