Summit Global Investments Cuts Position in Ready Capital Co. (NYSE:RC)

Summit Global Investments reduced its position in shares of Ready Capital Co. (NYSE:RC) by 11.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 140,475 shares of the real estate investment trust’s stock after selling 17,597 shares during the period. Summit Global Investments’ holdings in Ready Capital were worth $1,072,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of RC. Clear Harbor Asset Management LLC grew its holdings in shares of Ready Capital by 84.0% in the third quarter. Clear Harbor Asset Management LLC now owns 1,440,250 shares of the real estate investment trust’s stock valued at $10,989,000 after purchasing an additional 657,465 shares in the last quarter. Van ECK Associates Corp increased its position in shares of Ready Capital by 1.8% during the third quarter. Van ECK Associates Corp now owns 1,366,040 shares of the real estate investment trust’s stock worth $9,508,000 after acquiring an additional 23,970 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Ready Capital by 3.3% in the second quarter. Bank of New York Mellon Corp now owns 1,189,988 shares of the real estate investment trust’s stock valued at $9,734,000 after acquiring an additional 38,371 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Ready Capital by 3.3% in the third quarter. Principal Financial Group Inc. now owns 792,536 shares of the real estate investment trust’s stock valued at $6,047,000 after acquiring an additional 25,545 shares in the last quarter. Finally, First Foundation Advisors boosted its holdings in Ready Capital by 1.3% in the first quarter. First Foundation Advisors now owns 380,993 shares of the real estate investment trust’s stock valued at $3,478,000 after purchasing an additional 4,883 shares during the period. 55.87% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Keefe, Bruyette & Woods reduced their price target on Ready Capital from $8.00 to $7.75 and set an “underperform” rating on the stock in a research report on Monday, August 12th. Piper Sandler reduced their target price on shares of Ready Capital from $9.50 to $8.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. BTIG Research began coverage on shares of Ready Capital in a report on Friday, July 19th. They set a “neutral” rating for the company. Finally, Wedbush restated a “neutral” rating and issued a $9.00 price objective on shares of Ready Capital in a report on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company. According to MarketBeat.com, Ready Capital currently has a consensus rating of “Hold” and a consensus price target of $9.38.

Ready Capital Stock Up 4.4 %

Shares of NYSE:RC opened at $7.31 on Friday. The company has a current ratio of 1.69, a quick ratio of 1.69 and a debt-to-equity ratio of 0.52. The firm has a 50 day simple moving average of $7.44 and a 200-day simple moving average of $8.20. The company has a market capitalization of $1.23 billion, a PE 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 released its quarterly earnings data 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 company had revenue of $234.12 million during the quarter, compared to analyst estimates of $61.77 million. During the same quarter in the prior year, the company earned $0.35 EPS. On average, equities analysts predict that Ready Capital Co. will post 0.98 EPS for the current fiscal year.

Ready Capital Cuts Dividend

The company 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. The ex-dividend date was Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 13.68%. Ready Capital’s dividend payout ratio (DPR) is presently -142.86%.

Ready Capital 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.