Piper Sandler Sees “Two Halves” in Mortgage Market, Lowers Rithm Capital (RITM)

Rithm Capital Corp. (NYSE:RITM) is included among the 15 Cheapest Stocks with Highest Dividends.

On April 2, Piper Sandler lowered its price recommendation on Rithm Capital Corp. (NYSE:RITM) to $14 from $15 and maintained an Overweight rating. The firm said the first quarter was a “tale of two halves” for the mortgage sector. Rates improved steadily through February, reaching 5.98%. More recently, volatility pushed them back up to nearly 6.38%.

Agency MBS spreads followed a similar pattern. They tightened by 15 basis points to 75 basis points over the 10-year Treasury on positive GSE purchase commentary, then widened by more than 25 basis points to above 100 basis points. The firm linked this shift to volatility tied to the Iran war and changing inflation expectations. Mortgage application data held up through mid-March but has started to slow in recent weeks. Applications still rose 18% sequentially during what is typically a slower seasonal quarter, supported by both purchase and refinance activity.

Rithm Capital Corp. (NYSE:RITM) is a global asset manager focused on real estate, credit, and financial services. It makes direct investments and operates several wholly owned businesses. Its segments include Origination and Servicing, Investment Portfolio, Residential Transitional Lending, and Asset Management.

While we acknowledge the risk and potential of RITM as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than RITM and that has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: 13 Best Diversified Dividend Stocks to Buy Right Now and 14 Cheap DRIP Stocks to Buy Now

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