Rhumbline Advisers cut its position in shares of Ready Capital Co. (NYSE:RC) by 3.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 178,617 shares of the real estate investment trust’s stock after selling 5,505 shares during the period. Rhumbline Advisers owned about 0.25% of Ready Capital worth $2,835,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in RC. Hancock Whitney Corp lifted its position in shares of Ready Capital by 2.0% in the first quarter. Hancock Whitney Corp now owns 43,630 shares of the real estate investment trust’s stock valued at $586,000 after buying an additional 840 shares during the last quarter. Advisory Services Network LLC increased its position in Ready Capital by 6.7% in the 1st quarter. Advisory Services Network LLC now owns 20,270 shares of the real estate investment trust’s stock valued at $272,000 after buying an additional 1,269 shares in the last quarter. UBS Asset Management Americas Inc. increased its holdings in Ready Capital by 3.1% during the 1st quarter. UBS Asset Management Americas Inc. now owns 44,165 shares of the real estate investment trust’s stock worth $593,000 after purchasing an additional 1,312 shares in the last quarter. Quantbot Technologies LP purchased a new position in shares of Ready Capital in the 1st quarter worth approximately $31,000. Finally, Mutual of America Capital Management LLC lifted its position in shares of Ready Capital by 53.1% during the first quarter. Mutual of America Capital Management LLC now owns 7,789 shares of the real estate investment trust’s stock worth $105,000 after acquiring an additional 2,703 shares in the last quarter. 46.41% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have commented on RC shares. BTIG Research raised their price objective on shares of Ready Capital from $16.50 to $18.50 and gave the stock a “buy” rating in a report on Tuesday, July 6th. B. Riley upped their price target on shares of Ready Capital from $16.50 to $17.00 and gave the company a “buy” rating in a report on Friday, May 28th. JMP Securities increased their target price on shares of Ready Capital from $15.00 to $17.50 and gave the company a “market outperform” rating in a research report on Friday, June 25th. Zacks Investment Research upgraded shares of Ready Capital from a “hold” rating to a “buy” rating and set a $17.00 price objective on the stock in a research note on Saturday, August 7th. Finally, Piper Sandler downgraded shares of Ready Capital from an “overweight” rating to a “neutral” rating and set a $15.50 price objective on the stock. in a report on Thursday, July 8th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $16.46.
Ready Capital (NYSE:RC) last released its quarterly earnings data on Thursday, August 5th. The real estate investment trust reported $0.52 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.09. Ready Capital had a return on equity of 12.87% and a net margin of 39.77%. On average, research analysts anticipate that Ready Capital Co. will post 1.85 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 29th. Stockholders of record on Thursday, September 30th will be issued a $0.42 dividend. The ex-dividend date of this dividend is Wednesday, September 29th. This represents a $1.68 annualized dividend and a dividend yield of 11.14%. Ready Capital’s payout ratio is currently 93.85%.
Ready Capital Company Profile
Ready Capital Corp. is a real estate finance company, which engages in acquiring, managing, and financing small balance commercial loans. The company operates in four segments: Acquisitions; SBC Originations; SBA Originations, Acquisitions & Servicing; and Residential Mortgage Banking. The Acquisitions segment acquires performing and non-performing SBC loans and intends to continue to acquire these loans as part of the company’s business strategy.
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