14,245 Shares in Ready Capital Co. (NYSE:RC) Purchased by Sanctuary Advisors LLC

Sanctuary Advisors LLC acquired a new stake in shares of Ready Capital Co. (NYSE:RC) during the 2nd quarter, HoldingsChannel.com reports. The fund acquired 14,245 shares of the real estate investment trust’s stock, valued at approximately $126,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in RC. Janus Henderson Group PLC raised its position in shares of Ready Capital by 131.0% in the first quarter. Janus Henderson Group PLC now owns 168,496 shares of the real estate investment trust’s stock valued at $1,539,000 after purchasing an additional 95,562 shares during the period. Norden Group LLC grew its stake in Ready Capital by 773.1% in the 1st quarter. Norden Group LLC now owns 128,163 shares of the real estate investment trust’s stock valued at $1,170,000 after buying an additional 113,484 shares in the last quarter. Vanguard Group Inc. raised its holdings in Ready Capital by 7.1% during the 4th quarter. Vanguard Group Inc. now owns 11,163,763 shares of the real estate investment trust’s stock valued at $114,429,000 after acquiring an additional 735,949 shares during the period. Spire Wealth Management lifted its position in shares of Ready Capital by 1,115.6% during the second quarter. Spire Wealth Management now owns 168,261 shares of the real estate investment trust’s stock worth $1,376,000 after acquiring an additional 154,419 shares in the last quarter. Finally, Jennison Associates LLC boosted its holdings in shares of Ready Capital by 92.2% in the first quarter. Jennison Associates LLC now owns 108,946 shares of the real estate investment trust’s stock worth $995,000 after acquiring an additional 52,274 shares during the period. Institutional investors own 55.87% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on RC. BTIG Research started coverage on Ready Capital in a research note on Friday, July 19th. They set 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 research report on Monday, August 12th. Keefe, Bruyette & Woods cut their price objective on shares of Ready Capital from $8.00 to $7.75 and set an “underperform” rating for the company in a research report on Monday, August 12th. Finally, Piper Sandler reduced their price objective on shares of Ready Capital from $9.50 to $8.00 and set a “neutral” rating for the company in a research note on Monday, September 16th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, Ready Capital presently has an average rating of “Hold” and an average target price of $9.38.

Ready Capital Stock Down 3.2 %

RC stock opened at $7.02 on Tuesday. Ready Capital Co. has a 1-year low of $6.99 and a 1-year high of $11.67. The stock has a market cap of $1.18 billion, a price-to-earnings ratio of 4.36 and a beta of 1.41. The company has a current ratio of 1.69, a quick ratio of 1.69 and a debt-to-equity ratio of 0.52. The company’s 50 day moving average is $7.84 and its 200 day moving average is $8.35.

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

Ready Capital Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 30th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 14.25%. The ex-dividend date of this dividend is Monday, September 30th. Ready Capital’s payout ratio is currently 62.11%.

Ready Capital Company 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.