Quantum Portfolio Management LLC Invests $84.96 Million in Ready Capital Corp $RC

Quantum Portfolio Management LLC bought a new position in shares of Ready Capital Corp (NYSE:RC) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 52,441,739 shares of the real estate investment trust’s stock, valued at approximately $84,956,000. Ready Capital comprises approximately 0.9% of Quantum Portfolio Management LLC’s investment portfolio, making the stock its 9th largest holding. Quantum Portfolio Management LLC owned approximately 32.20% of Ready Capital as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC purchased a new stake in Ready Capital in the fourth quarter valued at $27,000. Eurizon Capital SGR S.p.A. purchased a new position in shares of Ready Capital during the 4th quarter valued at about $28,000. Austin Wealth Management LLC purchased a new position in shares of Ready Capital during the 4th quarter valued at about $29,000. Green Ridge Wealth Planning LLC acquired a new position in shares of Ready Capital in the 4th quarter valued at about $32,000. Finally, Allworth Financial LP lifted its holdings in shares of Ready Capital by 354.5% in the 4th quarter. Allworth Financial LP now owns 16,380 shares of the real estate investment trust’s stock valued at $36,000 after buying an additional 12,776 shares during the period. 55.87% of the stock is currently owned by institutional investors and hedge funds.

Ready Capital Stock Down 2.1%

RC opened at $1.65 on Thursday. Ready Capital Corp has a fifty-two week low of $1.50 and a fifty-two week high of $4.69. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.60 and a current ratio of 1.60. The company has a fifty day moving average of $1.76 and a two-hundred day moving average of $1.86. The stock has a market capitalization of $271.79 million, a price-to-earnings ratio of -0.52 and a beta of 1.43.

Ready Capital (NYSE:RC) last posted its earnings results on Thursday, May 7th. The real estate investment trust reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.18). Ready Capital had a negative return on equity of 14.69% and a negative net margin of 102.10%.The firm had revenue of $130.55 million for the quarter, compared to analysts’ expectations of $68.67 million. On average, research analysts expect that Ready Capital Corp will post -0.94 earnings per share for the current year.

Ready Capital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Tuesday, June 30th will be issued a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Tuesday, June 30th. Ready Capital’s dividend payout ratio (DPR) is presently -1.26%.

Analysts Set New Price Targets

RC has been the topic of several analyst reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Ready Capital in a report on Tuesday, June 2nd. Zacks Research downgraded Ready Capital from a “hold” rating to a “strong sell” rating in a report on Monday. Three equities research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, Ready Capital presently has an average rating of “Reduce” and a consensus target price of $2.81.

Ready Capital Company Profile

Ready Capital Corporation is a specialty finance real estate investment trust (REIT) that originates, acquires and manages commercial real estate loans and related assets. The company offers financing solutions across a variety of property types, including multifamily, office, retail, industrial, hospitality and mixed-use assets. Ready Capital focuses on delivering flexible loan structures to meet the diverse needs of borrowers in the small balance and middle-market sectors.

Through its small balance commercial real estate lending platform, Ready Capital provides loans typically ranging from $1 million to $15 million for acquisitions, refinancings, renovations and bridge financing.