MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Decreases Position in Ready Capital Corp $RC

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 filing 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 about 1.02% of Ready Capital worth $8,958,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in RC. Private Management Group Inc. bought a new stake in Ready Capital in the 1st quarter worth about $8,235,000. Hudson Bay Capital Management LP bought a new stake in Ready Capital in the 4th quarter worth about $4,393,000. Invesco Ltd. grew its position in Ready Capital by 16.1% in the 1st quarter. Invesco Ltd. now owns 3,618,181 shares of the real estate investment trust's stock worth $18,417,000 after purchasing an additional 502,162 shares in the last quarter. Wolverine Asset Management LLC grew its position in Ready Capital by 152.5% in the 1st quarter. Wolverine Asset Management LLC now owns 555,556 shares of the real estate investment trust's stock worth $2,828,000 after purchasing an additional 335,502 shares in the last quarter. Finally, Nuveen LLC bought a new stake in Ready Capital in the 1st quarter worth about $1,574,000. 55.87% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Wall Street Zen downgraded shares of Ready Capital from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. B. Riley reduced their target price on shares of Ready Capital from $6.00 to $4.00 and set a "neutral" rating for the company in a research report on Monday, August 11th. Keefe, Bruyette & Woods reduced their target price on shares of Ready Capital from $4.25 to $3.75 and set an "underperform" rating for the company in a research report on Tuesday, August 12th. Finally, UBS Group reduced their target price on shares of Ready Capital from $4.50 to $4.00 and set a "neutral" rating for the company in a research report on Wednesday, August 20th. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Ready Capital presently has a consensus rating of "Hold" and an average target price of $5.88.

Ready Capital Price Performance

Shares of Ready Capital stock traded up $0.02 on Monday, hitting $4.21. 310,532 shares of the company traded hands, compared to its average volume of 2,399,048. The firm's 50-day simple moving average is $4.20 and its 200 day simple moving average is $4.47. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.76. The company has a market cap of $691.01 million, a P/E ratio of -2.27 and a beta of 1.38. Ready Capital Corp has a 12-month low of $3.70 and a 12-month high of $8.41.

Ready Capital (NYSE:RC - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The real estate investment trust reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.13). The company had revenue of ($9.77) million for the quarter, compared to analysts' expectations of $167.26 million. Ready Capital had a negative net margin of 40.59% and a positive return on equity of 3.76%. Analysts expect that Ready Capital Corp will post 0.93 earnings per share for the current fiscal year.

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.