Public Sector Pension Investment Board Increases 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 increased its position in shares of Ready Capital Corp (NYSE:RC - Free Report) by 26.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 534,474 shares of the real estate investment trust's stock after acquiring an additional 113,160 shares during the quarter. Public Sector Pension Investment Board owned about 0.31% of Ready Capital worth $2,720,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. Shorepoint Capital Partners LLC raised its stake in shares of Ready Capital by 2.4% during the 4th quarter. Shorepoint Capital Partners LLC now owns 64,500 shares of the real estate investment trust's stock worth $440,000 after acquiring an additional 1,500 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of 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 worth $231,000 after acquiring an additional 2,606 shares in the last quarter. Spire Wealth Management raised its stake in shares of 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 worth $485,000 after acquiring an additional 4,157 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of 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 worth $100,000 after acquiring an additional 4,472 shares in the last quarter. Finally, Squarepoint Ops LLC raised its stake in shares of 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 worth $293,000 after acquiring an additional 4,486 shares in the last quarter. Institutional investors own 55.87% of the company's stock.

Ready Capital Stock Performance

Shares of RC stock traded down $0.01 during trading hours on Monday, hitting $4.01. The company's stock had a trading volume of 1,532,969 shares, compared to its average volume of 2,126,938. The company has a 50 day moving average of $4.28 and a 200 day moving average of $4.72. Ready Capital Corp has a 12-month low of $3.70 and a 12-month high of $8.64. The stock has a market cap of $658.96 million, a PE ratio of -2.17 and a beta of 1.47. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.76.

Ready Capital (NYSE:RC - Get Free Report) last released its quarterly earnings results 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 analyst estimates of $167.26 million. Ready Capital had a negative net margin of 40.59% and a positive return on equity of 3.76%. On average, sell-side analysts forecast that Ready Capital Corp will post 0.93 EPS for the current fiscal year.

Ready Capital Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Monday, June 30th were paid a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 12.5%. The ex-dividend date was Monday, June 30th. Ready Capital's payout ratio is currently -27.03%.

Wall Street Analysts Forecast Growth

RC has been the subject of several recent analyst reports. B. Riley reduced their price objective on shares of Ready Capital from $6.00 to $4.00 and set a "neutral" rating for the company in a research note on Monday, August 11th. UBS Group dropped their target price on shares of Ready Capital from $4.50 to $4.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 20th. Wall Street Zen downgraded shares of Ready Capital from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. Finally, Keefe, Bruyette & Woods dropped their target price 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. One equities research analyst has rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Ready Capital has an average rating of "Hold" and a consensus target price of $5.88.

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.