Ready Capital Corporation (RC)
Ready Capital (RC) Misses Q2 Earnings and Revenue Estimates
Ready Capital (RC) came out with quarterly earnings of $0.07 per share, missing the Zacks Consensus Estimate of $0.26 per share. This compares to earnings of $0.35 per share a year ago.
Beacon Pointe Advisors LLC Lowers Holdings in Ready Capital Co. (NYSE:RC)
Beacon Pointe Advisors LLC reduced its stake in shares of Ready Capital Co. (NYSE:RC – Free Report) by 1.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 172,649 shares of the real estate investment trust’s stock after selling 2,979 shares during the quarter. Beacon Pointe Advisors LLC owned about 0.10% of Ready Capital worth $1,770,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Northern Trust Corp raised its position in shares of Ready Capital by 0.4% during the 3rd quarter. Northern Trust Corp now owns 2,037,068 shares of the real estate investment trust’s stock valued at $20,595,000 after buying an additional 7,610 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of Ready Capital by 4.2% in the 3rd quarter. Invesco Ltd. now owns 1,756,701 shares of the real estate investment trust’s stock worth $17,760,000 after purchasing an additional 70,476 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Ready Capital by 2.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,300,267 shares of the real estate investment trust’s stock valued at $13,328,000 after purchasing an additional 30,730 shares during the last quarter. Ramsey Quantitative Systems purchased a new position in Ready Capital during the third quarter worth $12,473,000. Finally, Washington Trust Bank increased its position in shares of Ready Capital by 1.2% during the third quarter. Washington Trust Bank now owns 1,228,607 shares of the real estate investment trust’s stock worth $12,421,000 after acquiring an additional 14,992 shares during the period. Institutional investors own 55.87% of the company’s stock. Insider Buying and Selling In other news, Director Gilbert E. Nathan bought 10,000 shares of Ready Capital stock in a transaction on Thursday, March 14th. The shares were bought at an average cost of $8.65 per share, for a total transaction of $86,500.00. Following the acquisition, the director now owns 83,099 shares in the company, valued at $718,806.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Kevin M. Luebbers acquired 5,000 shares of the business’s stock in a transaction on Tuesday, March 5th. The shares were purchased at an average price of $8.43 per share, for a total transaction of $42,150.00. Following the acquisition, the director now directly owns 119,925 shares of the company’s stock, valued at approximately $1,010,967.75. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Gilbert E. Nathan purchased 10,000 shares of the firm’s stock in a transaction dated Thursday, March 14th. The shares were bought at an average cost of $8.65 per share, with a total value of $86,500.00. Following the transaction, the director now directly owns 83,099 shares of the company’s stock, valued at approximately $718,806.35. The disclosure for this purchase can be found here. Insiders have acquired 17,150 shares of company stock valued at $148,280 over the last quarter. Company insiders own 0.95% of the company’s stock. Wall Street Analyst Weigh In Several research analysts have issued reports on RC shares. BTIG Research dropped their target price on shares of Ready Capital from $12.00 to $10.00 and set a “buy” rating on the stock in a report on Wednesday, April 17th. LADENBURG THALM/SH SH downgraded shares of Ready Capital from a “buy” rating to a “neutral” rating in a research note on Friday, May 10th. Keefe, Bruyette & Woods reissued an “underperform” rating and issued a $8.00 price objective (down previously from $10.00) on shares of Ready Capital in a research note on Monday, March 4th. UBS Group dropped their target price on Ready Capital from $10.50 to $9.50 and set a “neutral” rating on the stock in a research report on Wednesday, March 20th. Finally, B. Riley reiterated a “buy” rating and issued a $12.00 price target (down from $13.00) on shares of Ready Capital in a report on Monday, March 4th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $10.93. View Our Latest Stock Report on RC Ready Capital Price Performance NYSE:RC opened at $8.71 on Monday. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.47. Ready Capital Co. has a 52 week low of $8.25 and a 52 week high of $11.97. The stock’s 50-day moving average price is $8.75 and its 200-day moving average price is $9.46. The stock has a market capitalization of $1.47 billion, a PE ratio of 5.41 and a beta of 1.41. Ready Capital (NYSE:RC – Get Free Report) last released its quarterly earnings results on Wednesday, May 8th. The real estate investment trust reported $0.29 EPS for the quarter, beating the consensus estimate of $0.28 by $0.01. Ready Capital had a net margin of 23.81% and a return on equity of 8.11%. The firm had revenue of $232.35 million for the quarter, compared to analyst estimates of $64.34 million. During the same quarter in the previous year, the company earned $0.31 EPS. As a group, equities analysts expect that Ready Capital Co. will post 1.17 EPS for the current fiscal year. Ready Capital Announces Dividend The company also recently declared a quarterly dividend, which was paid on Tuesday, April 30th. Stockholders of record on Thursday, March 28th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 13.78%. Ready Capital’s dividend payout ratio (DPR) is 74.53%. About Ready Capital (Free Report) 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.
