New York State Teachers Retirement System Sells 15,779 Shares of Ready Capital Co. (NYSE:RC)

New York State Teachers Retirement System cut its position in shares of Ready Capital Co. (NYSE:RC) by 7.7% during the third quarter, according to the company in its most recent disclosure 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 period. New York State Teachers Retirement System owned about 0.11% of Ready Capital worth $1,443,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. CWM LLC boosted its holdings in Ready Capital by 94.6% during the second quarter. CWM LLC now owns 3,361 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 1,634 shares in the last quarter. EntryPoint Capital LLC bought a new position in shares of Ready Capital during the 1st quarter worth approximately $40,000. Xponance Inc. acquired a new stake in Ready Capital in the 2nd quarter valued at $84,000. Cadence Bank bought a new stake in Ready Capital in the first quarter valued at $91,000. Finally, Choreo LLC acquired a new position in Ready Capital during the second quarter worth $91,000. 55.87% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Ready Capital Stock Performance

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

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). The firm had revenue of $234.12 million for 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 period last year, the company earned $0.35 EPS. Sell-side analysts predict that Ready Capital Co. will post 0.98 earnings per share for the current fiscal year.

Ready Capital Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Monday, September 30th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend 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 -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.