Amalgamated Bank Lowers Stock Position in Ready Capital Co. (NYSE:RC)

Amalgamated Bank trimmed its holdings in shares of Ready Capital Co. (NYSE:RC) by 2.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 47,474 shares of the real estate investment trust’s stock after selling 1,331 shares during the period. Amalgamated Bank’s holdings in Ready Capital were worth $388,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Waterfall Asset Management LLC purchased a new stake in shares of Ready Capital during the 4th quarter worth approximately $40,067,000. Vanguard Group Inc. increased its position in shares of Ready Capital by 7.1% in the fourth quarter. Vanguard Group Inc. now owns 11,163,763 shares of the real estate investment trust’s stock valued at $114,429,000 after buying an additional 735,949 shares in the last quarter. TrueMark Investments LLC acquired a new position in shares of Ready Capital during the 2nd quarter worth $3,082,000. Van ECK Associates Corp boosted its position in shares of Ready Capital by 29.4% in the 2nd quarter. Van ECK Associates Corp now owns 1,342,070 shares of the real estate investment trust’s stock worth $10,978,000 after buying an additional 304,750 shares in the last quarter. Finally, Clear Harbor Asset Management LLC grew its stake in Ready Capital by 63.1% in the 2nd quarter. Clear Harbor Asset Management LLC now owns 782,785 shares of the real estate investment trust’s stock valued at $6,403,000 after acquiring an additional 302,930 shares during the last quarter. 55.87% of the stock is owned by institutional investors and hedge funds.

Ready Capital Stock Performance

NYSE:RC opened at $7.83 on Monday. Ready Capital Co. has a fifty-two week low of $7.52 and a fifty-two week high of $11.67. The firm’s 50 day moving average is $8.41 and its two-hundred day moving average is $8.55. The company has a market cap of $1.32 billion, a P/E ratio of 4.86 and a beta of 1.42. 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 announced its quarterly earnings results on Wednesday, August 7th. The real estate investment trust reported $0.07 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 firm had revenue of $234.12 million for the quarter, compared to analyst estimates of $61.77 million. During the same quarter in the prior year, the company earned $0.35 earnings per share. Analysts expect that Ready Capital Co. will post 1.02 EPS for the current year.

Ready Capital Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, September 30th will be paid a dividend of $0.25 per share. The ex-dividend date is Monday, September 30th. This represents a $1.00 annualized dividend and a yield of 12.77%. Ready Capital’s dividend payout ratio is currently 62.11%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on RC. BTIG Research started coverage on shares of Ready Capital in a report on Friday, July 19th. They issued a “neutral” rating on the stock. Wedbush reiterated a “neutral” rating and set a $9.00 price target on shares of Ready Capital in a report on Monday, August 12th. Keefe, Bruyette & Woods reduced their price objective on shares of Ready Capital from $8.00 to $7.75 and set an “underperform” rating on the stock in a research note on Monday, August 12th. Finally, Piper Sandler decreased 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 report on Monday, September 16th. One equities research 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’s stock. According to data from MarketBeat, Ready Capital currently has an average rating of “Hold” and a consensus price target of $9.38.

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.