Can Rithm Capital’s 8.5% Yield Continue to Dance to the Dividend Tune?
Rithm Capital Corp. (NYSE: RITM) recently announced its board’s approval for third-quarter 2024 dividends for both common and preferred stockholders. The common stock dividend remains steady at 25 cents per share, the same as the previous quarter. It will be paid on Nov. 1, 2024, to stockholders of record as of Oct. 1.
The company continues to maintain a higher-than-industry dividend yield. Based on the closing price of $11.78 per share on Sept. 23, the stock has a dividend yield of 8.5%, which is higher than the industry average of 1.8%.
Image Source: Zacks Investment Research
In the second quarter, the company distributed $122.4 million in common dividends. For the third quarter, RITM’s Board also declared Series A, Series B, Series C and Series D dividends per share of 69.9 cents, 68.9 cents, 39.8 cents and 43.8 cents, respectively. The dividends will be paid on Nov. 15, 2024, to preferred stockholders.
Now, the question comes if its dividend yield is sustainable and what to expect in the future.
Total assets of $42.02 billion at second quarter-end rose from $39.72 billion at 2023-end. Total equity of $7.4 billion at the June quarter-end was up from $7.1 …
Full story available on Benzinga.com
