Creative Planning Sells 126,510 Shares of Ready Capital Co. (NYSE:RC)

Creative Planning lessened its position in shares of Ready Capital Co. (NYSE:RC) by 26.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 350,282 shares of the real estate investment trust’s stock after selling 126,510 shares during the period. Creative Planning owned approximately 0.21% of Ready Capital worth $2,865,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of RC. Algert Global LLC purchased a new stake in shares of Ready Capital in the second quarter worth $135,000. AQR Capital Management LLC purchased a new stake in shares of Ready Capital in the 2nd quarter valued at about $146,000. Marshall Wace LLP bought a new stake in shares of Ready Capital during the 2nd quarter valued at about $514,000. Xponance Inc. purchased a new position in shares of Ready Capital during the second quarter worth about $84,000. Finally, Public Sector Pension Investment Board grew its holdings in shares of Ready Capital by 5.3% during the second quarter. Public Sector Pension Investment Board now owns 341,865 shares of the real estate investment trust’s stock worth $2,796,000 after purchasing an additional 17,279 shares in the last quarter. 55.87% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Piper Sandler lowered their target price on shares of Ready Capital from $9.50 to $8.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. Keefe, Bruyette & Woods dropped 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. Wedbush reissued a “neutral” rating and issued a $9.00 target price on shares of Ready Capital in a research note on Monday, August 12th. Finally, BTIG Research began coverage on Ready Capital in a research note on Friday, July 19th. They set a “neutral” rating for the company. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $9.38.

Ready Capital Stock Performance

NYSE RC opened at $7.31 on Friday. The company has a 50-day simple moving average of $8.23 and a two-hundred day simple moving average of $8.50. Ready Capital Co. has a 12-month low of $7.23 and a 12-month high of $11.67. The firm has a market cap of $1.23 billion, a price-to-earnings ratio of 4.54 and a beta of 1.41. The company has a quick ratio of 1.69, a current ratio of 1.69 and a debt-to-equity ratio of 0.52.

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

Ready Capital Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Monday, September 30th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a yield of 13.68%. Ready Capital’s dividend payout ratio is currently 62.11%.

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.