Maryland State Retirement & Pension System Reduces Holdings in Ready Capital Co. (NYSE:RC)

Maryland State Retirement & Pension System lessened its stake in Ready Capital Co. (NYSE:RC) by 5.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 54,169 shares of the real estate investment trust’s stock after selling 3,384 shares during the period. Maryland State Retirement & Pension System’s holdings in Ready Capital were worth $443,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in RC. Waterfall Asset Management LLC purchased a new stake in shares of Ready Capital in the fourth quarter valued at about $40,067,000. Janus Henderson Group PLC lifted its position in Ready Capital by 131.0% during the 1st quarter. Janus Henderson Group PLC now owns 168,496 shares of the real estate investment trust’s stock worth $1,539,000 after acquiring an additional 95,562 shares during the period. Jump Financial LLC increased its holdings in shares of Ready Capital by 106.7% in the fourth quarter. Jump Financial LLC now owns 22,516 shares of the real estate investment trust’s stock valued at $231,000 after purchasing an additional 11,625 shares during the period. Norden Group LLC lifted its holdings in shares of Ready Capital by 773.1% during the first quarter. Norden Group LLC now owns 128,163 shares of the real estate investment trust’s stock worth $1,170,000 after purchasing an additional 113,484 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in Ready Capital by 2.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,300,267 shares of the real estate investment trust’s stock valued at $13,328,000 after buying an additional 30,730 shares during the last quarter. Hedge funds and other institutional investors own 55.87% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. LADENBURG THALM/SH SH cut shares of Ready Capital from a “buy” rating to a “neutral” rating in a research note on Friday, May 10th. BTIG Research began coverage on Ready Capital in a research note on Friday, July 19th. They set a “neutral” rating for the company. Keefe, Bruyette & Woods decreased their price target on Ready Capital from $8.00 to $7.75 and set an “underperform” rating on the stock in a research note on Monday, August 12th. Finally, Wedbush reiterated a “neutral” rating and issued a $9.00 price objective on shares of Ready Capital in a research report on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $9.65.

Ready Capital Trading Down 1.2 %

NYSE:RC opened at $8.19 on Wednesday. The company has a market capitalization of $1.38 billion, a PE ratio of 5.09 and a beta of 1.43. Ready Capital Co. has a 52-week low of $7.93 and a 52-week high of $11.67. The stock has a fifty day simple moving average of $8.69 and a 200-day simple moving average of $8.66. The company has a quick ratio of 1.69, a current ratio of 1.69 and a debt-to-equity ratio of 0.52.

Ready Capital (NYSE:RC) last released its quarterly earnings results on Wednesday, August 7th. The real estate investment trust reported $0.07 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.19). The business had revenue of $234.12 million during the quarter, compared to analyst estimates of $61.77 million. Ready Capital had a negative net margin of 5.67% and a positive return on equity of 7.32%. During the same quarter in the prior year, the company earned $0.35 earnings per share. On average, equities research analysts expect that Ready Capital Co. will post 1.03 earnings per share for the current fiscal year.

Ready Capital Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Friday, June 28th were issued a $0.30 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $1.20 dividend on an annualized basis and a yield of 14.65%. Ready Capital’s dividend payout ratio (DPR) is 74.53%.

About Ready Capital

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.