309,160 Shares in Ready Capital Corp $RC Purchased by Nuveen LLC

Key Points

• Nuveen LLC has acquired 309,160 shares of Ready Capital Corp, valuing the investment at approximately $1,574,000, which represents 0.18% of the company's total stock as of the latest filing.
• Ready Capital reported a missed earnings estimate for the last quarter, posting ($0.14) EPS compared to the expected ($0.01), alongside a negative net margin of 40.59%.
• The company announced a quarterly dividend of $0.125, yielding 11.7%, with a total annualized payout of $0.50.

Nuveen LLC purchased a new stake in shares of Ready Capital Corp (NYSE:RC - Free Report) during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 309,160 shares of the real estate investment trust's stock, valued at approximately $1,574,000. Nuveen LLC owned approximately 0.18% of Ready Capital at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Ready Capital by 6.1% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 45,288 shares of the real estate investment trust's stock valued at $231,000 after purchasing an additional 2,606 shares in the last quarter. Spire Wealth Management increased its stake in Ready Capital by 4.6% during the 1st quarter. Spire Wealth Management now owns 95,283 shares of the real estate investment trust's stock valued at $485,000 after purchasing an additional 4,157 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in Ready Capital by 29.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 19,665 shares of the real estate investment trust's stock valued at $100,000 after purchasing an additional 4,472 shares in the last quarter. Squarepoint Ops LLC increased its stake in Ready Capital by 11.7% during the 4th quarter. Squarepoint Ops LLC now owns 42,964 shares of the real estate investment trust's stock valued at $293,000 after purchasing an additional 4,486 shares in the last quarter. Finally, AlphaCore Capital LLC increased its stake in Ready Capital by 25.4% during the 4th quarter. AlphaCore Capital LLC now owns 23,024 shares of the real estate investment trust's stock valued at $163,000 after purchasing an additional 4,660 shares in the last quarter. Institutional investors and hedge funds own 55.87% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on RC shares. Wall Street Zen lowered shares of Ready Capital from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. UBS Group lowered their price target on shares of Ready Capital from $4.50 to $4.00 and set a "neutral" rating on the stock in a report on Wednesday, August 20th. B. Riley lowered their price target on shares of Ready Capital from $6.00 to $4.00 and set a "neutral" rating on the stock in a report on Monday, August 11th. Finally, Keefe, Bruyette & Woods lowered their price target on shares of Ready Capital from $4.25 to $3.75 and set an "underperform" rating on the stock in a report on Tuesday, August 12th. One analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $5.88.

Ready Capital Price Performance

RC traded up $0.03 during midday trading on Thursday, hitting $4.26. 2,164,221 shares of the company traded hands, compared to its average volume of 2,095,312. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $699.22 million, a price-to-earnings ratio of -2.30 and a beta of 1.38. Ready Capital Corp has a 52-week low of $3.70 and a 52-week high of $8.41. The business has a 50 day simple moving average of $4.24 and a two-hundred day simple moving average of $4.61.

Ready Capital (NYSE:RC - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The real estate investment trust reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.13). The business had revenue of ($9.77) million during 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%. On average, equities analysts forecast that Ready Capital Corp will post 0.93 earnings per share for the current fiscal year.

Ready Capital Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Monday, June 30th were paid a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 11.8%. The ex-dividend date of this dividend was Monday, June 30th. Ready Capital's dividend payout ratio (DPR) is currently -27.03%.

About Ready Capital

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.