waypoint wealth counsel Sells 16,308 Shares of Ready Capital Co. (NYSE:RC)

waypoint wealth counsel decreased its stake in Ready Capital Co. (NYSE:RC) by 42.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,916 shares of the real estate investment trust’s stock after selling 16,308 shares during the quarter. waypoint wealth counsel’s holdings in Ready Capital were worth $167,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Sanctuary Advisors LLC purchased a new position in shares of Ready Capital during the 2nd quarter valued at $126,000. Algert Global LLC purchased a new position in shares of Ready Capital in the second quarter valued at about $135,000. AQR Capital Management LLC bought a new position in shares of Ready Capital in the second quarter worth about $146,000. Marshall Wace LLP purchased a new stake in shares of Ready Capital during the second quarter worth about $514,000. Finally, Xponance Inc. bought a new stake in Ready Capital during the 2nd quarter valued at approximately $84,000. Institutional investors own 55.87% of the company’s stock.

Ready Capital Price Performance

Shares of NYSE RC traded down $0.07 during mid-day trading on Friday, hitting $7.31. 2,053,019 shares of the company’s stock traded hands, compared to its average volume of 1,563,540. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.69 and a quick ratio of 1.69. Ready Capital Co. has a 1 year low of $7.23 and a 1 year high of $11.67. The company’s 50-day moving average is $8.23 and its two-hundred day moving average is $8.50. The company has a market capitalization of $1.23 billion, a P/E ratio of 4.54 and a beta of 1.41.

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 (EPS) 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 negative net margin of 5.67% and a positive return on equity of 7.32%. During the same quarter last year, the company earned $0.35 earnings per share. On average, equities analysts anticipate that Ready Capital Co. will post 0.98 EPS for the current fiscal year.

Ready Capital Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, September 30th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 13.68%. The ex-dividend date of this dividend is Monday, September 30th. Ready Capital’s payout ratio is 62.11%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on RC. Keefe, Bruyette & Woods cut their price objective 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. Piper Sandler decreased their price target on shares of Ready Capital from $9.50 to $8.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. 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, BTIG Research started coverage on Ready Capital in a research report on Friday, July 19th. They issued a “neutral” rating on the stock. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $9.38.

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.