1,617,893 Shares in Ready Capital Corp (NYSE:RC) Bought by Private Management Group Inc.

Key Points

• Private Management Group Inc. has invested approximately $8.24 million in Ready Capital Corp, acquiring 1,617,893 shares during the first quarter, representing about 0.94% ownership in the company.
• Several major investors, including Vanguard Group Inc. and Invesco Ltd., have also increased their stakes in Ready Capital, indicating a growing interest among institutional investors.
• Ready Capital recently reported an EPS of ($0.09), missing analysts' estimates, and announced a quarterly dividend of $0.125 with a yield of 11.25%.

Private Management Group Inc. acquired a new position in shares of Ready Capital Corp (NYSE:RC - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,617,893 shares of the real estate investment trust's stock, valued at approximately $8,235,000. Private Management Group Inc. owned about 0.94% of Ready Capital at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in shares of Ready Capital by 7.3% in the fourth quarter. Vanguard Group Inc. now owns 11,366,828 shares of the real estate investment trust's stock valued at $77,522,000 after purchasing an additional 768,891 shares during the last quarter. Hudson Bay Capital Management LP purchased a new stake in shares of Ready Capital in the fourth quarter valued at about $4,393,000. Marshall Wace LLP raised its holdings in shares of Ready Capital by 3,049.5% in the fourth quarter. Marshall Wace LLP now owns 392,559 shares of the real estate investment trust's stock valued at $2,677,000 after purchasing an additional 380,095 shares during the last quarter. Jump Financial LLC purchased a new stake in shares of Ready Capital in the fourth quarter valued at about $1,953,000. Finally, JPMorgan Chase & Co. raised its holdings in shares of Ready Capital by 82.7% in the fourth quarter. JPMorgan Chase & Co. now owns 615,431 shares of the real estate investment trust's stock valued at $4,197,000 after purchasing an additional 278,658 shares during the last quarter. Institutional investors and hedge funds own 55.87% of the company's stock.

Ready Capital Price Performance

Shares of RC stock traded up $0.06 during trading hours on Tuesday, hitting $4.43. 771,164 shares of the company's stock were exchanged, compared to its average volume of 2,450,233. The company has a market capitalization of $754.51 million, a PE ratio of -2.54 and a beta of 1.43. Ready Capital Corp has a 12-month low of $3.92 and a 12-month high of $9.53. The business's 50 day simple moving average is $4.41 and its 200-day simple moving average is $5.10. The company has a current ratio of 1.78, a quick ratio of 1.78 and a debt-to-equity ratio of 0.77.

Ready Capital (NYSE:RC - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The real estate investment trust reported ($0.09) EPS for the quarter, missing the consensus estimate of $0.12 by ($0.21). Ready Capital had a positive return on equity of 5.53% and a negative net margin of 34.40%. The business had revenue of $40.24 million for the quarter, compared to analysts' expectations of $212.33 million. On average, equities research analysts anticipate that Ready Capital Corp will post 0.93 earnings per share for the current year.

Ready Capital Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 30th will be paid a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 11.30%. The ex-dividend date of this dividend is Monday, June 30th. Ready Capital's payout ratio is -28.74%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. UBS Group reduced their price target on shares of Ready Capital from $4.75 to $4.50 and set a "neutral" rating for the company in a research report on Wednesday, May 21st. Keefe, Bruyette & Woods increased their target price on shares of Ready Capital from $3.75 to $4.25 and gave the stock an "underperform" rating in a research report on Thursday, July 10th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, Ready Capital presently has a consensus rating of "Hold" and an average target price of $7.04.

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.