Ready Capital (NYSE:RC) Director Gilbert Nathan Acquires 30,000 Shares of Stock

Ready Capital Corp (NYSE:RC) Director Gilbert Nathan purchased 30,000 shares of Ready Capital stock in a transaction that occurred on Friday, March 6th. The shares were acquired at an average price of $1.95 per share, for a total transaction of $58,500.00. Following the acquisition, the director owned 216,358 shares in the company, valued at $421,898.10. This trade represents a 16.10% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Ready Capital Trading Down 2.9%

NYSE RC opened at $1.87 on Tuesday. Ready Capital Corp has a fifty-two week low of $1.55 and a fifty-two week high of $5.48. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.48 and a current ratio of 1.48. The stock has a 50 day simple moving average of $2.02 and a two-hundred day simple moving average of $2.81. The stock has a market cap of $303.77 million, a P/E ratio of -1.27 and a beta of 1.45.

Ready Capital (NYSE:RC) last posted its earnings results on Thursday, February 26th. The real estate investment trust reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.02. The firm had revenue of $207.55 million for the quarter, compared to analysts’ expectations of $133.50 million. Ready Capital had a negative return on equity of 10.29% and a negative net margin of 39.55%. On average, analysts forecast that Ready Capital Corp will post 0.93 earnings per share for the current year.

Ready Capital Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 30th. Shareholders of record on Wednesday, December 31st were given a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Wednesday, December 31st. Ready Capital’s payout ratio is presently -2.72%.

Institutional Trading of Ready Capital

Hedge funds and other institutional investors have recently modified their holdings of the business. Nomura Asset Management Co. Ltd. lifted its position in Ready Capital by 163.6% during the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 5,800 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 3,600 shares during the period. Sequoia Financial Advisors LLC purchased a new stake in Ready Capital in the fourth quarter worth about $27,000. Eurizon Capital SGR S.p.A. purchased a new stake in Ready Capital in the fourth quarter worth about $28,000. Austin Wealth Management LLC bought a new position in shares of Ready Capital during the fourth quarter valued at approximately $29,000. Finally, Huntington National Bank lifted its holdings in shares of Ready Capital by 234.6% during the third quarter. Huntington National Bank now owns 8,749 shares of the real estate investment trust’s stock valued at $34,000 after purchasing an additional 6,134 shares during the last quarter. 55.87% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on RC shares. UBS Group dropped their target price on shares of Ready Capital from $3.50 to $2.75 and set a “neutral” rating for the company in a research report on Friday, November 14th. Weiss Ratings reiterated a “sell (d)” rating on shares of Ready Capital in a research report on Thursday, January 22nd. Piper Sandler decreased their price target 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. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of Ready Capital from $3.50 to $2.50 and set an “underperform” rating for the company in a report on Wednesday, November 12th. Four research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $2.81.

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.