Sanctuary Advisors LLC Purchases Shares of 14,245 Ready Capital Co. (NYSE:RC)

Sanctuary Advisors LLC acquired a new position in Ready Capital Co. (NYSE:RC) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 14,245 shares of the real estate investment trust’s stock, valued at approximately $126,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RC. Janus Henderson Group PLC lifted its stake in Ready Capital by 131.0% in the first quarter. Janus Henderson Group PLC now owns 168,496 shares of the real estate investment trust’s stock valued at $1,539,000 after buying an additional 95,562 shares during the period. Norden Group LLC increased its stake in shares of Ready Capital by 773.1% in the 1st quarter. Norden Group LLC now owns 128,163 shares of the real estate investment trust’s stock valued at $1,170,000 after acquiring an additional 113,484 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Ready Capital by 7.1% in the 4th quarter. Vanguard Group Inc. now owns 11,163,763 shares of the real estate investment trust’s stock valued at $114,429,000 after acquiring an additional 735,949 shares in the last quarter. Spire Wealth Management boosted its stake in Ready Capital by 1,115.6% during the second quarter. Spire Wealth Management now owns 168,261 shares of the real estate investment trust’s stock worth $1,376,000 after acquiring an additional 154,419 shares in the last quarter. Finally, Jennison Associates LLC raised its holdings in shares of Ready Capital by 92.2% during the first quarter. Jennison Associates LLC now owns 108,946 shares of the real estate investment trust’s stock valued at $995,000 after purchasing an additional 52,274 shares during the period. 55.87% of the stock is owned by institutional investors and hedge funds.

Ready Capital Stock Performance

NYSE RC opened at $7.02 on Tuesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.69 and a quick ratio of 1.69. The company has a fifty day moving average price of $7.84 and a 200-day moving average price of $8.35. Ready Capital Co. has a 1 year low of $6.99 and a 1 year high of $11.67. The firm has a market cap of $1.18 billion, a price-to-earnings ratio of 4.36 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). Ready Capital had a positive return on equity of 7.32% and a negative net margin of 5.67%. The firm had revenue of $234.12 million during the quarter, compared to the consensus estimate of $61.77 million. During the same period in the previous year, the company posted $0.35 earnings per share. As a group, equities research analysts predict that Ready Capital Co. will post 0.98 EPS for the current fiscal year.

Ready Capital Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Monday, September 30th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 14.25%. The ex-dividend date of this dividend is Monday, September 30th. Ready Capital’s payout ratio is 62.11%.

Analyst Ratings Changes

RC has been the subject of several research reports. Wedbush restated a “neutral” rating and issued a $9.00 target price on shares of Ready Capital in a research note on Monday, August 12th. Piper Sandler cut their price target on Ready Capital from $9.50 to $8.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. Keefe, Bruyette & Woods decreased their price objective on Ready Capital from $8.00 to $7.75 and set an “underperform” rating for the company in a report on Monday, August 12th. Finally, BTIG Research initiated coverage on Ready Capital in a research report on Friday, July 19th. They set a “neutral” rating on the stock. One equities 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. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $9.38.

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.