Ready Capital (NYSE:RC) Director Purchases $20,200.00 in Stock

Ready Capital Corp (NYSE:RC) Director Gilbert Nathan bought 10,000 shares of the business’s stock in a transaction on Thursday, March 5th. The shares were bought at an average cost of $2.02 per share, for a total transaction of $20,200.00. Following the completion of the acquisition, the director directly owned 128,106 shares in the company, valued at approximately $258,774.12. This trade represents a 8.47% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Ready Capital Trading Down 2.9%

Shares of NYSE RC traded down $0.06 during midday trading on Monday, reaching $1.87. The stock had a trading volume of 3,857,554 shares, compared to its average volume of 2,894,562. Ready Capital Corp has a twelve month low of $1.55 and a twelve month high of $5.48. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.48 and a current ratio of 1.48. The company’s 50 day moving average price is $2.03 and its 200 day moving average price is $2.82. The firm has a market cap of $303.77 million, a price-to-earnings ratio of -1.27 and a beta of 1.45.

Ready Capital (NYSE:RC) last issued its quarterly earnings results on Thursday, February 26th. The real estate investment trust reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.02. Ready Capital had a negative net margin of 39.55% and a negative return on equity of 10.29%. The business had revenue of $207.55 million for the quarter, compared to analysts’ expectations of $133.50 million. As a group, sell-side analysts expect that Ready Capital Corp will post 0.93 EPS for the current year.

Ready Capital Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 30th. Shareholders of record on Wednesday, December 31st were paid a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Wednesday, December 31st. Ready Capital’s payout ratio is -2.72%.

Institutional Investors Weigh In On Ready Capital

Several large investors have recently modified their holdings of the stock. Dynamic Technology Lab Private Ltd purchased a new position in shares of Ready Capital during the 1st quarter valued at $89,000. United Services Automobile Association bought a new position in Ready Capital during the first quarter worth about $59,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Ready Capital by 2.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 442,432 shares of the real estate investment trust’s stock worth $2,252,000 after purchasing an additional 9,892 shares in the last quarter. Focus Partners Wealth raised its position in shares of Ready Capital by 13.1% in the first quarter. Focus Partners Wealth now owns 263,820 shares of the real estate investment trust’s stock valued at $1,343,000 after purchasing an additional 30,477 shares during the period. Finally, Intech Investment Management LLC boosted its holdings in Ready Capital by 13.1% in the 1st quarter. Intech Investment Management LLC now owns 230,177 shares of the real estate investment trust’s stock worth $1,172,000 after buying an additional 26,607 shares during the period. Hedge funds and other institutional investors own 55.87% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Piper Sandler cut their target price on Ready Capital from $2.50 to $2.00 and set a “neutral” rating on the stock in a report on Monday, March 2nd. Weiss Ratings reissued a “sell (d)” rating on shares of Ready Capital in a research note on Thursday, January 22nd. UBS Group decreased their price target on Ready Capital from $3.50 to $2.75 and set a “neutral” rating for the company in a report on Friday, November 14th. Finally, Keefe, Bruyette & Woods cut their price objective on shares of Ready Capital from $3.50 to $2.50 and set an “underperform” rating on the stock in a report on Wednesday, November 12th. Four analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $2.81.

About Ready Capital

Ready Capital Corporation is a specialty finance real estate investment trust (REIT) that originates, acquires and manages commercial real estate loans and related assets. The company offers financing solutions across a variety of property types, including multifamily, office, retail, industrial, hospitality and mixed-use assets. Ready Capital focuses on delivering flexible loan structures to meet the diverse needs of borrowers in the small balance and middle-market sectors.

Through its small balance commercial real estate lending platform, Ready Capital provides loans typically ranging from $1 million to $15 million for acquisitions, refinancings, renovations and bridge financing.