Rhumbline Advisers Has $4.05 Million Stake in Ready Capital Co. (NYSE:RC)

Rhumbline Advisers trimmed its holdings in Ready Capital Co. (NYSE:RC) by 1.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 495,448 shares of the real estate investment trust’s stock after selling 7,780 shares during the period. Rhumbline Advisers owned 0.29% of Ready Capital worth $4,053,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. CWM LLC raised its position in shares of Ready Capital by 94.6% in the second quarter. CWM LLC now owns 3,361 shares of the real estate investment trust’s stock valued at $27,000 after buying an additional 1,634 shares in the last quarter. EntryPoint Capital LLC acquired a new position in Ready Capital during the first quarter valued at approximately $40,000. MCF Advisors LLC acquired a new position in Ready Capital during the first quarter valued at approximately $42,000. Cadence Bank acquired a new position in Ready Capital during the first quarter valued at approximately $91,000. Finally, Naviter Wealth LLC acquired a new position in Ready Capital during the first quarter valued at approximately $94,000. 55.87% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have commented on RC. BTIG Research began coverage on shares of Ready Capital in a research report on Friday, July 19th. They set a “neutral” rating for the company. Keefe, Bruyette & Woods lowered their price objective on shares of Ready Capital from $8.00 to $7.75 and set an “underperform” rating for the company in a research report on Monday, August 12th. Wedbush restated a “neutral” rating and set a $9.00 price objective on shares of Ready Capital in a research report on Monday, August 12th. Finally, Piper Sandler lowered 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 report on Monday. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $9.38.

Ready Capital Stock Performance

NYSE RC opened at $7.75 on Tuesday. The firm’s fifty day moving average price is $8.61 and its two-hundred day moving average price is $8.59. The stock has a market cap of $1.30 billion, a PE ratio of 4.81 and a beta of 1.42. Ready Capital Co. has a fifty-two week low of $7.52 and a fifty-two week high of $11.67. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.69 and a current ratio of 1.69.

Ready Capital (NYSE:RC) last issued 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 the consensus estimate 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 period in the prior year, the firm earned $0.35 EPS. On average, equities analysts expect that Ready Capital Co. will post 1.03 EPS for the current fiscal year.

Ready Capital Announces Dividend

The business also recently disclosed a dividend, which will be paid on Thursday, October 31st. Stockholders 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. Ready Capital’s dividend payout ratio is currently 74.53%.

Ready Capital 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.