Sunbelt Securities Inc. Sells 6,753 Shares of Ready Capital Co. (NYSE:RC)

Sunbelt Securities Inc. cut its stake in Ready Capital Co. (NYSE:RC) by 8.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 70,176 shares of the real estate investment trust’s stock after selling 6,753 shares during the period. Sunbelt Securities Inc.’s holdings in Ready Capital were worth $641,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of RC. Bear Mountain Capital Inc. bought a new position in shares of Ready Capital in the 4th quarter valued at about $30,000. EdgeRock Capital LLC acquired a new stake in Ready Capital during the 4th quarter worth $36,000. Denali Advisors LLC bought a new stake in shares of Ready Capital during the 4th quarter valued at $102,000. Centaurus Financial Inc. bought a new stake in shares of Ready Capital during the 4th quarter valued at $111,000. Finally, Tyche Wealth Partners LLC acquired a new position in shares of Ready Capital in the 4th quarter valued at $119,000. 55.87% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

RC has been the subject of a number of recent analyst reports. B. Riley reiterated a “buy” rating and issued a $12.00 price objective (down previously from $13.00) on shares of Ready Capital in a report on Monday, March 4th. StockNews.com lowered shares of Ready Capital from a “buy” rating to a “hold” rating in a research note on Monday, March 4th. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and issued a $8.00 target price (down previously from $10.00) on shares of Ready Capital in a research note on Monday, March 4th. BTIG Research reduced their price target on shares of Ready Capital from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Wednesday, April 17th. Finally, UBS Group lowered their price objective on shares of Ready Capital from $10.50 to $9.50 and set a “neutral” rating for the company in a research report on Wednesday, March 20th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $10.93.

Ready Capital Price Performance

RC stock opened at $8.39 on Friday. The stock has a 50-day moving average price of $8.50 and a two-hundred day moving average price of $9.12. Ready Capital Co. has a 1 year low of $7.93 and a 1 year high of $11.97. The stock has a market cap of $1.41 billion, a PE ratio of 5.21 and a beta of 1.42. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.47.

Ready Capital (NYSE:RC) last posted its quarterly earnings data on Wednesday, May 8th. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01. The business had revenue of $232.35 million during the quarter, compared to the consensus estimate of $64.34 million. Ready Capital had a return on equity of 8.11% and a net margin of 23.81%. During the same period last year, the company earned $0.31 earnings per share. Equities analysts forecast that Ready Capital Co. will post 1.17 EPS for the current fiscal year.

Ready Capital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, June 28th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 14.30%. The ex-dividend date of this dividend is Friday, June 28th. Ready Capital’s dividend payout ratio is presently 74.53%.

Insider Buying and Selling

In other Ready Capital news, Director Gilbert E. Nathan purchased 10,000 shares of the stock in a transaction on Friday, May 24th. The shares were purchased at an average cost of $8.29 per share, for a total transaction of $82,900.00. Following the purchase, the director now owns 95,249 shares of the company’s stock, valued at $789,614.21. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.09% of the stock is currently owned by corporate insiders.

About Ready Capital

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.