HighTower Advisors LLC Cuts Stock Position in Ready Capital Co. (NYSE:RC)

HighTower Advisors LLC cut its holdings in shares of Ready Capital Co. (NYSE:RC – Get Rating) by 15.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 340,074 shares of the real estate investment trust’s stock after selling 63,633 shares during the period. HighTower Advisors LLC’s holdings in Ready Capital were worth $3,790,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of RC. Creative Financial Designs Inc. ADV acquired a new position in shares of Ready Capital during the fourth quarter worth about $33,000. Wolverine Asset Management LLC acquired a new position in shares of Ready Capital during the third quarter worth about $35,000. Global Retirement Partners LLC acquired a new position in shares of Ready Capital during the third quarter worth about $89,000. Teacher Retirement System of Texas acquired a new position in shares of Ready Capital during the third quarter worth about $106,000. Finally, Engineers Gate Manager LP acquired a new position in shares of Ready Capital during the third quarter worth about $113,000. 62.84% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RC has been the subject of a number of analyst reports. Keefe, Bruyette & Woods lowered their price objective on Ready Capital from $12.00 to $10.50 and set a “market perform” rating for the company in a research report on Thursday, April 13th. StockNews.com started coverage on Ready Capital in a report on Thursday. They issued a “hold” rating for the company. Finally, Piper Sandler lowered their price target on Ready Capital from $13.00 to $12.50 and set a “neutral” rating for the company in a report on Tuesday, February 28th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $13.71.

Ready Capital Price Performance

Shares of NYSE RC opened at $10.72 on Friday. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 0.63. Ready Capital Co. has a twelve month low of $9.36 and a twelve month high of $14.79. The stock has a 50 day moving average of $10.18 and a two-hundred day moving average of $11.64. The stock has a market cap of $1.19 billion, a P/E ratio of 8.06 and a beta of 1.38.

Ready Capital (NYSE:RC – Get Rating) last issued its quarterly earnings data on Monday, February 27th. The real estate investment trust reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.01. Ready Capital had a return on equity of 10.98% and a net margin of 20.57%. The company had revenue of $249.49 million during the quarter, compared to analysts’ expectations of $73.45 million. On average, research analysts forecast that Ready Capital Co. will post 1.5 earnings per share for the current year.

Ready Capital Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Tuesday, May 30th will be paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 5.22%. The ex-dividend date is Friday, May 26th. Ready Capital’s dividend payout ratio is currently 120.30%.

Insider Buying and Selling at Ready Capital

In related news, Director Gilbert E. Nathan purchased 5,000 shares of the business’s stock in a transaction dated Tuesday, March 7th. The stock was acquired at an average price of $10.95 per share, for a total transaction of $54,750.00. Following the completion of the purchase, the director now directly owns 56,565 shares of the company’s stock, valued at $619,386.75. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director Gilbert E. Nathan purchased 5,000 shares of the business’s stock in a transaction dated Tuesday, March 7th. The stock was acquired at an average price of $10.95 per share, for a total transaction of $54,750.00. Following the completion of the purchase, the director now directly owns 56,565 shares of the company’s stock, valued at $619,386.75. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Dominique Mielle purchased 7,500 shares of the business’s stock in a transaction dated Friday, March 3rd. The shares were bought at an average price of $14.15 per share, with a total value of $106,125.00. Following the purchase, the director now directly owns 35,988 shares of the company’s stock, valued at $509,230.20. The disclosure for this purchase can be found here. 1.64% of the stock is owned by company insiders.

Ready Capital Company Profile

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Ready Capital Corp. is a real estate finance company, which engages in acquiring, managing, and financing small balance commercial loans. It operates through the following segments: SBC Lending and Acquisitions, Small Business Lending, and Residential Mortgage Banking. The SBC Lending and Acquisitions segment is involved in the SBC loans across the full life-cycle of an SBC property including construction, bridge, stabilized, and agency loan origination channels through wholly-owned subsidiary, ReadyCap Commercial, LLC.