Northern Trust Corp Boosts Stake in Ready Capital Co. (NYSE:RC)

Northern Trust Corp increased its stake in Ready Capital Co. (NYSE:RC - Free Report) by 6.3% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,833,044 shares of the real estate investment trust's stock after purchasing an additional 108,519 shares during the period. Northern Trust Corp owned 1.09% of Ready Capital worth $12,501,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Sterling Capital Management LLC increased its holdings in shares of Ready Capital by 822.8% in the fourth quarter. Sterling Capital Management LLC now owns 5,177 shares of the real estate investment trust's stock valued at $35,000 after purchasing an additional 4,616 shares during the period. Steward Partners Investment Advisory LLC lifted its holdings in shares of Ready Capital by 3,075.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 6,350 shares of the real estate investment trust's stock worth $43,000 after purchasing an additional 6,150 shares during the period. Avion Wealth acquired a new position in Ready Capital in the 4th quarter worth approximately $47,000. Ausdal Financial Partners Inc. purchased a new position in Ready Capital during the 4th quarter worth approximately $68,000. Finally, Proficio Capital Partners LLC acquired a new stake in Ready Capital during the 4th quarter valued at approximately $69,000. Hedge funds and other institutional investors own 55.87% of the company's stock.

Insider Activity

In other news, CEO Thomas E. Capasse bought 10,000 shares of the firm's stock in a transaction dated Wednesday, March 5th. The shares were acquired at an average price of $4.80 per share, for a total transaction of $48,000.00. Following the completion of the transaction, the chief executive officer now directly owns 319,925 shares in the company, valued at $1,535,640. The trade was a 3.23% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.10% of the company's stock.

Ready Capital Price Performance

NYSE RC traded down $0.09 during trading hours on Thursday, reaching $4.06. The company's stock had a trading volume of 280,708 shares, compared to its average volume of 2,091,543. The firm has a market capitalization of $691.41 million, a price-to-earnings ratio of -5.79 and a beta of 1.45. The company's 50-day moving average is $4.61 and its two-hundred day moving average is $6.04. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.67 and a quick ratio of 1.67. Ready Capital Co. has a 1-year low of $3.93 and a 1-year high of $9.54.

Ready Capital (NYSE:RC - Get Free Report) last announced its earnings results on Thursday, May 8th. The real estate investment trust reported ($0.09) earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.21). Ready Capital had a positive return on equity of 7.53% and a negative net margin of 11.65%. The business had revenue of $40.24 million for the quarter, compared to analyst estimates of $212.33 million. On average, equities analysts predict that Ready Capital Co. will post 0.93 EPS for the current year.

Ready Capital Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 30th. Shareholders of record on Monday, March 31st were issued a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a yield of 12.33%. The ex-dividend date was Monday, March 31st. Ready Capital's payout ratio is -28.74%.

Wall Street Analyst Weigh In

RC has been the subject of several recent research reports. Citizens Jmp cut shares of Ready Capital from an "outperform" rating to a "market perform" rating in a report on Monday, March 3rd. Wedbush restated a "neutral" rating and issued a $6.00 target price (down previously from $8.00) on shares of Ready Capital in a research note on Tuesday, March 4th. Keefe, Bruyette & Woods reduced their price target on Ready Capital from $4.00 to $3.75 and set an "underperform" rating for the company in a research report on Tuesday, May 13th. Finally, UBS Group decreased their price target on Ready Capital from $4.75 to $4.50 and set a "neutral" rating for the company in a report on Wednesday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $6.96.

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.