Truist Financial Corp Sells 63,142 Shares of Ready Capital Co. (NYSE:RC)

Truist Financial Corp trimmed its position in Ready Capital Co. (NYSE:RC) by 12.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 432,202 shares of the real estate investment trust’s stock after selling 63,142 shares during the period. Truist Financial Corp owned approximately 0.26% of Ready Capital worth $3,535,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of RC. Algert Global LLC bought a new stake in Ready Capital in the 2nd quarter valued at approximately $135,000. AQR Capital Management LLC acquired a new stake in shares of Ready Capital in the second quarter valued at approximately $146,000. Marshall Wace LLP bought a new stake in shares of Ready Capital in the second quarter worth $514,000. Xponance Inc. acquired a new position in Ready Capital during the second quarter worth $84,000. Finally, Public Sector Pension Investment Board grew its position in Ready Capital by 5.3% in the second quarter. Public Sector Pension Investment Board now owns 341,865 shares of the real estate investment trust’s stock valued at $2,796,000 after purchasing an additional 17,279 shares in the last quarter. 55.87% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently commented on RC shares. Wedbush restated a “neutral” rating and set a $9.00 price objective on shares of Ready Capital in a research note on Monday, August 12th. Keefe, Bruyette & Woods reduced their price target on Ready Capital from $8.00 to $7.75 and set an “underperform” rating for the company 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 for the company in a research note on Monday, September 16th. Finally, BTIG Research initiated coverage on Ready Capital in a research note on Friday, July 19th. They set a “neutral” rating on the stock. One investment 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 company has an average rating of “Hold” and an average price target of $9.38.

Ready Capital Stock Performance

Shares of NYSE RC opened at $7.14 on Wednesday. Ready Capital Co. has a 12 month low of $7.06 and a 12 month high of $11.67. The stock has a 50 day moving average of $8.14 and a 200-day moving average of $8.47. The company has a current ratio of 1.69, a quick ratio of 1.69 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $1.20 billion, a P/E ratio of 4.43 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 for the quarter, missing the consensus estimate of $0.26 by ($0.19). The company had revenue of $234.12 million during the quarter, compared to the consensus estimate 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 in the previous year, the company earned $0.35 earnings per share. As a group, equities research analysts predict that Ready Capital Co. will post 0.98 EPS for the current year.

Ready Capital Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, September 30th will be given a dividend of $0.25 per share. The ex-dividend date is Monday, September 30th. This represents a $1.00 annualized dividend and a yield of 14.02%. Ready Capital’s dividend payout ratio (DPR) is presently 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.