Ready Capital Corp $RC Stock Position Boosted by Private Management Group Inc.

Private Management Group Inc. raised its stake in shares of Ready Capital Corp (NYSE:RC) by 9.5% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 7,932,521 shares of the real estate investment trust’s stock after buying an additional 689,928 shares during the period. Private Management Group Inc.’s holdings in Ready Capital were worth $13,882,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RC. UBS Group AG boosted its holdings in shares of Ready Capital by 161.4% in the fourth quarter. UBS Group AG now owns 3,155,403 shares of the real estate investment trust’s stock valued at $6,879,000 after acquiring an additional 1,948,208 shares in the last quarter. Odyssean LLC raised its holdings in Ready Capital by 362.9% during the second quarter. Odyssean LLC now owns 349,648 shares of the real estate investment trust’s stock worth $612,000 after purchasing an additional 274,118 shares in the last quarter. Ieq Capital LLC acquired a new stake in Ready Capital in the second quarter worth approximately $817,000. GSA Capital Partners LLP acquired a new stake in Ready Capital in the second quarter worth approximately $856,000. Finally, Kestra Private Wealth Services LLC acquired a new stake in Ready Capital in the fourth quarter worth approximately $99,000. 55.87% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

RC has been the topic of several research analyst reports. UBS Group lowered their price target on Ready Capital from $2.50 to $2.00 and set a “neutral” rating on the stock in a research report on Thursday, July 16th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Ready Capital in a research note on Tuesday, June 2nd. Finally, Zacks Research raised shares of Ready Capital from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 4th. Three equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Reduce” and a consensus target price of $2.17.

Ready Capital Trading Down 0.8%

Shares of NYSE:RC opened at $1.83 on Friday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.91 and a current ratio of 1.91. The stock has a market capitalization of $303.12 million, a price-to-earnings ratio of -0.53 and a beta of 1.45. Ready Capital Corp has a 1-year low of $1.39 and a 1-year high of $4.46. The company has a 50 day moving average price of $1.68 and a 200 day moving average price of $1.73.

Ready Capital (NYSE:RC) last posted its quarterly earnings results on Thursday, August 6th. The real estate investment trust reported ($0.47) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.48) by $0.01. Ready Capital had a negative return on equity of 16.78% and a negative net margin of 131.76%.The company had revenue of $151.87 million for the quarter, compared to analysts’ expectations of $16.41 million. On average, research analysts anticipate that Ready Capital Corp will post -0.99 EPS for the current fiscal year.

Ready Capital Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Tuesday, June 30th were issued a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Tuesday, June 30th. Ready Capital’s payout ratio is presently -1.15%.

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.