State of Alaska Department of Revenue Boosts Stock Position in Ready Capital Co. (NYSE:RC)

State of Alaska Department of Revenue lifted its holdings in Ready Capital Co. (NYSE:RC) by 5.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 95,992 shares of the real estate investment trust’s stock after purchasing an additional 4,775 shares during the quarter. State of Alaska Department of Revenue owned 0.06% of Ready Capital worth $732,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. HB Wealth Management LLC boosted its stake in Ready Capital by 3.4% during the second quarter. HB Wealth Management LLC now owns 33,216 shares of the real estate investment trust’s stock worth $272,000 after buying an additional 1,101 shares during the period. Victory Capital Management Inc. boosted its stake in Ready Capital by 2.2% during the second quarter. Victory Capital Management Inc. now owns 63,699 shares of the real estate investment trust’s stock worth $521,000 after buying an additional 1,375 shares during the period. B. Riley Wealth Advisors Inc. boosted its stake in Ready Capital by 12.6% during the first quarter. B. Riley Wealth Advisors Inc. now owns 12,970 shares of the real estate investment trust’s stock worth $118,000 after buying an additional 1,455 shares during the period. CWM LLC boosted its stake in Ready Capital by 94.6% during the second quarter. CWM LLC now owns 3,361 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 1,634 shares during the period. Finally, Texas Permanent School Fund Corp boosted its stake in Ready Capital by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 138,085 shares of the real estate investment trust’s stock worth $1,261,000 after buying an additional 1,718 shares during the period. 55.87% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Piper Sandler decreased their target price on Ready Capital from $9.50 to $8.00 and set a “neutral” rating for the company in a research report on Monday, September 16th. Keefe, Bruyette & Woods decreased their target price on Ready Capital from $8.00 to $7.75 and set an “underperform” rating for the company in a research report on Monday, August 12th. BTIG Research assumed coverage on Ready Capital in a research report on Friday, July 19th. They set a “neutral” rating for the company. Finally, Wedbush reiterated a “neutral” rating and set a $9.00 target price on shares of Ready Capital in a research report on Monday, August 12th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, Ready Capital presently has a consensus rating of “Hold” and a consensus price target of $9.38.

Ready Capital Stock Performance

RC stock opened at $6.99 on Thursday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.69 and a quick ratio of 1.69. The business has a 50-day moving average price of $7.48 and a 200 day moving average price of $8.22. The company has a market capitalization of $1.17 billion, a P/E ratio of -18.38 and a beta of 1.42. Ready Capital Co. has a 1-year low of $6.65 and a 1-year high of $11.67.

Ready Capital (NYSE:RC) last released 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). The firm had revenue of $234.12 million during the quarter, compared to the consensus estimate of $61.77 million. Ready Capital had a negative net margin of 5.67% and a positive return on equity of 7.32%. During the same quarter in the previous year, the firm earned $0.35 earnings per share. As a group, equities research analysts forecast 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 was paid on Thursday, October 31st. Investors of record on Monday, September 30th were issued a $0.25 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.00 annualized dividend and a dividend yield of 14.32%. Ready Capital’s payout ratio is currently -263.16%.

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.