First Foundation Advisors Decreases Stake in Ready Capital Corp (NYSE:RC)

Key Points

• First Foundation Advisors reduced its stake in Ready Capital Corp by 28.4% during the first quarter, now holding 220,656 shares worth around $1.12 million.
• Analysts have set an average price target for Ready Capital at $7.04, with one sell rating and five hold ratings, while UBS recently lowered its target from $4.75 to $4.50.
• Ready Capital plans to pay a quarterly dividend of $0.125 on July 31, representing an annualized yield of 11.15%.

First Foundation Advisors lowered its position in shares of Ready Capital Corp (NYSE:RC - Free Report) by 28.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 220,656 shares of the real estate investment trust's stock after selling 87,545 shares during the quarter. First Foundation Advisors owned about 0.13% of Ready Capital worth $1,123,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the company. Norden Group LLC boosted its position in Ready Capital by 76.6% during the first quarter. Norden Group LLC now owns 45,985 shares of the real estate investment trust's stock valued at $234,000 after acquiring an additional 19,947 shares during the last quarter. Bellwether Advisors LLC bought a new stake in Ready Capital during the first quarter valued at $60,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Ready Capital by 6.1% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 45,288 shares of the real estate investment trust's stock valued at $231,000 after purchasing an additional 2,606 shares during the period. Private Management Group Inc. acquired a new position in shares of Ready Capital during the first quarter valued at about $8,235,000. Finally, Caliber Wealth Management LLC KS acquired a new position in shares of Ready Capital during the first quarter valued at about $73,000. Institutional investors own 55.87% of the company's stock.

Ready Capital Stock Down 1.4%

Shares of RC traded down $0.06 on Friday, reaching $4.15. The company's stock had a trading volume of 1,855,175 shares, compared to its average volume of 1,803,135. 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 Corp has a twelve month low of $3.92 and a twelve month high of $9.09. The stock has a market capitalization of $707.62 million, a PE ratio of -2.39 and a beta of 1.47. The firm has a fifty day moving average of $4.41 and a 200-day moving average of $5.06.

Ready Capital (NYSE:RC - Get Free Report) last posted its earnings results on Thursday, May 8th. The real estate investment trust reported ($0.09) earnings per share for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $212.33 million. Equities analysts predict that Ready Capital Corp will post 0.93 EPS for the current year.

Ready Capital Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Monday, June 30th were paid a $0.125 dividend. The ex-dividend date was Monday, June 30th. This represents a $0.50 annualized dividend and a yield of 12.0%. Ready Capital's dividend payout ratio (DPR) is -28.74%.

Analyst Ratings Changes

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