Xponance Inc. Buys New Position in Ready Capital Co. (NYSE:RC)

Xponance Inc. purchased a new position in shares of Ready Capital Co. (NYSE:RC) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 10,274 shares of the real estate investment trust’s stock, valued at approximately $84,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of RC. Vanguard Group Inc. lifted its stake in shares of Ready Capital by 7.1% in 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 purchasing an additional 735,949 shares during the period. Van ECK Associates Corp lifted its stake in Ready Capital by 29.4% in the second quarter. Van ECK Associates Corp now owns 1,342,070 shares of the real estate investment trust’s stock valued at $10,978,000 after buying an additional 304,750 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Ready Capital by 3.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,189,988 shares of the real estate investment trust’s stock worth $9,734,000 after buying an additional 38,371 shares in the last quarter. Clear Harbor Asset Management LLC grew its position in shares of Ready Capital by 63.1% during the 2nd quarter. Clear Harbor Asset Management LLC now owns 782,785 shares of the real estate investment trust’s stock worth $6,403,000 after buying an additional 302,930 shares during the period. Finally, Wellington Management Group LLP increased its stake in shares of Ready Capital by 6.6% in the 4th quarter. Wellington Management Group LLP now owns 428,999 shares of the real estate investment trust’s stock valued at $4,397,000 after acquiring an additional 26,515 shares in the last quarter. Institutional investors and hedge funds own 55.87% of the company’s stock.

Ready Capital Trading Down 0.8 %

NYSE RC opened at $7.38 on Thursday. 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 firm has a market capitalization of $1.24 billion, a P/E ratio of 4.61 and a beta of 1.42. The business has a fifty day simple moving average of $8.34 and a 200 day simple moving average of $8.53. Ready Capital Co. has a 12 month low of $7.37 and a 12 month high of $11.67.

Ready Capital (NYSE:RC) last released its quarterly earnings results on Wednesday, August 7th. The real estate investment trust reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $234.12 million for the quarter, compared to the consensus estimate of $61.77 million. During the same period in the previous year, the business earned $0.35 earnings per share. On average, analysts predict that Ready Capital Co. will post 0.98 EPS for the current fiscal year.

Ready Capital Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 30th will be paid a $0.25 dividend. The ex-dividend date is Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 13.55%. Ready Capital’s payout ratio is presently 62.11%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Keefe, Bruyette & Woods dropped their price target on Ready Capital from $8.00 to $7.75 and set an “underperform” rating on the stock in a research note on Monday, August 12th. BTIG Research started coverage on Ready Capital in a research report on Friday, July 19th. They set a “neutral” rating on the stock. Piper Sandler reduced their price target on shares of Ready Capital from $9.50 to $8.00 and set a “neutral” rating for the company in a research report on Monday, September 16th. Finally, Wedbush restated a “neutral” rating and set a $9.00 price objective on shares of Ready Capital in a report on Monday, August 12th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, Ready Capital has an average rating of “Hold” and an average target price of $9.38.

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.