Thrivent Financial for Lutherans Trims Stock Position in Ready Capital Co. (NYSE:RC)

Thrivent Financial for Lutherans lessened its stake in shares of Ready Capital Co. (NYSE:RC) by 6.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 128,975 shares of the real estate investment trust’s stock after selling 8,401 shares during the quarter. Thrivent Financial for Lutherans owned about 0.08% of Ready Capital worth $1,055,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of 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 worth $114,429,000 after buying an additional 735,949 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of Ready Capital by 29.4% in the 2nd quarter. Van ECK Associates Corp now owns 1,342,070 shares of the real estate investment trust’s stock valued at $10,978,000 after acquiring an additional 304,750 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Ready Capital by 3.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,189,988 shares of the real estate investment trust’s stock valued at $9,734,000 after acquiring an additional 38,371 shares during the period. Clear Harbor Asset Management LLC increased its holdings in shares of Ready Capital by 63.1% in the 2nd quarter. Clear Harbor Asset Management LLC now owns 782,785 shares of the real estate investment trust’s stock valued at $6,403,000 after acquiring an additional 302,930 shares during the period. Finally, Wellington Management Group LLP increased its holdings in shares of Ready Capital by 6.6% in 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 acquiring an additional 26,515 shares during the period. Hedge funds and other institutional investors own 55.87% of the company’s stock.

Ready Capital Stock Performance

Shares of RC opened at $7.31 on Friday. 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 stock has a market capitalization of $1.23 billion, a P/E ratio of 4.54 and a beta of 1.41. The company’s fifty day moving average is $8.23 and its two-hundred day moving average is $8.50. Ready Capital Co. has a 1 year low of $7.23 and a 1 year high of $11.67.

Ready Capital (NYSE:RC) last posted its quarterly 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). Ready Capital had a positive return on equity of 7.32% and a negative net margin of 5.67%. The company had revenue of $234.12 million for the quarter, compared to analyst estimates of $61.77 million. During the same period last year, the company earned $0.35 earnings per share. On average, sell-side analysts predict that Ready Capital Co. will post 0.98 earnings per share for the current year.

Ready Capital Cuts Dividend

The business 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. The ex-dividend date is Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 13.68%. Ready Capital’s dividend payout ratio (DPR) is presently 62.11%.

Analyst Ratings Changes

A number of brokerages have recently commented on RC. Keefe, Bruyette & Woods cut their target price on shares of Ready Capital from $8.00 to $7.75 and set an “underperform” rating on the stock in a report on Monday, August 12th. Wedbush reaffirmed a “neutral” rating and issued a $9.00 target price on shares of Ready Capital in a report on Monday, August 12th. BTIG Research began coverage on shares of Ready Capital in a report on Friday, July 19th. They issued a “neutral” rating on the stock. Finally, Piper Sandler cut their target price on shares of Ready Capital from $9.50 to $8.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target 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.