Sunbelt Securities Inc. Cuts Stock Position in Ready Capital Co. (NYSE:RC)

Sunbelt Securities Inc. reduced its position in Ready Capital Co. (NYSE:RC) by 12.0% in the second quarter, Holdings Channel.com reports. The firm owned 61,720 shares of the real estate investment trust’s stock after selling 8,456 shares during the quarter. Sunbelt Securities Inc.’s holdings in Ready Capital were worth $505,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in Ready Capital by 7.1% during the 4th quarter. Vanguard Group Inc. now owns 11,163,763 shares of the real estate investment trust’s stock valued at $114,429,000 after buying an additional 735,949 shares during the last quarter. TrueMark Investments LLC purchased a new stake in shares of Ready Capital during the second quarter worth about $3,082,000. Van ECK Associates Corp boosted its holdings in shares of Ready Capital by 29.4% during the second quarter. Van ECK Associates Corp now owns 1,342,070 shares of the real estate investment trust’s stock worth $10,978,000 after purchasing an additional 304,750 shares during the period. Clear Harbor Asset Management LLC boosted its holdings in shares of Ready Capital by 63.1% during the second quarter. Clear Harbor Asset Management LLC now owns 782,785 shares of the real estate investment trust’s stock worth $6,403,000 after purchasing an additional 302,930 shares during the period. Finally, Spire Wealth Management boosted its holdings in shares of Ready Capital by 1,115.6% during the second quarter. Spire Wealth Management now owns 168,261 shares of the real estate investment trust’s stock worth $1,376,000 after purchasing an additional 154,419 shares during the period. 55.87% of the stock is currently owned by hedge funds and other institutional investors.

Ready Capital Price Performance

Shares of NYSE RC opened at $7.44 on Wednesday. The company has a market capitalization of $1.25 billion, a price-to-earnings ratio of 4.62 and a beta of 1.42. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.69 and a current ratio of 1.69. The company has a 50 day simple moving average of $8.38 and a two-hundred day simple moving average of $8.54. Ready Capital Co. has a fifty-two week low of $7.41 and a fifty-two week high of $11.67.

Ready Capital (NYSE:RC) last announced its quarterly earnings results on Wednesday, August 7th. The real estate investment trust reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.19). The firm had revenue of $234.12 million for the quarter, compared to the consensus estimate of $61.77 million. Ready Capital had a negative net margin of 5.67% and a positive return on equity of 7.32%. During the same period last year, the business earned $0.35 EPS. Analysts expect that Ready Capital Co. will post 0.98 EPS for the current fiscal year.

Ready Capital Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, September 30th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 13.44%. The ex-dividend date of this dividend is Monday, September 30th. Ready Capital’s dividend payout ratio (DPR) is presently 62.11%.

Wall Street Analyst Weigh In

Several analysts have commented on RC shares. Keefe, Bruyette & Woods lowered their price objective on shares of Ready Capital from $8.00 to $7.75 and set an “underperform” rating for the company in a report on Monday, August 12th. Piper Sandler lowered their price objective on shares of Ready Capital from $9.50 to $8.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Wedbush restated a “neutral” rating and issued a $9.00 price objective on shares of Ready Capital in a report on Monday, August 12th. Finally, BTIG Research began coverage on shares of Ready Capital in a report on Friday, July 19th. They issued a “neutral” rating for the company. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $9.38.

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.