Ready Capital Co. (NYSE:RC) Shares Sold by Naviter Wealth LLC

Naviter Wealth LLC cut its holdings in Ready Capital Co. (NYSE:RC) by 16.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,296 shares of the real estate investment trust’s stock after selling 2,204 shares during the quarter. Naviter Wealth LLC’s holdings in Ready Capital were worth $89,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of RC. Vanguard Group Inc. grew its position in shares of Ready Capital by 7.1% in the fourth quarter. Vanguard Group Inc. now owns 11,163,763 shares of the real estate investment trust’s stock valued at $114,429,000 after purchasing an additional 735,949 shares during the last quarter. TrueMark Investments LLC acquired a new stake in shares of Ready Capital in the second quarter valued at approximately $3,082,000. Van ECK Associates Corp boosted its position in Ready Capital by 29.4% during the second quarter. Van ECK Associates Corp now owns 1,342,070 shares of the real estate investment trust’s stock worth $10,978,000 after acquiring an additional 304,750 shares during the last quarter. Clear Harbor Asset Management LLC boosted its position in 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 acquiring an additional 302,930 shares during the last quarter. Finally, Spire Wealth Management boosted its position 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 during the last quarter. 55.87% of the stock is currently owned by institutional investors and hedge funds.

Ready Capital Stock Down 1.4 %

Shares of RC opened at $7.25 on Friday. The firm has a market cap of $1.22 billion, a PE ratio of 4.50 and a beta of 1.41. The company’s fifty day moving average is $7.90 and its two-hundred day moving average is $8.38. Ready Capital Co. has a fifty-two week low of $7.00 and a fifty-two week high of $11.67. 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 (NYSE:RC) last announced its quarterly earnings results 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 company had revenue of $234.12 million during the quarter, compared to analyst estimates of $61.77 million. During the same quarter last year, the business earned $0.35 EPS. Analysts forecast that Ready Capital Co. will post 0.98 earnings per share for the current year.

Ready Capital Cuts Dividend

The firm also recently announced 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. This represents a $1.00 dividend on an annualized basis and a dividend yield of 13.80%. The ex-dividend date of this dividend is Monday, September 30th. Ready Capital’s dividend payout ratio is presently 62.11%.

Analyst Ratings Changes

RC has been the topic of a number of analyst reports. 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. BTIG Research initiated coverage on shares of Ready Capital in a research report on Friday, July 19th. They set a “neutral” rating on the stock. Keefe, Bruyette & Woods decreased 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, Piper Sandler decreased their target price 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. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price 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.