AQR Capital Management LLC Takes Position in Ready Capital Co. (NYSE:RC)

AQR Capital Management LLC bought a new position in shares of Ready Capital Co. (NYSE:RC) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 17,899 shares of the real estate investment trust’s stock, valued at approximately $146,000.

A number of other large investors have also bought and sold shares of RC. Virtu Financial LLC acquired a new stake in shares of Ready Capital in the 4th quarter valued at approximately $327,000. Wellington Management Group LLP lifted its holdings in Ready Capital by 6.6% during the 4th quarter. Wellington Management Group LLP now owns 428,999 shares of the real estate investment trust’s stock valued at $4,397,000 after purchasing an additional 26,515 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Ready Capital by 7.1% during the 4th quarter. Vanguard Group Inc. now owns 11,163,763 shares of the real estate investment trust’s stock valued at $114,429,000 after purchasing an additional 735,949 shares during the last quarter. MJP Associates Inc. ADV lifted its holdings in Ready Capital by 28.2% during the 1st quarter. MJP Associates Inc. ADV now owns 37,614 shares of the real estate investment trust’s stock valued at $343,000 after purchasing an additional 8,285 shares during the last quarter. Finally, MCF Advisors LLC acquired a new stake in Ready Capital during the 1st quarter valued at $42,000. 55.87% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on RC. Keefe, Bruyette & Woods lowered their price objective on Ready Capital from $8.00 to $7.75 and set an “underperform” rating on the stock in a research report on Monday, August 12th. Piper Sandler decreased their price target on Ready Capital from $9.50 to $8.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. BTIG Research began coverage on Ready Capital in a research report on Friday, July 19th. They issued a “neutral” rating on the stock. Finally, Wedbush restated a “neutral” rating and issued a $9.00 price target on shares of Ready Capital in a research report on Monday, August 12th. One research 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. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $9.38.

Ready Capital Stock Performance

NYSE:RC opened at $7.25 on Friday. The stock’s 50-day simple moving average is $7.87 and its 200 day simple moving average is $8.37. The firm has a market capitalization of $1.22 billion, a PE ratio of 4.50 and a beta of 1.41. The company has a quick ratio of 1.69, a current ratio of 1.69 and a debt-to-equity ratio of 0.52. Ready Capital Co. has a twelve month low of $7.00 and a twelve month high of $11.67.

Ready Capital (NYSE:RC) last released its quarterly earnings data on Wednesday, August 7th. The real estate investment trust reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.19). The business had revenue of $234.12 million during the quarter, compared to analyst estimates of $61.77 million. Ready Capital had a negative net margin of 5.67% and a positive return on equity of 7.32%. During the same period last year, the business earned $0.35 earnings per share. On average, analysts anticipate that Ready Capital Co. will post 0.98 EPS for the current fiscal year.

Ready Capital Cuts Dividend

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 paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 13.79%. The ex-dividend date of this dividend is Monday, September 30th. Ready Capital’s payout ratio is 62.11%.

Ready Capital Company Profile

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.