Advisors Asset Management Inc. Buys 142,895 Shares of Ready Capital Corp $RC

Key Points

• Advisors Asset Management Inc. increased its stake in Ready Capital Corp by 20.5% to own approximately 0.49% of the company, valued at about $4.27 million.
• Multiple institutional investors have shown significant increases in their holdings, with Sound Income Strategies LLC raising its position by an extraordinary 9,654.5% during the same quarter.
• Ready Capital reported a quarterly loss of ($0.14) EPS, falling short of the consensus estimate, and recently declared a quarterly dividend with a yield of 11.7%.

Advisors Asset Management Inc. grew its position in Ready Capital Corp (NYSE:RC - Free Report) by 20.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 838,252 shares of the real estate investment trust's stock after purchasing an additional 142,895 shares during the quarter. Advisors Asset Management Inc. owned approximately 0.49% of Ready Capital worth $4,267,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Larson Financial Group LLC purchased a new position in shares of Ready Capital in the first quarter worth $27,000. US Bancorp DE lifted its holdings in shares of Ready Capital by 404.7% in the first quarter. US Bancorp DE now owns 6,021 shares of the real estate investment trust's stock worth $31,000 after buying an additional 4,828 shares in the last quarter. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Ready Capital in the first quarter worth $32,000. IFP Advisors Inc lifted its holdings in shares of Ready Capital by 1,410.5% in the first quarter. IFP Advisors Inc now owns 7,326 shares of the real estate investment trust's stock worth $37,000 after buying an additional 6,841 shares in the last quarter. Finally, Bfsg LLC purchased a new position in shares of Ready Capital in the first quarter worth $52,000. Hedge funds and other institutional investors own 55.87% of the company's stock.

Ready Capital Price Performance

Ready Capital stock traded up $0.09 during mid-day trading on Monday, reaching $4.38. 4,372,322 shares of the company's stock traded hands, compared to its average volume of 2,043,903. The company has a market cap of $718.94 million, a price-to-earnings ratio of -2.36 and a beta of 1.38. The stock has a 50 day moving average of $4.24 and a two-hundred day moving average of $4.54. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.76. 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 announced its earnings results 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). Ready Capital had a negative net margin of 40.59% and a positive return on equity of 3.76%. The firm had revenue of ($9.77) million during the quarter, compared to analysts' expectations of $167.26 million. Equities analysts forecast that Ready Capital Corp will post 0.93 earnings per share for the current year.

Ready Capital Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Monday, June 30th were paid a $0.125 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.50 annualized dividend and a dividend yield of 11.4%. Ready Capital's dividend payout ratio is currently -27.03%.

Analysts Set New Price Targets

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

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.