Ready Capital Co. (NYSE:RC) Shares Sold by Summit Global Investments

Summit Global Investments trimmed its holdings in shares of Ready Capital Co. (NYSE:RC) by 11.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 140,475 shares of the real estate investment trust’s stock after selling 17,597 shares during the quarter. Summit Global Investments owned approximately 0.08% of Ready Capital worth $1,072,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. CWM LLC raised its position 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 acquiring an additional 1,634 shares during the period. EntryPoint Capital LLC acquired a new position in shares of Ready Capital during the 1st quarter worth about $40,000. Cadence Bank purchased a new position in Ready Capital in the 1st quarter valued at about $91,000. Xponance Inc. acquired a new stake in Ready Capital in the 2nd quarter worth about $84,000. Finally, Choreo LLC purchased a new stake in Ready Capital during the 2nd quarter worth approximately $91,000. Hedge funds and other institutional investors own 55.87% of the company’s stock.

Ready Capital Price Performance

Ready Capital stock opened at $7.31 on Friday. 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 stock has a market cap of $1.23 billion, a P/E ratio of -10.44 and a beta of 1.42. The company has a 50-day moving average price of $7.44 and a 200 day moving average price of $8.20. Ready Capital Co. has a 12-month low of $6.65 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 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.19). The firm had revenue of $234.12 million for the quarter, compared to analysts’ expectations 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 firm posted $0.35 EPS. Sell-side analysts anticipate that Ready Capital Co. will post 0.98 earnings per share for the current year.

Ready Capital Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Monday, September 30th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 13.68%. The ex-dividend date was Monday, September 30th. Ready Capital’s dividend payout ratio is presently -142.86%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on RC shares. Piper Sandler decreased their target price on Ready Capital from $9.50 to $8.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. BTIG Research began coverage on shares of Ready Capital in a research note on Friday, July 19th. They set a “neutral” rating on the stock. Keefe, Bruyette & Woods reduced their target price 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, Wedbush restated a “neutral” rating and set a $9.00 price target 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 assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $9.38.

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.