Creative Planning Sells 16,813 Shares of Ready Capital Co. (NYSE:RC)

Creative Planning cut its position in Ready Capital Co. (NYSE:RC) by 4.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 333,469 shares of the real estate investment trust’s stock after selling 16,813 shares during the quarter. Creative Planning’s holdings in Ready Capital were worth $2,544,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. CWM LLC lifted its position in shares of Ready Capital by 94.6% during the 2nd quarter. CWM LLC now owns 3,361 shares of the real estate investment trust’s stock valued at $27,000 after acquiring an additional 1,634 shares during the period. EntryPoint Capital LLC bought a new stake in shares of Ready Capital during the 1st quarter valued at $40,000. Xponance Inc. bought a new stake in shares of Ready Capital during the 2nd quarter valued at $84,000. Cadence Bank bought a new stake in shares of Ready Capital during the 1st quarter valued at $91,000. Finally, Choreo LLC bought a new stake in shares of Ready Capital during the 2nd quarter valued at $91,000. 55.87% of the stock is currently owned by institutional investors.

Ready Capital Price Performance

Shares of RC opened at $6.87 on Monday. Ready Capital Co. has a 12-month low of $6.87 and a 12-month high of $11.67. The business has a 50-day simple moving average of $7.73 and a two-hundred day simple moving average of $8.31. The company has a quick ratio of 1.69, a current ratio of 1.69 and a debt-to-equity ratio of 0.52. The stock has a market cap of $1.15 billion, a PE ratio of 4.27 and a beta of 1.41.

Ready Capital (NYSE:RC) last issued its earnings results on Wednesday, August 7th. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.19). Ready Capital had a positive return on equity of 7.32% and a negative net margin of 5.67%. The firm had revenue of $234.12 million during the quarter, compared to analyst estimates of $61.77 million. During the same period in the previous year, the company earned $0.35 EPS. Analysts anticipate that Ready Capital Co. will post 0.98 earnings per share for the current fiscal year.

Ready Capital Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders 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 yield of 14.56%. Ready Capital’s payout ratio is presently 62.11%.

Wall Street Analysts Forecast Growth

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

Ready Capital 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.