Clear Harbor Asset Management LLC Decreases Stock Holdings in Ready Capital Corp $RC

Clear Harbor Asset Management LLC reduced its position in shares of Ready Capital Corp (NYSE:RC) by 44.6% in the third quarter, HoldingsChannel reports. The institutional investor owned 940,000 shares of the real estate investment trust’s stock after selling 757,720 shares during the quarter. Clear Harbor Asset Management LLC’s holdings in Ready Capital were worth $3,638,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in RC. Dynamic Technology Lab Private Ltd purchased a new position in shares of Ready Capital in the first quarter valued at about $89,000. United Services Automobile Association bought a new stake in shares of Ready Capital in the first quarter worth about $59,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Ready Capital by 2.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 442,432 shares of the real estate investment trust’s stock valued at $2,252,000 after purchasing an additional 9,892 shares during the period. Focus Partners Wealth raised its position in Ready Capital by 13.1% during the 1st quarter. Focus Partners Wealth now owns 263,820 shares of the real estate investment trust’s stock valued at $1,343,000 after purchasing an additional 30,477 shares during the last quarter. Finally, Intech Investment Management LLC raised its position in Ready Capital by 13.1% during the 1st quarter. Intech Investment Management LLC now owns 230,177 shares of the real estate investment trust’s stock valued at $1,172,000 after purchasing an additional 26,607 shares during the last quarter. Institutional investors own 55.87% of the company’s stock.

Ready Capital Stock Performance

Shares of Ready Capital stock opened at $2.07 on Friday. Ready Capital Corp has a 12 month low of $1.97 and a 12 month high of $7.14. The firm has a market capitalization of $334.80 million, a P/E ratio of -1.08 and a beta of 1.46. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.79. The business has a fifty day simple moving average of $2.46 and a two-hundred day simple moving average of $3.49.

Ready Capital (NYSE:RC) last issued its quarterly earnings results on Tuesday, September 9th. The real estate investment trust reported ($0.10) earnings per share (EPS) for the quarter. Ready Capital had a negative return on equity of 7.02% and a negative net margin of 47.30%.The business had revenue of ($9.77) million during the quarter. On average, equities analysts forecast that Ready Capital Corp will post 0.93 earnings per share for the current fiscal year.

Ready Capital Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 30th. Stockholders of record on Wednesday, December 31st will be issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Wednesday, December 31st. Ready Capital’s dividend payout ratio (DPR) is presently -2.09%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on RC shares. Keefe, Bruyette & Woods reduced their target price on Ready Capital from $3.50 to $2.50 and set an “underperform” rating on the stock in a research note on Wednesday, November 12th. UBS Group cut their price target on shares of Ready Capital from $3.50 to $2.75 and set a “neutral” rating on the stock in a report on Friday, November 14th. Piper Sandler decreased their price objective on shares of Ready Capital from $3.50 to $2.50 and set a “neutral” rating for the company in a report on Monday, December 22nd. Zacks Research raised shares of Ready Capital from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 14th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Ready Capital in a research report on Wednesday, October 8th. Six research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $3.55.

About Ready Capital

Ready Capital Corporation is a specialty finance real estate investment trust (REIT) that originates, acquires and manages commercial real estate loans and related assets. The company offers financing solutions across a variety of property types, including multifamily, office, retail, industrial, hospitality and mixed-use assets. Ready Capital focuses on delivering flexible loan structures to meet the diverse needs of borrowers in the small balance and middle-market sectors.

Through its small balance commercial real estate lending platform, Ready Capital provides loans typically ranging from $1 million to $15 million for acquisitions, refinancings, renovations and bridge financing.