Ready Capital Corp $RC Position Reduced by MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. reduced its holdings in Ready Capital Corp by 12.8%, selling 258,564 shares, leaving them with approximately 1.02% of the company valued at $8,958,000.
• Analysts have lowered their price targets for Ready Capital, with UBS Group setting a new target of $4.00, and most analysts maintaining a consensus rating of "Hold."
• Ready Capital reported a quarterly earnings miss, with earnings per share of $(0.14) against expectations of $(0.01), and a revenue of $(9.77) million compared to predicted revenue of $167.26 million.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. trimmed its position in Ready Capital Corp (NYSE:RC - Free Report) by 12.8% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,759,849 shares of the real estate investment trust's stock after selling 258,564 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned 1.02% of Ready Capital worth $8,958,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Ready Capital by 6.1% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 45,288 shares of the real estate investment trust's stock worth $231,000 after purchasing an additional 2,606 shares in the last quarter. Spire Wealth Management grew its stake in Ready Capital by 4.6% in the first quarter. Spire Wealth Management now owns 95,283 shares of the real estate investment trust's stock worth $485,000 after purchasing an additional 4,157 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in Ready Capital by 29.4% in the first quarter. PNC Financial Services Group Inc. now owns 19,665 shares of the real estate investment trust's stock worth $100,000 after purchasing an additional 4,472 shares in the last quarter. Squarepoint Ops LLC boosted its stake in Ready Capital by 11.7% in the fourth quarter. Squarepoint Ops LLC now owns 42,964 shares of the real estate investment trust's stock valued at $293,000 after acquiring an additional 4,486 shares during the period. Finally, AlphaCore Capital LLC boosted its stake in Ready Capital by 25.4% in the fourth quarter. AlphaCore Capital LLC now owns 23,024 shares of the real estate investment trust's stock valued at $163,000 after acquiring an additional 4,660 shares during the period. 55.87% of the stock is currently owned by institutional investors and hedge funds.

Ready Capital Stock Performance

Shares of NYSE RC traded down $0.04 during midday trading on Friday, hitting $4.21. 1,347,756 shares of the company's stock were exchanged, compared to its average volume of 2,050,006. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.61 and a quick ratio of 1.61. The stock's 50 day moving average price is $4.20 and its 200-day moving average price is $4.50. The firm has a market cap of $691.83 million, a P/E ratio of -2.28 and a beta of 1.38. Ready Capital Corp has a twelve month low of $3.70 and a twelve month high of $8.41.

Ready Capital (NYSE:RC - Get Free Report) last issued its quarterly earnings data 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). The business had revenue of ($9.77) million for the quarter, compared to analyst estimates of $167.26 million. Ready Capital had a positive return on equity of 3.76% and a negative net margin of 40.59%. Equities research analysts anticipate that Ready Capital Corp will post 0.93 EPS for the current year.

Analysts Set New Price Targets

RC has been the subject of a number of research reports. Keefe, Bruyette & Woods decreased their target price on Ready Capital from $4.25 to $3.75 and set an "underperform" rating for the company in a research note on Tuesday, August 12th. UBS Group decreased their target price on Ready Capital from $4.50 to $4.00 and set a "neutral" rating for the company in a research note on Wednesday, August 20th. B. Riley decreased their target price on Ready Capital from $6.00 to $4.00 and set a "neutral" rating for the company in a research note on Monday, August 11th. Finally, Wall Street Zen downgraded Ready Capital from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. One research analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $5.88.

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.