Clear Harbor Asset Management LLC Sells 435,975 Shares of Ready Capital Corp $RC

Clear Harbor Asset Management LLC cut its holdings in shares of Ready Capital Corp (NYSE:RC) by 46.4% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 504,025 shares of the real estate investment trust’s stock after selling 435,975 shares during the period. Clear Harbor Asset Management LLC owned 0.31% of Ready Capital worth $1,099,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sequoia Financial Advisors LLC bought a new position in Ready Capital in the fourth quarter worth approximately $27,000. Eurizon Capital SGR S.p.A. bought a new position in Ready Capital in the fourth quarter worth approximately $28,000. Austin Wealth Management LLC bought a new position in Ready Capital in the fourth quarter worth approximately $29,000. Huntington National Bank raised its stake in Ready Capital by 234.6% in the third quarter. Huntington National Bank now owns 8,749 shares of the real estate investment trust’s stock worth $34,000 after buying an additional 6,134 shares in the last quarter. Finally, Allworth Financial LP raised its stake in Ready Capital by 354.5% in the fourth quarter. Allworth Financial LP now owns 16,380 shares of the real estate investment trust’s stock worth $36,000 after buying an additional 12,776 shares in the last quarter. 55.87% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Ready Capital

In related news, Director Gilbert E. Nathan acquired 30,000 shares of the company’s stock in a transaction dated Friday, March 6th. The shares were purchased at an average cost of $1.95 per share, with a total value of $58,500.00. Following the completion of the acquisition, the director directly owned 216,358 shares of the company’s stock, valued at $421,898.10. This represents a 16.10% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.10% of the stock is owned by company insiders.

Ready Capital Price Performance

Shares of RC opened at $1.69 on Tuesday. The firm has a market capitalization of $278.39 million, a PE ratio of -0.53 and a beta of 1.47. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.60 and a quick ratio of 1.60. Ready Capital Corp has a 1-year low of $1.50 and a 1-year high of $4.75. The company’s fifty day moving average price is $1.74 and its 200-day moving average price is $2.01.

Ready Capital (NYSE:RC) last announced its quarterly earnings data on Thursday, May 7th. The real estate investment trust reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.18). The company had revenue of $130.55 million for the quarter, compared to analysts’ expectations of $68.67 million. Ready Capital had a negative net margin of 102.10% and a negative return on equity of 14.69%. On average, equities research analysts predict that Ready Capital Corp will post -1.4 EPS for the current year.

Ready Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 30th. Stockholders of record on Tuesday, March 31st were issued a dividend of $0.01 per share. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a $0.04 dividend on an annualized basis and a dividend yield of 2.4%. Ready Capital’s payout ratio is -1.26%.

Wall Street Analyst Weigh In

Separately, Piper Sandler reduced their price objective on shares of Ready Capital from $2.50 to $2.00 and set a “neutral” rating for the company in a research note on Monday, March 2nd. Four analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $2.81.

Ready Capital Profile

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.