Weiss Asset Management LP grew its position in shares of Ready Capital Corp (NYSE:RC) by 65.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 477,266 shares of the real estate investment trust’s stock after acquiring an additional 188,611 shares during the quarter. Weiss Asset Management LP’s holdings in Ready Capital were worth $7,111,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. grew its holdings in Ready Capital by 21.9% during the second quarter. BlackRock Inc. now owns 2,862,805 shares of the real estate investment trust’s stock worth $42,655,000 after buying an additional 515,191 shares in the last quarter. Parametric Portfolio Associates LLC boosted its position in Ready Capital by 34.3% in the second quarter. Parametric Portfolio Associates LLC now owns 53,856 shares of the real estate investment trust’s stock worth $802,000 after purchasing an additional 13,760 shares during the last quarter. Northern Trust Corp boosted its position in Ready Capital by 214.9% in the second quarter. Northern Trust Corp now owns 803,350 shares of the real estate investment trust’s stock worth $11,970,000 after purchasing an additional 548,255 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in Ready Capital in the second quarter worth $131,000. Finally, Bank of New York Mellon Corp boosted its position in Ready Capital by 17.7% in the second quarter. Bank of New York Mellon Corp now owns 127,254 shares of the real estate investment trust’s stock worth $1,897,000 after purchasing an additional 19,176 shares during the last quarter. Hedge funds and other institutional investors own 37.82% of the company’s stock.
RC stock traded up $0.65 during midday trading on Monday, hitting $15.90. The company’s stock had a trading volume of 26,271 shares, compared to its average volume of 100,499. The stock’s 50-day moving average price is $14.89 and its 200 day moving average price is $14.94. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.45. Ready Capital Corp has a 1 year low of $13.44 and a 1 year high of $17.15. The stock has a market cap of $672.01 million, a price-to-earnings ratio of 9.02 and a beta of 0.70.
Ready Capital (NYSE:RC) last issued its quarterly earnings results on Wednesday, August 7th. The real estate investment trust reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.01. Ready Capital had a return on equity of 8.40% and a net margin of 30.47%. The firm had revenue of $21.28 million for the quarter, compared to analysts’ expectations of $17.58 million. As a group, equities analysts forecast that Ready Capital Corp will post 1.56 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 30th will be given a dividend of $0.40 per share. The ex-dividend date is Friday, September 27th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 10.06%. Ready Capital’s dividend payout ratio is presently 90.91%.
RC has been the topic of several research analyst reports. TheStreet raised Ready Capital from a “c” rating to a “b-” rating in a research report on Wednesday, August 14th. Cantor Fitzgerald cut their price objective on Ready Capital from $17.00 to $16.50 and set a “market outperform” rating on the stock in a research report on Tuesday, September 3rd. Finally, Zacks Investment Research raised Ready Capital from a “sell” rating to a “hold” rating in a research report on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $16.50.
Ready Capital Profile
Ready Capital Corporation operates as a real estate finance company in the United States. The company originates, acquires, finances, and services small balance commercial (SBC) loans, small business administration (SBA) loans, and residential mortgage loans, as well as mortgage backed securities collateralized primarily by SBC loans, or other real estate-related investments.
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