Sound Income Strategies LLC Has $308,000 Stake in Ready Capital Corp (NYSE:RC)

Sound Income Strategies LLC increased its position in shares of Ready Capital Corp (NYSE:RC - Free Report) by 9,654.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 60,478 shares of the real estate investment trust's stock after buying an additional 59,858 shares during the quarter. Sound Income Strategies LLC's holdings in Ready Capital were worth $308,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RC. GraniteShares Advisors LLC boosted its stake in Ready Capital by 6.5% during the first quarter. GraniteShares Advisors LLC now owns 387,161 shares of the real estate investment trust's stock worth $1,971,000 after buying an additional 23,460 shares in the last quarter. Simplicity Wealth LLC acquired a new position in shares of Ready Capital in the 1st quarter valued at $153,000. LexAurum Advisors LLC bought a new position in shares of Ready Capital during the 1st quarter worth about $300,000. Fifth Third Wealth Advisors LLC acquired a new stake in shares of Ready Capital during the 1st quarter valued at about $70,000. Finally, GAMMA Investing LLC boosted its position in shares of Ready Capital by 1,618.4% during the 1st quarter. GAMMA Investing LLC now owns 21,068 shares of the real estate investment trust's stock valued at $107,000 after acquiring an additional 19,842 shares in the last quarter. 55.87% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on RC. Wedbush reissued a "neutral" rating and issued a $6.00 price target (down previously from $8.00) on shares of Ready Capital in a research report on Tuesday, March 4th. UBS Group lowered their price objective on Ready Capital from $4.75 to $4.50 and set a "neutral" rating on the stock in a research note on Wednesday, May 21st. Citizens Jmp downgraded Ready Capital from an "outperform" rating to a "market perform" rating in a research report on Monday, March 3rd. Finally, Keefe, Bruyette & Woods decreased their price target on Ready Capital from $4.00 to $3.75 and set an "underperform" rating on the stock in a research note on Tuesday, May 13th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $6.96.

Ready Capital Price Performance

Shares of NYSE RC traded up $0.13 during mid-day trading on Thursday, hitting $4.50. 1,604,736 shares of the stock were exchanged, compared to its average volume of 2,148,855. Ready Capital Corp has a twelve month low of $3.93 and a twelve month high of $9.54. The stock's fifty day simple moving average is $4.37 and its two-hundred day simple moving average is $5.65. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.78 and a current ratio of 1.78. The company has a market cap of $766.44 million, a P/E ratio of -2.58 and a beta of 1.47.

Ready Capital (NYSE:RC - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The real estate investment trust reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.21). The business had revenue of $40.24 million during the quarter, compared to the consensus estimate of $212.33 million. Ready Capital had a negative net margin of 34.40% and a positive return on equity of 5.53%. As a group, 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 will be paid on Thursday, July 31st. Investors of record on Monday, June 30th will be issued a $0.125 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 11.12%. Ready Capital's dividend payout ratio is -28.74%.

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.