Ready Capital Co. (NYSE:RC) Shares Purchased by Norden Group LLC

Norden Group LLC increased its holdings in shares of Ready Capital Co. (NYSE:RC) by 24.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 18,309 shares of the real estate investment trust’s stock after buying an additional 3,630 shares during the period. Norden Group LLC’s holdings in Ready Capital were worth $167,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in RC. Van ECK Associates Corp raised its position in Ready Capital by 2.3% in the 1st quarter. Van ECK Associates Corp now owns 1,037,320 shares of the real estate investment trust’s stock valued at $9,471,000 after purchasing an additional 23,724 shares in the last quarter. Joel Isaacson & Co. LLC raised its holdings in Ready Capital by 9.2% in the first quarter. Joel Isaacson & Co. LLC now owns 52,341 shares of the real estate investment trust’s stock valued at $478,000 after acquiring an additional 4,408 shares in the last quarter. Simplicity Wealth LLC purchased a new position in Ready Capital in the first quarter worth approximately $274,000. Midwest Heritage Bank FSB purchased a new stake in shares of Ready Capital in the 1st quarter valued at approximately $106,000. Finally, Kovack Advisors Inc. raised its holdings in shares of Ready Capital by 25.2% in the 1st quarter. Kovack Advisors Inc. now owns 18,789 shares of the real estate investment trust’s stock valued at $172,000 after purchasing an additional 3,780 shares in the last quarter. 55.87% of the stock is currently owned by institutional investors and hedge funds.

Ready Capital Stock Performance

Shares of Ready Capital stock opened at $8.92 on Monday. The firm’s fifty day simple moving average is $8.45 and its 200-day simple moving average is $8.90. Ready Capital Co. has a 12 month low of $7.93 and a 12 month high of $11.97. The stock has a market capitalization of $1.50 billion, a price-to-earnings ratio of 5.54 and a beta of 1.43. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.76 and a quick ratio of 1.76.

Ready Capital (NYSE:RC) last announced its earnings results on Wednesday, May 8th. The real estate investment trust reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. The business had revenue of $232.35 million during the quarter, compared to analysts’ expectations of $64.34 million. Ready Capital had a net margin of 23.81% and a return on equity of 8.11%. During the same period in the prior year, the company earned $0.31 earnings per share. As a group, equities analysts forecast that Ready Capital Co. will post 1.17 earnings per share for the current year.

Ready Capital Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, June 28th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 13.45%. The ex-dividend date of this dividend is Friday, June 28th. Ready Capital’s payout ratio is currently 74.53%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on RC. UBS Group dropped their target price on Ready Capital from $10.50 to $9.50 and set a “neutral” rating on the stock in a report on Wednesday, March 20th. LADENBURG THALM/SH SH lowered Ready Capital from a “buy” rating to a “neutral” rating in a research report on Friday, May 10th. Finally, BTIG Research lowered their price target on Ready Capital from $12.00 to $10.00 and set a “buy” rating for the company in a report on Wednesday, April 17th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Ready Capital currently has an average rating of “Hold” and an average target price of $10.93.

Insider Transactions at Ready Capital

In other news, Director Gilbert E. Nathan acquired 10,000 shares of the company’s stock in a transaction on Friday, May 24th. The shares were bought at an average cost of $8.29 per share, with a total value of $82,900.00. Following the purchase, the director now owns 95,249 shares of the company’s stock, valued at approximately $789,614.21. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.09% of the company’s stock.

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.