Madison Park Capital Advisors LLC Sells 27,500 Shares of Ready Capital Co. (NYSE:RC)

Madison Park Capital Advisors LLC lessened its holdings in shares of Ready Capital Co. (NYSE:RC) by 55.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 22,050 shares of the real estate investment trust’s stock after selling 27,500 shares during the quarter. Madison Park Capital Advisors LLC’s holdings in Ready Capital were worth $168,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of RC. Vanguard Group Inc. boosted its holdings 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 period. TrueMark Investments LLC acquired a new position in shares of Ready Capital in the second quarter valued at approximately $3,082,000. Van ECK Associates Corp grew its position in shares of Ready Capital by 29.4% in the second 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 purchasing an additional 304,750 shares during the last quarter. Clear Harbor Asset Management LLC increased its stake in shares of Ready Capital by 63.1% during the second quarter. Clear Harbor Asset Management LLC now owns 782,785 shares of the real estate investment trust’s stock worth $6,403,000 after purchasing an additional 302,930 shares during the period. Finally, Spire Wealth Management lifted its holdings in Ready Capital by 1,115.6% during the 2nd quarter. Spire Wealth Management now owns 168,261 shares of the real estate investment trust’s stock worth $1,376,000 after purchasing an additional 154,419 shares during the last quarter. Institutional investors own 55.87% of the company’s stock.

Ready Capital Stock Performance

Shares of Ready Capital stock opened at $7.25 on Friday. The company has a quick ratio of 1.69, a current ratio of 1.69 and a debt-to-equity ratio of 0.52. Ready Capital Co. has a 12-month low of $7.00 and a 12-month high of $11.67. The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of 4.50 and a beta of 1.41. The firm’s 50-day moving average price is $7.87 and its two-hundred day moving average price is $8.37.

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 (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $61.77 million. During the same quarter in the prior year, the business posted $0.35 EPS. On average, analysts forecast that Ready Capital Co. will post 0.98 earnings per share 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. Stockholders of record on Monday, September 30th will be paid a $0.25 dividend. The ex-dividend date is Monday, September 30th. This represents a $1.00 annualized dividend and a dividend yield of 13.79%. Ready Capital’s payout ratio is 62.11%.

Analysts Set New Price Targets

A number of research analysts have commented on RC shares. BTIG Research began coverage on Ready Capital in a report on Friday, July 19th. They issued a “neutral” rating on the stock. Piper Sandler lowered their price target on shares of Ready Capital from $9.50 to $8.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. Keefe, Bruyette & Woods dropped their price objective on shares of Ready Capital from $8.00 to $7.75 and set an “underperform” rating for the company in a research note on Monday, August 12th. Finally, Wedbush restated a “neutral” rating and set a $9.00 target price on shares of Ready Capital in a research report on Monday, August 12th. One research 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. According to data from MarketBeat, Ready Capital currently has an average rating of “Hold” and an average 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.