Modera Wealth Management LLC Takes Position in Ready Capital Co. (NYSE:RC)

Modera Wealth Management LLC bought a new stake in Ready Capital Co. (NYSE:RC) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 14,040 shares of the real estate investment trust’s stock, valued at approximately $107,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. CWM LLC grew 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 valued at $27,000 after buying an additional 1,634 shares during the period. EntryPoint Capital LLC bought a new position in Ready Capital during the first quarter valued at about $40,000. Xponance Inc. bought a new position in Ready Capital during the second quarter worth about $84,000. Cadence Bank bought a new position in Ready Capital during the first quarter worth about $91,000. Finally, Choreo LLC bought a new position in Ready Capital during the second quarter worth about $91,000. Hedge funds and other institutional investors own 55.87% of the company’s stock.

Ready Capital Trading Up 0.2 %

Shares of RC opened at $6.93 on Wednesday. The firm’s 50 day simple moving average is $7.70 and its 200 day simple moving average is $8.29. The company has a market capitalization of $1.16 billion, a P/E ratio of 4.30 and a beta of 1.41. 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 Co. has a 1-year low of $6.82 and a 1-year 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 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.19). The company had revenue of $234.12 million during 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 prior year, the business earned $0.35 earnings per share. Sell-side analysts forecast that Ready Capital Co. will post 0.98 earnings per share for the current fiscal year.

Ready Capital Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, September 30th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 14.44%. The ex-dividend date of this dividend is Monday, September 30th. Ready Capital’s dividend payout ratio (DPR) is presently 62.11%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on RC shares. Keefe, Bruyette & Woods cut 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. Piper Sandler cut their target price 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. BTIG Research initiated coverage on shares of Ready Capital in a research report on Friday, July 19th. They set a “neutral” rating for the company. Finally, Wedbush restated a “neutral” rating and issued a $9.00 price objective on shares of Ready Capital in a research 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 issued a buy rating to the company. Based on data from MarketBeat.com, the company presently 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.