Odyssean LLC Raises Stake in Ready Capital Corp $RC

Odyssean LLC increased its holdings in shares of Ready Capital Corp (NYSE:RC) by 362.9% in the second quarter, Holdings Channel reports. The firm owned 349,648 shares of the real estate investment trust’s stock after acquiring an additional 274,118 shares during the period. Odyssean LLC’s holdings in Ready Capital were worth $612,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of RC. CW Advisors LLC lifted its position in Ready Capital by 11.6% during the second quarter. CW Advisors LLC now owns 27,590 shares of the real estate investment trust’s stock valued at $121,000 after buying an additional 2,878 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Ready Capital by 3.6% in the second quarter. The Manufacturers Life Insurance Company now owns 84,372 shares of the real estate investment trust’s stock worth $369,000 after acquiring an additional 2,905 shares in the last quarter. Cerity Partners LLC raised its stake in shares of Ready Capital by 29.0% in the 2nd quarter. Cerity Partners LLC now owns 15,220 shares of the real estate investment trust’s stock valued at $67,000 after acquiring an additional 3,419 shares during the period. Samalin Investment Counsel LLC raised its stake in shares of Ready Capital by 52.1% in the 4th quarter. Samalin Investment Counsel LLC now owns 18,157 shares of the real estate investment trust’s stock valued at $40,000 after acquiring an additional 6,221 shares during the period. Finally, BNP Paribas Financial Markets raised its stake in shares of Ready Capital by 65.3% in the 2nd quarter. BNP Paribas Financial Markets now owns 17,226 shares of the real estate investment trust’s stock valued at $75,000 after acquiring an additional 6,807 shares during the period. Hedge funds and other institutional investors own 55.87% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on RC shares. UBS Group decreased their price target on shares of Ready Capital from $2.50 to $2.00 and set a “neutral” rating for the company in a research report on Thursday, July 16th. Weiss Ratings reissued a “sell (e+)” rating on shares of Ready Capital in a research report on Tuesday, June 2nd. Finally, Zacks Research upgraded Ready Capital from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 4th. Three investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Reduce” and an average target price of $2.17.

Ready Capital Price Performance

Shares of NYSE RC opened at $1.84 on Thursday. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.97. Ready Capital Corp has a fifty-two week low of $1.39 and a fifty-two week high of $4.46. The business has a 50 day moving average price of $1.67 and a two-hundred day moving average price of $1.73. The firm has a market cap of $304.78 million, a PE ratio of -0.53 and a beta of 1.45.

Ready Capital (NYSE:RC) last announced its earnings results on Thursday, August 6th. The real estate investment trust reported ($0.47) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.01. The company had revenue of $151.87 million for the quarter, compared to analyst estimates of $16.41 million. Ready Capital had a negative return on equity of 16.78% and a negative net margin of 131.76%. Sell-side analysts expect that Ready Capital Corp will post -0.99 earnings per share for the current fiscal year.

Ready Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Shareholders of record on Tuesday, June 30th were paid a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Tuesday, June 30th. Ready Capital’s dividend payout ratio is -1.15%.

Ready Capital Company Profile

Ready Capital Corporation is a specialty finance real estate investment trust (REIT) that originates, acquires and manages commercial real estate loans and related assets. The company offers financing solutions across a variety of property types, including multifamily, office, retail, industrial, hospitality and mixed-use assets. Ready Capital focuses on delivering flexible loan structures to meet the diverse needs of borrowers in the small balance and middle-market sectors.

Through its small balance commercial real estate lending platform, Ready Capital provides loans typically ranging from $1 million to $15 million for acquisitions, refinancings, renovations and bridge financing.