New York State Teachers Retirement System Has $1.44 Million Stake in Ready Capital Co. (NYSE:RC)

New York State Teachers Retirement System reduced its stake in shares of Ready Capital Co. (NYSE:RC) by 7.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 189,178 shares of the real estate investment trust’s stock after selling 15,779 shares during the quarter. New York State Teachers Retirement System’s holdings in Ready Capital were worth $1,443,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Norden Group LLC grew its holdings in shares of Ready Capital by 24.7% in the 1st quarter. Norden Group LLC now owns 18,309 shares of the real estate investment trust’s stock valued at $167,000 after buying an additional 3,630 shares during the period. Janney Montgomery Scott LLC bought a new position in Ready Capital during the first quarter worth about $307,000. Texas Permanent School Fund Corp grew its stake in Ready Capital by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 138,085 shares of the real estate investment trust’s stock valued at $1,261,000 after acquiring an additional 1,718 shares during the period. Quantbot Technologies LP bought a new stake in shares of Ready Capital in the first quarter worth about $344,000. Finally, SG Americas Securities LLC raised its position in shares of Ready Capital by 67.2% during the first quarter. SG Americas Securities LLC now owns 18,520 shares of the real estate investment trust’s stock worth $169,000 after purchasing an additional 7,446 shares during the period. 55.87% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on RC shares. Piper Sandler decreased their price objective on Ready Capital from $9.50 to $8.00 and set a “neutral” rating for the company in a research report on Monday, September 16th. Wedbush reaffirmed a “neutral” rating and issued a $9.00 price target on shares of Ready Capital in a research note 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 for the company. Finally, Keefe, Bruyette & Woods cut their price objective 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. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $9.38.

Ready Capital Price Performance

Shares of RC opened at $7.31 on Friday. The company has a 50 day moving average of $7.44 and a 200-day moving average of $8.20. The company has a quick ratio of 1.69, a current ratio of 1.69 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $1.23 billion, a P/E ratio of -10.44 and a beta of 1.42. Ready Capital Co. has a twelve month low of $6.65 and a twelve month high of $11.67.

Ready Capital (NYSE:RC) last issued 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 negative net margin of 5.67% and a positive return on equity of 7.32%. The business had revenue of $234.12 million during the quarter, compared to analyst estimates of $61.77 million. During the same quarter in the previous year, the firm posted $0.35 earnings per share. As a group, equities research analysts forecast that Ready Capital Co. will post 0.98 EPS for the current fiscal year.

Ready Capital Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Monday, September 30th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 13.68%. The ex-dividend date of this dividend was Monday, September 30th. Ready Capital’s dividend payout ratio is currently -142.86%.

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.