16,520 Shares in Ready Capital Co. (NYSE:RC) Bought by Algert Global LLC

Algert Global LLC purchased a new stake in Ready Capital Co. (NYSE:RC) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 16,520 shares of the real estate investment trust’s stock, valued at approximately $135,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. CWM LLC increased its holdings in Ready Capital by 94.6% in the 2nd quarter. CWM LLC now owns 3,361 shares of the real estate investment trust’s stock valued at $27,000 after buying an additional 1,634 shares during the period. EntryPoint Capital LLC acquired a new stake in shares of Ready Capital in the 1st quarter valued at $40,000. MCF Advisors LLC acquired a new stake in shares of Ready Capital in the 1st quarter valued at $42,000. Naviter Wealth LLC acquired a new stake in shares of Ready Capital in the 1st quarter valued at $94,000. Finally, Cadence Bank acquired a new stake in shares of Ready Capital in the 1st quarter valued at $91,000. Institutional investors own 55.87% of the company’s stock.

Ready Capital Stock Performance

Shares of RC stock opened at $7.13 on Friday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.69 and a current ratio of 1.69. The company has a market capitalization of $1.20 billion, a P/E ratio of -18.75 and a beta of 1.41. The company’s 50 day moving average price is $8.02 and its two-hundred day moving average price is $8.43. Ready Capital Co. has a 52 week low of $7.00 and a 52 week high of $11.67.

Ready Capital (NYSE:RC) last announced its 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). The company had revenue of $234.12 million for the quarter, compared to analyst estimates of $61.77 million. Ready Capital had a positive return on equity of 7.32% and a negative net margin of 5.67%. During the same quarter last year, the business posted $0.35 earnings per share. On average, analysts expect that Ready Capital Co. will post 0.98 earnings per share for the current fiscal year.

Ready Capital Cuts Dividend

The firm 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. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 14.04%. Ready Capital’s dividend payout ratio (DPR) is presently -263.16%.

Analyst Ratings Changes

Several brokerages have recently commented on RC. Piper Sandler reduced 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 note on Monday, September 16th. 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 reduced their price target on shares of Ready Capital from $8.00 to $7.75 and set an “underperform” rating on the stock in a research report on Monday, August 12th. Finally, BTIG Research initiated coverage on shares of Ready Capital in a research report on Friday, July 19th. They set a “neutral” rating on the stock. 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target 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.