Ready Capital (NYSE:RC) Director Purchases $58,500.00 in Stock

Ready Capital Corp (NYSE:RC) Director Gilbert Nathan bought 30,000 shares of the company’s stock in a transaction dated Friday, March 6th. The shares were purchased at an average price of $1.95 per share, with a total value of $58,500.00. Following the transaction, the director owned 216,358 shares of the company’s stock, valued at $421,898.10. The trade was a 16.10% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Ready Capital Trading Down 2.9%

Ready Capital stock traded down $0.06 during mid-day trading on Monday, hitting $1.87. The stock had a trading volume of 3,857,554 shares, compared to its average volume of 2,894,562. The stock has a 50-day simple moving average of $2.03 and a two-hundred day simple moving average of $2.82. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.90. The stock has a market capitalization of $303.77 million, a PE ratio of -1.27 and a beta of 1.45. Ready Capital Corp has a 12 month low of $1.55 and a 12 month high of $5.48.

Ready Capital (NYSE:RC) last announced its quarterly earnings data on Thursday, February 26th. The real estate investment trust reported ($0.09) earnings per share for the quarter, beating the consensus estimate 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 analyst estimates of $133.50 million. As a group, sell-side analysts forecast that Ready Capital Corp will post 0.93 EPS for the current year.

Ready Capital Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 30th. Stockholders of record on Wednesday, December 31st were paid a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Wednesday, December 31st. Ready Capital’s dividend payout ratio is currently -2.72%.

Hedge Funds Weigh In On Ready Capital

A number of hedge funds have recently bought and sold shares of RC. Private Management Group Inc. increased its position in shares of Ready Capital by 197.0% during the fourth quarter. Private Management Group Inc. now owns 4,806,088 shares of the real estate investment trust’s stock valued at $10,477,000 after acquiring an additional 3,188,135 shares during the last quarter. UBS Group AG boosted its stake in Ready Capital by 161.4% in the fourth quarter. UBS Group AG now owns 3,155,403 shares of the real estate investment trust’s stock valued at $6,879,000 after acquiring an additional 1,948,208 shares during the last quarter. Marshall Wace LLP purchased a new stake in shares of Ready Capital during the 2nd quarter worth approximately $6,542,000. Invesco Ltd. grew its holdings in Ready Capital by 21.2% during the third quarter. Invesco Ltd. now owns 4,239,678 shares of the real estate investment trust’s stock valued at $16,408,000 after purchasing an additional 742,226 shares during the period. Finally, Goldman Sachs Group Inc. lifted its position in shares of Ready Capital by 116.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 771,379 shares of the real estate investment trust’s stock valued at $1,682,000 after buying an additional 415,054 shares during the last quarter. 55.87% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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