Sunbelt Securities Inc. Has $505,000 Holdings in Ready Capital Co. (NYSE:RC)

Sunbelt Securities Inc. lessened its position in Ready Capital Co. (NYSE:RC) by 12.0% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 61,720 shares of the real estate investment trust’s stock after selling 8,456 shares during the period. Sunbelt Securities Inc.’s holdings in Ready Capital were worth $505,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. CIBC Private Wealth Group LLC bought a new stake in Ready Capital during the fourth quarter worth $667,000. Virtu Financial LLC bought a new stake in Ready Capital during the fourth quarter worth $327,000. Centaurus Financial Inc. bought a new stake in Ready Capital during the fourth quarter worth $111,000. Wellington Management Group LLP lifted its holdings in Ready Capital by 6.6% during the fourth quarter. Wellington Management Group LLP now owns 428,999 shares of the real estate investment trust’s stock worth $4,397,000 after acquiring an additional 26,515 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in Ready Capital by 7.1% during the fourth quarter. Vanguard Group Inc. now owns 11,163,763 shares of the real estate investment trust’s stock worth $114,429,000 after acquiring an additional 735,949 shares during the period. Institutional investors own 55.87% of the company’s stock.

Ready Capital Price Performance

Ready Capital stock opened at $7.44 on Wednesday. Ready Capital Co. has a 52 week low of $7.41 and a 52 week high of $11.67. The business has a 50-day simple moving average of $8.38 and a 200 day simple moving average of $8.54. 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 $1.25 billion, a price-to-earnings ratio of 4.62 and a beta of 1.42.

Ready Capital (NYSE:RC) last posted its earnings results on Wednesday, August 7th. The real estate investment trust reported $0.07 EPS for the quarter, missing the consensus estimate 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 business had revenue of $234.12 million for the quarter, compared to analysts’ expectations of $61.77 million. During the same quarter in the previous year, the firm earned $0.35 earnings per share. On average, research analysts forecast that Ready Capital Co. will post 0.98 earnings per share for the current fiscal year.

Ready Capital Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Monday, September 30th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 13.44%. The ex-dividend date is Monday, September 30th. Ready Capital’s payout ratio is 62.11%.

Wall Street Analysts Forecast Growth

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

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.