Ready Capital Corp $RC Position Increased by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. has increased its stake in Ready Capital Corp to approximately $58.29 million, now owning about 6.65% of the company after acquiring 84,131 additional shares in the first quarter.
• Ready Capital's stock has experienced several price target adjustments from brokerages, with UBS Group and B. Riley lowering their targets to $4.00.
• The company recently declared a quarterly dividend of $0.125 per share, resulting in a yield of 12.3%, despite a negative net margin of 40.59% reported for the last quarter.

Vanguard Group Inc. boosted its position in Ready Capital Corp (NYSE:RC - Free Report) by 0.7% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 11,450,959 shares of the real estate investment trust's stock after acquiring an additional 84,131 shares during the period. Vanguard Group Inc. owned about 6.65% of Ready Capital worth $58,285,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Raymond James Financial Inc. purchased a new position in shares of Ready Capital in the 4th quarter worth about $1,839,000. Barclays PLC raised its holdings in shares of Ready Capital by 17.7% in the 4th quarter. Barclays PLC now owns 570,835 shares of the real estate investment trust's stock worth $3,893,000 after purchasing an additional 85,849 shares during the period. XTX Topco Ltd purchased a new position in shares of Ready Capital in the 4th quarter worth about $165,000. Marshall Wace LLP raised its holdings in shares of Ready Capital by 3,049.5% in the 4th quarter. Marshall Wace LLP now owns 392,559 shares of the real estate investment trust's stock worth $2,677,000 after purchasing an additional 380,095 shares during the period. Finally, CANADA LIFE ASSURANCE Co raised its holdings in shares of Ready Capital by 3.8% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 220,184 shares of the real estate investment trust's stock worth $1,501,000 after purchasing an additional 8,130 shares during the period. 55.87% of the stock is owned by hedge funds and other institutional investors.

Ready Capital Stock Performance

NYSE:RC traded up $0.04 during trading hours on Friday, reaching $4.28. 1,480,654 shares of the stock were exchanged, compared to its average volume of 2,206,056. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.76. The firm has a 50 day simple moving average of $4.26 and a 200-day simple moving average of $4.67. Ready Capital Corp has a 52 week low of $3.70 and a 52 week high of $8.41. The stock has a market capitalization of $703.00 million, a P/E ratio of -2.31 and a beta of 1.47.

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

Ready Capital Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Monday, June 30th were issued a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 11.7%. The ex-dividend date of this dividend was Monday, June 30th. Ready Capital's dividend payout ratio (DPR) is currently -27.03%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on RC shares. 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 report on Tuesday, August 12th. Wall Street Zen downgraded Ready Capital from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. 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 report on Wednesday, August 20th. Finally, 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 report on Monday, August 11th. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $5.88.

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.