Public Sector Pension Investment Board Has $2.72 Million Position in Ready Capital Corp $RC

Key Points

• The Public Sector Pension Investment Board increased its stake in Ready Capital Corp by 26.9% during the first quarter, owning 534,474 shares worth approximately $2.72 million after acquiring an additional 113,160 shares.
• Analysts have downgraded Ready Capital's stock, with multiple firms adjusting their price targets downwards, leading to a consensus target price of $5.96 and an overall rating of "Hold."
• Ready Capital recently announced a quarterly dividend of $0.125 per share, resulting in an annualized dividend yield of 13.2%, despite having a negative dividend payout ratio.

Public Sector Pension Investment Board lifted its stake in Ready Capital Corp (NYSE:RC - Free Report) by 26.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 534,474 shares of the real estate investment trust's stock after purchasing an additional 113,160 shares during the quarter. Public Sector Pension Investment Board owned 0.31% of Ready Capital worth $2,720,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of RC. Raymond James Financial Inc. acquired a new position in shares of Ready Capital in the fourth quarter worth about $1,839,000. Sterling Capital Management LLC boosted its holdings in shares of Ready Capital by 822.8% in the fourth quarter. Sterling Capital Management LLC now owns 5,177 shares of the real estate investment trust's stock worth $35,000 after buying an additional 4,616 shares during the period. Barclays PLC boosted its holdings in shares of Ready Capital by 17.7% in the fourth quarter. Barclays PLC now owns 570,835 shares of the real estate investment trust's stock worth $3,893,000 after buying an additional 85,849 shares during the period. XTX Topco Ltd acquired a new position in shares of Ready Capital in the fourth quarter worth about $165,000. Finally, Guggenheim Capital LLC boosted its holdings in shares of Ready Capital by 55.4% in the fourth quarter. Guggenheim Capital LLC now owns 135,520 shares of the real estate investment trust's stock worth $924,000 after buying an additional 48,339 shares during the period. Institutional investors and hedge funds own 55.87% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. B. Riley decreased 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. UBS Group decreased their target price on shares of Ready Capital from $4.50 to $4.00 and set a "neutral" rating for the company in a report on Wednesday. Wall Street Zen cut shares of Ready Capital from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. Finally, Keefe, Bruyette & Woods decreased their target price on shares of Ready Capital from $4.25 to $3.75 and set an "underperform" rating for the company in a report on Tuesday, August 12th. One investment analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $5.88.

Ready Capital Stock Up 7.9%

Shares of NYSE RC traded up $0.2940 during mid-day trading on Friday, reaching $4.0040. The company had a trading volume of 3,798,214 shares, compared to its average volume of 1,997,119. The stock has a fifty day moving average of $4.29 and a two-hundred day moving average of $4.75. 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 market capitalization of $657.98 million, a price-to-earnings ratio of -2.16 and a beta of 1.47. Ready Capital Corp has a 12-month low of $3.70 and a 12-month high of $8.64.

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 (EPS) for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.13). The company 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%. As a group, equities research analysts expect that Ready Capital Corp will post 0.93 EPS for the current year.

Ready Capital Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Monday, June 30th were given a dividend of $0.125 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.50 dividend on an annualized basis and a yield of 12.5%. Ready Capital's payout ratio is currently -27.03%.

Ready Capital Company 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.