Clear Harbor Asset Management LLC Sells 411,980 Shares of Ready Capital Corp $RC

Key Points

• Clear Harbor Asset Management LLC has reduced its holdings in Ready Capital Corp by 19.5%, now owning approximately 1.00% of the company worth $7.4 million.
• Ready Capital reported a loss of $0.14 earnings per share for the latest quarter, falling short of analyst expectations of ($0.01).
• The company announced a quarterly dividend of $0.125 per share, representing an annualized dividend yield of 11.6%.

Clear Harbor Asset Management LLC cut its position in shares of Ready Capital Corp (NYSE:RC - Free Report) by 19.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,697,720 shares of the real estate investment trust's stock after selling 411,980 shares during the period. Clear Harbor Asset Management LLC owned 1.00% of Ready Capital worth $7,419,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of RC. Deutsche Bank AG boosted its holdings in shares of Ready Capital by 50.7% during the 4th quarter. Deutsche Bank AG now owns 134,542 shares of the real estate investment trust's stock worth $918,000 after buying an additional 45,243 shares during the period. ProShare Advisors LLC boosted its holdings in shares of Ready Capital by 44.3% during the 4th quarter. ProShare Advisors LLC now owns 48,840 shares of the real estate investment trust's stock worth $333,000 after buying an additional 14,994 shares during the period. Squarepoint Ops LLC boosted its holdings 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 buying an additional 4,486 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Ready Capital by 19.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 432,540 shares of the real estate investment trust's stock worth $2,950,000 after buying an additional 70,314 shares during the period. Finally, AlphaCore Capital LLC boosted its holdings in shares of Ready Capital by 25.4% during the 4th quarter. AlphaCore Capital LLC now owns 23,024 shares of the real estate investment trust's stock worth $163,000 after buying an additional 4,660 shares during the period. 55.87% of the stock is currently owned by institutional investors and hedge funds.

Ready Capital Price Performance

RC stock traded down $0.15 during trading on Monday, reaching $4.20. 1,829,978 shares of the company were exchanged, compared to its average volume of 2,239,013. The company has a 50-day moving average of $4.18 and a two-hundred day moving average of $4.42. The company has a market capitalization of $689.36 million, a price-to-earnings ratio of -2.27 and a beta of 1.38. Ready Capital Corp has a twelve month low of $3.70 and a twelve month high of $8.09. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.61 and a quick ratio of 1.61.

Ready Capital (NYSE:RC - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The real estate investment trust reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.13). Ready Capital had a negative net margin of 40.59% and a positive return on equity of 3.76%. The business had revenue of ($9.77) million during the quarter, compared to analyst estimates of $167.26 million. As a group, equities analysts predict that Ready Capital Corp will post 0.93 earnings per share for the current fiscal year.

Ready Capital Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.125 per share. The ex-dividend date is Tuesday, September 30th. This represents a $0.50 annualized dividend and a dividend yield of 11.9%. Ready Capital's dividend payout ratio is -27.03%.

Analyst Ratings Changes

Several analysts recently commented on the stock. Wall Street Zen downgraded shares of Ready Capital from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. UBS Group cut their price objective on shares of Ready Capital from $4.50 to $4.00 and set a "neutral" rating for the company in a report on Wednesday, August 20th. Keefe, Bruyette & Woods cut their price objective 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. Finally, B. Riley cut their price objective 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. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $5.45.

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.