Ready Capital Corp $RC Stake Cut by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd cut its holdings in shares of Ready Capital Corp (NYSE:RC) by 97.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 26,759 shares of the real estate investment trust’s stock after selling 856,555 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in Ready Capital were worth $43,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Private Management Group Inc. increased its holdings in shares of Ready Capital by 197.0% in the 4th 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 purchasing an additional 3,188,135 shares during the period. Invesco Ltd. boosted its holdings in shares of 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 worth $16,408,000 after purchasing an additional 742,226 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Ready Capital by 1.5% during the fourth quarter. Geode Capital Management LLC now owns 3,725,675 shares of the real estate investment trust’s stock worth $8,123,000 after purchasing an additional 53,592 shares during the period. Charles Schwab Investment Management Inc. grew its position in Ready Capital by 14.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,249,324 shares of the real estate investment trust’s stock valued at $7,084,000 after purchasing an additional 402,173 shares in the last quarter. Finally, UBS Group AG grew its position in Ready Capital by 161.4% during 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 purchasing an additional 1,948,208 shares in the last quarter. Hedge funds and other institutional investors own 55.87% of the company’s stock.

Ready Capital Price Performance

Shares of RC opened at $1.65 on Friday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.60 and a current ratio of 1.60. The firm has a market cap of $271.79 million, a PE ratio of -0.52 and a beta of 1.43. The firm’s 50 day moving average price is $1.72 and its 200 day moving average price is $1.83. Ready Capital Corp has a twelve month low of $1.50 and a twelve month high of $4.58.

Ready Capital (NYSE:RC) last posted its earnings results on Thursday, May 7th. The real estate investment trust reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.18). Ready Capital had a negative return on equity of 14.69% and a negative net margin of 102.10%.The business had revenue of $130.55 million during the quarter, compared to the consensus estimate of $68.67 million. As a group, research analysts expect that Ready Capital Corp will post -0.94 EPS for the current fiscal year.

Ready Capital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Tuesday, June 30th will be paid a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Tuesday, June 30th. Ready Capital’s payout ratio is presently -1.26%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on RC. Weiss Ratings reiterated a “sell (e+)” rating on shares of Ready Capital in a research report on Tuesday, June 2nd. UBS Group dropped 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 Thursday. Finally, Zacks Research cut Ready Capital from a “hold” rating to a “strong sell” rating in a research report on Monday, July 6th. Three investment analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $2.62.

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.