Thrivent Financial for Lutherans boosted its position in shares of Ready Capital Corp (NYSE:RC) by 53.2% during the 1st quarter, HoldingsChannel reports. The fund owned 43,021 shares of the real estate investment trust’s stock after buying an additional 14,947 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Ready Capital were worth $311,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Ready Capital by 60.5% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,967 shares of the real estate investment trust’s stock worth $36,000 after acquiring an additional 1,873 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of Ready Capital by 3,316.0% in the first quarter. PNC Financial Services Group Inc. now owns 5,534 shares of the real estate investment trust’s stock valued at $41,000 after purchasing an additional 5,372 shares in the last quarter. Bank of Montreal Can lifted its position in Ready Capital by 45.0% in the fourth quarter. Bank of Montreal Can now owns 3,967 shares of the real estate investment trust’s stock worth $61,000 after purchasing an additional 1,231 shares during the period. Family Management Corp bought a new position in Ready Capital in the first quarter worth $90,000. Finally, Metropolitan Life Insurance Co NY acquired a new stake in Ready Capital during the first quarter worth $90,000. 44.95% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts have recently commented on RC shares. B. Riley raised their price objective on shares of Ready Capital from $8.50 to $9.00 and gave the stock a “buy” rating in a report on Tuesday, June 16th. Zacks Investment Research raised Ready Capital from a “sell” rating to a “hold” rating in a report on Tuesday, June 23rd. ValuEngine raised Ready Capital from a “strong sell” rating to a “sell” rating in a report on Thursday, June 4th. JMP Securities boosted their price target on Ready Capital from $10.00 to $11.00 and gave the company a “market outperform” rating in a research note on Thursday, June 18th. Finally, LADENBURG THALM/SH SH cut Ready Capital from a “buy” rating to a “neutral” rating in a research report on Tuesday, May 12th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $14.29.
RC stock opened at $8.79 on Wednesday. The business has a fifty day moving average price of $7.32 and a 200 day moving average price of $10.89. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.48 and a quick ratio of 1.48. Ready Capital Corp has a fifty-two week low of $3.92 and a fifty-two week high of $16.90. The stock has a market capitalization of $477.01 million, a price-to-earnings ratio of -292.90 and a beta of 0.98.
Ready Capital (NYSE:RC) last announced its earnings results on Monday, May 11th. The real estate investment trust reported $0.01 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.35). Ready Capital had a negative net margin of 2.77% and a positive return on equity of 7.30%. The business had revenue of $22.62 million during the quarter, compared to analyst estimates of $24.87 million. On average, equities analysts expect that Ready Capital Corp will post 1.04 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Tuesday, June 30th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 11.38%. The ex-dividend date of this dividend is Monday, June 29th. Ready Capital’s payout ratio is presently 103.90%.
About Ready Capital
Ready Capital Corporation operates as a real estate finance company in the United States. The company originates, acquires, finances, and services small balance commercial (SBC) loans, small business administration (SBA) loans, and residential mortgage loans, as well as mortgage backed securities collateralized primarily by SBC loans, or other real estate-related investments.
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