Spire Wealth Management decreased its holdings in shares of Ready Capital Co. (NYSE:RC - Free Report) by 93.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,842 shares of the real estate investment trust's stock after selling 182,880 shares during the period. Spire Wealth Management's holdings in Ready Capital were worth $126,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Illinois Municipal Retirement Fund bought a new position in Ready Capital in the third quarter worth approximately $950,000. Mariner LLC boosted its holdings in Ready Capital by 2.2% in the third quarter. Mariner LLC now owns 779,864 shares of the real estate investment trust's stock worth $7,884,000 after acquiring an additional 16,532 shares in the last quarter. Bailard Inc. boosted its holdings in Ready Capital by 50.1% in the fourth quarter. Bailard Inc. now owns 60,800 shares of the real estate investment trust's stock worth $623,000 after acquiring an additional 20,300 shares in the last quarter. Penserra Capital Management LLC boosted its holdings in Ready Capital by 14.4% in the third quarter. Penserra Capital Management LLC now owns 43,761 shares of the real estate investment trust's stock worth $442,000 after acquiring an additional 5,512 shares in the last quarter. Finally, Integrated Advisors Network LLC bought a new position in Ready Capital in the third quarter worth approximately $124,000. Institutional investors own 55.87% of the company's stock.
Ready Capital Price Performance
Shares of RC traded down $0.14 during midday trading on Monday, reaching $8.58. The stock had a trading volume of 1,234,841 shares, compared to its average volume of 1,452,508. The company's 50-day moving average is $8.74 and its 200 day moving average is $9.45. Ready Capital Co. has a 12-month low of $8.25 and a 12-month high of $11.97. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $1.45 billion, a price-to-earnings ratio of 5.33 and a beta of 1.41.
Ready Capital (NYSE:RC - Get Free Report) last released its earnings results on Wednesday, May 8th. The real estate investment trust reported $0.29 earnings per share for the quarter, beating analysts' consensus estimates of $0.28 by $0.01. Ready Capital had a return on equity of 8.11% and a net margin of 23.81%. The company had revenue of $232.35 million during the quarter, compared to analyst estimates of $64.34 million. During the same quarter in the previous year, the company posted $0.31 EPS. On average, equities analysts predict that Ready Capital Co. will post 1.17 EPS for the current fiscal year.
Ready Capital Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 30th. Shareholders of record on Thursday, March 28th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 13.99%. The ex-dividend date was Wednesday, March 27th. Ready Capital's payout ratio is 74.53%.
Insider Buying and Selling at Ready Capital
In other news, Director Gilbert E. Nathan bought 10,000 shares of the firm's stock in a transaction dated Thursday, March 14th. The stock was purchased at an average price of $8.65 per share, with a total value of $86,500.00. Following the transaction, the director now owns 83,099 shares of the company's stock, valued at $718,806.35. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director Gilbert E. Nathan bought 10,000 shares of the firm's stock in a transaction dated Thursday, March 14th. The stock was purchased at an average price of $8.65 per share, with a total value of $86,500.00. Following the transaction, the director now owns 83,099 shares of the company's stock, valued at $718,806.35. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Kevin M. Luebbers purchased 5,000 shares of the business's stock in a transaction that occurred on Tuesday, March 5th. The stock was bought at an average price of $8.43 per share, for a total transaction of $42,150.00. Following the purchase, the director now directly owns 119,925 shares in the company, valued at $1,010,967.75. The disclosure for this purchase can be found here. Insiders acquired 17,150 shares of company stock valued at $148,280 in the last 90 days. Insiders own 0.95% of the company's stock.
Analyst Upgrades and Downgrades
Several analysts have recently commented on the company. B. Riley reissued a "buy" rating and issued a $12.00 price objective (down from $13.00) on shares of Ready Capital in a research note on Monday, March 4th. StockNews.com downgraded Ready Capital from a "buy" rating to a "hold" rating in a research report on Monday, March 4th. Keefe, Bruyette & Woods reaffirmed an "underperform" rating and set a $8.00 price target (down from $10.00) on shares of Ready Capital in a research report on Monday, March 4th. BTIG Research decreased their price target on Ready Capital from $12.00 to $10.00 and set a "buy" rating for the company in a research report on Wednesday, April 17th. Finally, UBS Group decreased their price target on Ready Capital from $10.50 to $9.50 and set a "neutral" rating for the company in a research report on Wednesday, March 20th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $10.93.
Check Out Our Latest Research Report on RC
Ready Capital Company Profile
(
Free Report)
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.
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