Handelsbanken Fonder AB Has $362,000 Holdings in Ready Capital Co. (NYSE:RC)

Handelsbanken Fonder AB increased its stake in shares of Ready Capital Co. (NYSE:RC) by 25.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 47,430 shares of the real estate investment trust’s stock after acquiring an additional 9,600 shares during the quarter. Handelsbanken Fonder AB’s holdings in Ready Capital were worth $362,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of RC. CWM LLC increased its holdings in shares of Ready Capital by 94.6% during the 2nd quarter. CWM LLC now owns 3,361 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 1,634 shares during the period. EntryPoint Capital LLC bought a new position in Ready Capital during the first quarter valued at about $40,000. MCF Advisors LLC acquired a new position in Ready Capital in the 1st quarter valued at approximately $42,000. Naviter Wealth LLC bought a new stake in shares of Ready Capital in the 1st quarter worth approximately $94,000. Finally, Cadence Bank acquired a new stake in shares of Ready Capital during the 1st quarter worth approximately $91,000. 55.87% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently commented on RC. BTIG Research initiated coverage on Ready Capital in a research report on Friday, July 19th. They issued a “neutral” rating for the company. Keefe, Bruyette & Woods reduced 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 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. Finally, Wedbush restated a “neutral” rating and set a $9.00 price target on shares of Ready Capital in a research note on Monday, August 12th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $9.38.

Ready Capital Price Performance

Shares of Ready Capital stock opened at $7.20 on Tuesday. The stock has a market capitalization of $1.21 billion, a price-to-earnings ratio of 4.47 and a beta of 1.41. The firm’s 50-day moving average price is $8.02 and its two-hundred day moving average price is $8.43. The company has a current ratio of 1.69, a quick ratio of 1.69 and a debt-to-equity ratio of 0.52. Ready Capital Co. has a 1-year low of $7.00 and a 1-year high of $11.67.

Ready Capital (NYSE:RC) last released its quarterly earnings results on Wednesday, August 7th. The real estate investment trust reported $0.07 EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $234.12 million for the quarter, compared to the consensus estimate of $61.77 million. During the same quarter last year, the company earned $0.35 earnings per share. On average, equities analysts predict that Ready Capital Co. will post 0.98 earnings per share for the current fiscal year.

Ready Capital Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 30th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 13.90%. Ready Capital’s dividend payout ratio (DPR) is presently 62.11%.

About Ready Capital

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.