Ready Capital Corp $RC Shares Bought by Private Management Group Inc.

Key Points

• Private Management Group increased its Ready Capital stake by 9.5% in the second quarter, acquiring 689,928 additional shares. It now owns 7.93 million shares, or about 4.8% of the REIT.
• Institutional and hedge-fund ownership stands at 55.87%, with several investors initiating or expanding positions, including Odyssean LLC, which increased its holdings by 362.9%.
• Ready Capital reported a quarterly loss of $0.47 per share, slightly better than estimates, but analysts maintain a cautious outlook: the stock has a consensus “Reduce” rating and a $2.17 price target. Shares recently traded at $1.83, while the company paid a $0.01 quarterly dividend.

Private Management Group Inc. lifted its holdings in Ready Capital Corp (NYSE:RC - Free Report) by 9.5% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 7,932,521 shares of the real estate investment trust's stock after buying an additional 689,928 shares during the quarter. Private Management Group Inc. owned approximately 4.80% of Ready Capital worth $13,882,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Beacon Pointe Advisors LLC bought a new stake in shares of Ready Capital during the 2nd quarter valued at about $41,000. Public Employees Retirement System of Ohio bought a new position in Ready Capital in the second quarter worth about $28,000. Corient Private Wealth LP acquired a new position in Ready Capital in the second quarter valued at approximately $101,000. Bank of America Corp DE acquired a new position in Ready Capital in the second quarter valued at approximately $664,000. Finally, Odyssean LLC grew its holdings in shares of Ready Capital by 362.9% during the second quarter. Odyssean LLC now owns 349,648 shares of the real estate investment trust's stock valued at $612,000 after purchasing an additional 274,118 shares during the last quarter. 55.87% of the stock is owned by institutional investors and hedge funds.

Ready Capital Price Performance

NYSE RC opened at $1.83 on Friday. Ready Capital Corp has a 52 week low of $1.39 and a 52 week high of $4.46. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.97. The stock has a market cap of $303.12 million, a price-to-earnings ratio of -0.53 and a beta of 1.45. The company has a 50-day moving average price of $1.68 and a two-hundred day moving average price of $1.73.

Ready Capital (NYSE:RC - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The real estate investment trust reported ($0.47) EPS for the quarter, beating the consensus estimate of ($0.48) by $0.01. The company had revenue of $151.87 million for the quarter, compared to analyst estimates of $16.41 million. Ready Capital had a negative net margin of 131.76% and a negative return on equity of 16.78%. Analysts forecast that Ready Capital Corp will post -0.99 EPS for the current year.

Ready Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Tuesday, June 30th were given a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 2.2%. The ex-dividend date was Tuesday, June 30th. Ready Capital's dividend payout ratio (DPR) is currently -1.15%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Weiss Ratings reiterated a "sell (e+)" rating on shares of Ready Capital in a research report on Tuesday, June 2nd. Zacks Research upgraded Ready Capital from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 4th. Finally, UBS Group lowered their price objective on Ready Capital from $2.50 to $2.00 and set a "neutral" rating for the company in a research note on Thursday, July 16th. Three equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Reduce" and a consensus price target of $2.17.

Ready Capital Company Profile

Ready Capital Corporation is a specialty finance real estate investment trust (REIT) that originates, acquires and manages commercial real estate loans and related assets. The company offers financing solutions across a variety of property types, including multifamily, office, retail, industrial, hospitality and mixed-use assets. Ready Capital focuses on delivering flexible loan structures to meet the diverse needs of borrowers in the small balance and middle-market sectors.

Through its small balance commercial real estate lending platform, Ready Capital provides loans typically ranging from $1 million to $15 million for acquisitions, refinancings, renovations and bridge financing.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source