Rhythm Capital Corp. (NYSE: RTM – Get a rating) declared a quarterly dividend on Friday, September 23, the wall street journal reports. Shareholders of record on Tuesday, October 4 will receive a dividend of 0.25 per share from the REIT on Friday, October 28. This represents an annualized dividend of $1.00 and a dividend yield of 12.24%. The ex-dividend date is Monday, October 3.
Rithm Capital has decreased its dividend payout by an average of 23.4% per year over the past three years and has increased its dividend each year for the past 1 years. Rithm Capital has a dividend payout ratio of 63.7%, which means its dividend is sufficiently covered by earnings. Equity research analysts expect Rithm Capital to earn $1.30 per share next year, meaning the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 76.9%.
Rhythm Capital Stock down 2.9%
NYSE RITM traded down $0.24 at midday on Friday, hitting $8.17. The stock recorded a trading volume of 7,529,982 shares, compared to an average volume of 5,367,400 shares. The stock has a market capitalization of $3.81 billion, a PE ratio of 4.07 and a beta of 1.70. Rithm Capital has a 1-year low of $7.97 and a 1-year high of $11.81. The company has a debt ratio of 0.09, a current ratio of 0.52 and a quick ratio of 0.52. The company has a fifty-day moving average price of $9.76 and a 200-day moving average price of $10.19.
Rithm Capital (NYSE: RITM – Get a rating) last reported results on Tuesday, August 2. The real estate investment trust reported earnings per share of $0.31 for the quarter, beating analysts’ consensus estimate of $0.29 by $0.02. Rithm Capital had a return on equity of 13.69% and a net margin of 20.51%. During the same period last year, the company posted earnings per share of $0.31. On average, research analysts expect Rithm Capital to post 1.24 earnings per share for the current year.
Rithm Capital Institutional Trading
Several hedge funds have recently changed their holdings in RITM. Worth Asset Management LLC bought a new stock position in Rithm Capital in Q1 worth approximately $86,000. MetLife Investment Management LLC bought a new stock position from Rithm Capital in Q1 for about $95,000. Eudaimonia Partners LLC bought a new position in Rithm Capital stock during Q1 worth approximately $120,000. PNC Financial Services Group Inc. increased its stake in Rithm Capital by 27.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 11,824 shares of the real estate investment trust worth $129,000 after purchasing an additional 2,569 shares during the period. Finally, Enlightenment Research LLC purchased a new equity stake from Rithm Capital in Q1 worth approximately $160,000. 46.51% of the shares are held by hedge funds and other institutional investors.
Analysts set new price targets
The RITM has been the subject of several recent research reports. Raymond James cut his price target on Rithm Capital shares from $13.00 to $12.50 and set an “outperform” rating for the company in a Wednesday, Aug. 17 research report. Credit Suisse Group lowered its price target on Rithm Capital to $12.00 in a Friday, July 22 report. Finally, Piper Sandler downgraded Rithm Capital from a “neutral” rating to an “underweight” rating and reduced its price target for the company from $12.00 to $10.00 in a Monday, June 13 report. . One financial analyst gave the stock a sell rating and six gave the company a buy rating. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $11.80.
About Rhythm Capital
Rhythm Capital Corp. provides capital and services to the real estate and financial services industries in the United States. Its investment portfolio includes mortgage servicing assets, residential securities and loans, and consumer loans. It is considered a real estate investment trust for federal income tax purposes.
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