Ready Capital (NYSE:RC) Sees Strong Trading Volume Following Dividend Announcement

Shares of Ready Capital Co. (NYSE:RC) saw unusually-strong trading volume on Monday following a dividend announcement from the company. Approximately 534,222 shares changed hands during trading, a decline of 64% from the previous session’s volume of 1,492,838 shares.The stock last traded at $7.60 and had previously closed at $7.71.

The newly announced dividend which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 30th will be issued a dividend of $0.25 per share. The ex-dividend date is Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 12.36%. Ready Capital’s dividend payout ratio (DPR) is currently 74.53%.

Wall Street Analyst Weigh In

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

Ready Capital Stock Up 1.4 %

The firm has a market capitalization of $1.36 billion, a price-to-earnings ratio of 4.96 and a beta of 1.42. The stock has a fifty day moving average of $8.60 and a two-hundred day moving average of $8.59. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.69 and a quick ratio of 1.69.

Ready Capital (NYSE:RC) last issued its quarterly earnings results 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 company had revenue of $234.12 million during the quarter, compared to analyst estimates 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 period in the previous year, the company posted $0.35 EPS. Sell-side analysts anticipate that Ready Capital Co. will post 1.02 earnings per share for the current year.

Institutional Investors Weigh In On Ready Capital

Several large investors have recently modified their holdings of RC. Waterfall Asset Management LLC acquired a new stake in Ready Capital during the fourth quarter worth approximately $40,067,000. Janus Henderson Group PLC increased its stake in shares of Ready Capital by 131.0% in the 1st quarter. Janus Henderson Group PLC now owns 168,496 shares of the real estate investment trust’s stock valued at $1,539,000 after acquiring an additional 95,562 shares in the last quarter. Jump Financial LLC lifted its position in shares of Ready Capital by 106.7% during the 4th quarter. Jump Financial LLC now owns 22,516 shares of the real estate investment trust’s stock valued at $231,000 after acquiring an additional 11,625 shares during the period. Norden Group LLC boosted its stake in Ready Capital by 773.1% during the first quarter. Norden Group LLC now owns 128,163 shares of the real estate investment trust’s stock worth $1,170,000 after acquiring an additional 113,484 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Ready Capital by 2.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,300,267 shares of the real estate investment trust’s stock worth $13,328,000 after purchasing an additional 30,730 shares during the period. 55.87% of the stock is currently owned by institutional investors and hedge funds.

About Ready Capital

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.