OMERS ADMINISTRATION Corp Takes Position in Ready Capital Corp $RC

Key Points

• OMERS ADMINISTRATION Corp has made a new investment in Ready Capital Corp, purchasing 135,900 shares valued at approximately $692,000 in the first quarter.
• Ready Capital recently reported a quarterly loss of ($0.14) earnings per share, missing analysts' consensus estimates, and had revenue of ($9.77) million.
• The company declared a quarterly dividend of $0.125 per share, representing a yield of 11.7% and an annualized dividend of $0.50.

OMERS ADMINISTRATION Corp bought 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 disclosure with the Securities & Exchange Commission. The institutional investor bought 135,900 shares of the real estate investment trust's stock, valued at approximately $692,000. OMERS ADMINISTRATION Corp owned about 0.08% of Ready Capital as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of RC. Larson Financial Group LLC purchased a new stake in shares of Ready Capital in the first quarter valued at approximately $27,000. US Bancorp DE boosted its holdings in shares of Ready Capital by 404.7% in the first quarter. US Bancorp DE now owns 6,021 shares of the real estate investment trust's stock valued at $31,000 after purchasing an additional 4,828 shares during the period. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Ready Capital in the first quarter valued at approximately $32,000. IFP Advisors Inc boosted its holdings in shares of Ready Capital by 1,410.5% in the first quarter. IFP Advisors Inc now owns 7,326 shares of the real estate investment trust's stock valued at $37,000 after purchasing an additional 6,841 shares during the period. Finally, Bfsg LLC purchased a new stake in shares of Ready Capital in the first quarter valued at approximately $52,000. Institutional investors own 55.87% of the company's stock.

Analyst Upgrades and Downgrades

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

Ready Capital Stock Performance

Shares of NYSE RC traded up $0.03 during mid-day trading on Friday, hitting $4.29. The stock had a trading volume of 1,224,131 shares, compared to its average volume of 2,104,744. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.61 and a current ratio of 1.61. The company has a 50 day moving average of $4.24 and a two-hundred day moving average of $4.59. Ready Capital Corp has a twelve month low of $3.70 and a twelve month high of $8.41. The firm has a market cap of $704.14 million, a PE ratio of -2.32 and a beta of 1.38.

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

Ready Capital Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Monday, June 30th were given a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 11.7%. The ex-dividend date of this dividend was Monday, June 30th. Ready Capital's dividend payout ratio 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.