Ready Capital Co. (NYSE:RC) Shares Purchased by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System boosted its position in Ready Capital Co. (NYSE:RC) by 4.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 81,300 shares of the real estate investment trust’s stock after acquiring an additional 3,100 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Ready Capital were worth $620,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. CWM LLC raised its holdings in Ready Capital by 94.6% during the second quarter. CWM LLC now owns 3,361 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 1,634 shares in the last quarter. EntryPoint Capital LLC acquired a new stake in Ready Capital during the first quarter worth approximately $40,000. Xponance Inc. acquired a new stake in Ready Capital during the second quarter worth approximately $84,000. Cadence Bank acquired a new stake in Ready Capital during the first quarter worth approximately $91,000. Finally, Choreo LLC acquired a new stake in Ready Capital during the second quarter worth approximately $91,000. Institutional investors and hedge funds own 55.87% of the company’s stock.

Ready Capital Stock Performance

Shares of RC opened at $6.78 on Wednesday. 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 firm has a market cap of $1.14 billion, a PE ratio of -17.83 and a beta of 1.42. The company’s 50 day simple moving average is $7.51 and its 200-day simple moving average is $8.23. Ready Capital Co. has a 12-month low of $6.65 and a 12-month high of $11.67.

Ready Capital (NYSE:RC) last posted its quarterly earnings data 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 negative net margin of 5.67% and a positive return on equity of 7.32%. The firm had revenue of $234.12 million during the quarter, compared to analysts’ expectations of $61.77 million. During the same quarter last year, the business earned $0.35 earnings per share. As a group, equities analysts predict that Ready Capital Co. will post 0.98 EPS for the current year.

Ready Capital Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Monday, September 30th were given a $0.25 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a yield of 14.76%. Ready Capital’s dividend payout ratio (DPR) is -263.16%.

Analyst Upgrades and Downgrades

RC has been the topic of a number of research analyst reports. Wedbush reissued a “neutral” rating and set a $9.00 price objective on shares of Ready Capital in a report on Monday, August 12th. Piper Sandler cut their price objective 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. Keefe, Bruyette & Woods lowered their target price on shares of Ready Capital from $8.00 to $7.75 and set an “underperform” rating on the stock in a research report on Monday, August 12th. Finally, BTIG Research assumed coverage on shares of Ready Capital in a research report 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 given a buy rating to the company’s stock. According to MarketBeat.com, Ready Capital currently has a consensus rating of “Hold” and an average 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.