SG Americas Securities LLC Trims Position in Ready Capital Co. (NYSE:RC)

SG Americas Securities LLC trimmed its stake in shares of Ready Capital Co. (NYSE:RC) by 21.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 35,157 shares of the real estate investment trust’s stock after selling 9,419 shares during the period. SG Americas Securities LLC’s holdings in Ready Capital were worth $268,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. CWM LLC grew its stake in Ready Capital by 94.6% during the second quarter. CWM LLC now owns 3,361 shares of the real estate investment trust’s stock valued at $27,000 after acquiring an additional 1,634 shares in the last quarter. EntryPoint Capital LLC purchased a new position in Ready Capital during the first quarter valued at $40,000. MCF Advisors LLC purchased a new position in Ready Capital during the first quarter valued at $42,000. Xponance Inc. purchased a new position in shares of Ready Capital in the 2nd quarter worth $84,000. Finally, Cadence Bank purchased a new position in shares of Ready Capital in the 1st quarter worth $91,000. 55.87% of the stock is owned by hedge funds and other institutional investors.

Ready Capital Price Performance

Shares of RC opened at $7.25 on Monday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.69 and a current ratio of 1.69. The company has a 50 day moving average price of $7.87 and a 200-day moving average price of $8.37. Ready Capital Co. has a fifty-two week low of $7.00 and a fifty-two week high of $11.67. The stock has a market capitalization of $1.22 billion, a PE ratio of 4.50 and a beta of 1.41.

Ready Capital (NYSE:RC) last posted its earnings results on Wednesday, August 7th. The real estate investment trust reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.19). The company had revenue of $234.12 million for the quarter, compared to analysts’ expectations of $61.77 million. Ready Capital had a positive return on equity of 7.32% and a negative net margin of 5.67%. During the same quarter in the prior year, the company earned $0.35 EPS. Equities analysts predict that Ready Capital Co. will post 0.98 earnings per share for the current fiscal year.

Ready Capital Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, September 30th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a yield of 13.79%. Ready Capital’s dividend payout ratio is currently 62.11%.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Piper Sandler dropped their price objective on shares of Ready Capital from $9.50 to $8.00 and set a “neutral” rating for the company in a research note on Monday, September 16th. Keefe, Bruyette & Woods lowered their target price on shares of Ready Capital from $8.00 to $7.75 and set an “underperform” rating for the company in a report on Monday, August 12th. Wedbush restated a “neutral” rating and issued a $9.00 target price on shares of Ready Capital in a report on Monday, August 12th. Finally, BTIG Research started coverage on shares of Ready Capital in a report on Friday, July 19th. They set a “neutral” rating for the company. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus 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.