Voya Investment Management LLC Buys 392,911 Shares of Ready Capital Corp $RC

Key Points

• Voya Investment Management LLC has significantly increased its stake in Ready Capital Corp by 773.7%, now owning a total of 443,692 shares valued at approximately $2,258,000.
• Ready Capital recently reported an EPS of ($0.14), missing analysts' expectations, and has seen multiple analysts downgrade its ratings with target prices now ranging from $3.75 to $4.00.
• The company announced a quarterly dividend of $0.125 per share, resulting in a dividend yield of 11.6%, with an ex-dividend date set for September 30th.

Voya Investment Management LLC lifted its holdings in shares of Ready Capital Corp (NYSE:RC - Free Report) by 773.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 443,692 shares of the real estate investment trust's stock after acquiring an additional 392,911 shares during the period. Voya Investment Management LLC owned approximately 0.26% of Ready Capital worth $2,258,000 at the end of the most recent reporting period.

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

Ready Capital Price Performance

Ready Capital stock traded down $0.15 during midday trading on Monday, reaching $4.20. 1,829,978 shares of the stock were exchanged, compared to its average volume of 2,239,013. The company's fifty day moving average is $4.18 and its 200-day moving average is $4.42. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.61 and a current ratio of 1.61. The firm has a market cap of $689.36 million, a PE ratio of -2.27 and a beta of 1.38. Ready Capital Corp has a 52 week low of $3.70 and a 52 week high of $8.09.

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

Ready Capital Dividend Announcement

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

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Wall Street Zen cut shares of Ready Capital from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. B. Riley cut their price target 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. UBS Group cut their price target on shares of Ready Capital from $4.50 to $4.00 and set a "neutral" rating on the stock in a report on Wednesday, August 20th. Finally, Keefe, Bruyette & Woods dropped their target price on shares of Ready Capital from $4.25 to $3.75 and set an "underperform" rating on the stock in a research note on Tuesday, August 12th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Ready Capital has a consensus rating of "Hold" and a consensus price target of $5.45.

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.