Sowell Financial Services LLC lifted its position in shares of Ready Capital Corp (NYSE:RC – Free Report) by 14.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,763 shares of the real estate investment trust’s stock after acquiring an additional 6,591 shares during the quarter. Sowell Financial Services LLC’s holdings in Ready Capital were worth $269,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of RC. Rhumbline Advisers boosted its stake in shares of Ready Capital by 1.1% during the 4th quarter. Rhumbline Advisers now owns 503,530 shares of the real estate investment trust’s stock worth $3,434,000 after acquiring an additional 5,616 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Ready Capital by 3.1% during the 4th quarter. Principal Financial Group Inc. now owns 816,942 shares of the real estate investment trust’s stock worth $5,572,000 after acquiring an additional 24,406 shares in the last quarter. Ieq Capital LLC purchased a new stake in shares of Ready Capital during the 4th quarter worth approximately $99,000. Handelsbanken Fonder AB boosted its stake in shares of Ready Capital by 22.3% during the 4th quarter. Handelsbanken Fonder AB now owns 58,030 shares of the real estate investment trust’s stock worth $396,000 after acquiring an additional 10,600 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Ready Capital by 7.0% during the 4th quarter. Bank of New York Mellon Corp now owns 1,166,296 shares of the real estate investment trust’s stock worth $7,954,000 after acquiring an additional 76,788 shares in the last quarter. Hedge funds and other institutional investors own 55.87% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently commented on RC shares. Wedbush reissued a “neutral” rating and set a $6.00 price target (down previously from $8.00) on shares of Ready Capital in a research note on Tuesday, March 4th. Keefe, Bruyette & Woods cut their price objective on Ready Capital from $4.00 to $3.75 and set an “underperform” rating for the company in a research report on Tuesday, May 13th. UBS Group cut their price objective on Ready Capital from $4.75 to $4.50 and set a “neutral” rating for the company in a research report on Wednesday, May 21st. Finally, Citizens Jmp downgraded Ready Capital from an “outperform” rating to a “market perform” rating in a research report on Monday, March 3rd. One analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $6.96.
Ready Capital Trading Down 1.9%
Shares of RC opened at $4.45 on Friday. The stock has a fifty day moving average of $4.37 and a two-hundred day moving average of $5.60. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.78 and a current ratio of 1.78. The company has a market capitalization of $757.90 million, a PE ratio of -2.55 and a beta of 1.47. Ready Capital Corp has a fifty-two week low of $3.93 and a fifty-two week high of $9.54.
Ready Capital (NYSE:RC – Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The real estate investment trust reported ($0.09) earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.21). The business had revenue of $40.24 million during the quarter, compared to analyst estimates of $212.33 million. Ready Capital had a negative net margin of 34.40% and a positive return on equity of 5.53%. As a group, analysts forecast that Ready Capital Corp will post 0.93 EPS for the current year.
Ready Capital Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Monday, June 30th will be issued a $0.125 dividend. The ex-dividend date is Monday, June 30th. This represents a $0.50 annualized dividend and a yield of 11.25%. Ready Capital’s dividend payout ratio (DPR) is presently -28.74%.
Ready Capital Company Profile
Ready Capital Corporation operates as a real estate finance company in the United States. It operates through two segments: LMM Commercial Real Estate and Small Business Lending. The company originates, acquires, finances, and services lower-to-middle-market (LLM) commercial real estate loans, small business administration (SBA) loans, residential mortgage loans, construction loans, and mortgage-backed securities collateralized primarily by LLM loans, or other real estate-related investments.
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