62,266 Shares in Ready Capital Corp $RC Purchased by Kingstone Capital Partners Texas LLC

Key Points

• Kingstone Capital Partners Texas LLC has acquired a new stake in Ready Capital Corp worth approximately $272,000, purchasing 62,266 shares in the second quarter.
• Ready Capital reported a negative EPS of ($0.14) for the last quarter, missing estimates, with a negative net margin of 40.59%.
• The company announced a quarterly dividend of $0.125, equating to an annualized yield of 11.6%, scheduled for payment on October 31st.

Kingstone Capital Partners Texas LLC bought a new position in shares of Ready Capital Corp (NYSE:RC - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 62,266 shares of the real estate investment trust's stock, valued at approximately $272,000.

Several other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Ready Capital by 0.7% during the first quarter. Vanguard Group Inc. now owns 11,450,959 shares of the real estate investment trust's stock worth $58,285,000 after buying an additional 84,131 shares in the last quarter. Invesco Ltd. increased its holdings in Ready Capital by 16.1% in the 1st quarter. Invesco Ltd. now owns 3,618,181 shares of the real estate investment trust's stock worth $18,417,000 after purchasing an additional 502,162 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Ready Capital by 0.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,276,719 shares of the real estate investment trust's stock worth $11,588,000 after acquiring an additional 10,134 shares during the last quarter. Private Management Group Inc. acquired a new stake in Ready Capital in the first quarter valued at $8,235,000. Finally, Bank of New York Mellon Corp lifted its stake in shares of Ready Capital by 14.8% in the first quarter. Bank of New York Mellon Corp now owns 1,338,493 shares of the real estate investment trust's stock worth $6,813,000 after acquiring an additional 172,197 shares during the period. Institutional investors and hedge funds own 55.87% of the company's stock.

Analysts Set New Price Targets

RC has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods dropped their price target on shares of Ready Capital from $4.25 to $3.75 and set an "underperform" rating on the stock in a research report on Tuesday, August 12th. UBS Group lowered their price objective on Ready Capital from $4.50 to $4.00 and set a "neutral" rating for the company in a research note on Wednesday, August 20th. B. Riley reduced their target price on shares of Ready Capital from $6.00 to $4.00 and set a "neutral" rating for the company in a report on Monday, August 11th. Finally, Wall Street Zen cut shares of Ready Capital from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Ready Capital currently has an average rating of "Hold" and a consensus price target of $5.45.

Ready Capital Stock Performance

Shares of Ready Capital stock traded down $0.15 during midday trading on Monday, hitting $4.20. The company had a trading volume of 1,829,978 shares, compared to its average volume of 2,239,013. The company has a fifty day simple moving average of $4.18 and a 200 day simple moving average of $4.42. The stock has a market cap of $689.36 million, a price-to-earnings ratio of -2.27 and a beta of 1.38. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.76. Ready Capital Corp has a 12-month low of $3.70 and a 12-month high of $8.09.

Ready Capital (NYSE:RC - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The real estate investment trust reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.13). The firm had revenue of ($9.77) million for the quarter, compared to analysts' expectations of $167.26 million. Ready Capital had a positive return on equity of 3.76% and a negative net margin of 40.59%. As a group, analysts predict that Ready Capital Corp will post 0.93 earnings per share for the current fiscal year.

Ready Capital Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Tuesday, September 30th will be issued a $0.125 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $0.50 dividend on an annualized basis and a yield of 11.9%. Ready Capital's dividend payout ratio (DPR) is presently -27.03%.

Ready Capital Profile

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.