Principal Financial Group Inc. Has $4.27 Million Stake in Ready Capital Corp (NYSE:RC)

Principal Financial Group Inc. raised its position in Ready Capital Corp (NYSE:RC) by 2.7% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 838,879 shares of the real estate investment trust’s stock after purchasing an additional 21,937 shares during the period. Principal Financial Group Inc. owned approximately 0.49% of Ready Capital worth $4,270,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. raised its position in shares of Ready Capital by 21.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,266,585 shares of the real estate investment trust’s stock valued at $15,458,000 after buying an additional 398,005 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in shares of Ready Capital in the 4th quarter worth $69,000. Raymond James Financial Inc. bought a new position in shares of Ready Capital during the 4th quarter valued at approximately $1,839,000. PNC Financial Services Group Inc. lifted its position in shares of Ready Capital by 18.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 15,193 shares of the real estate investment trust’s stock worth $104,000 after acquiring an additional 2,328 shares in the last quarter. Finally, HighTower Advisors LLC boosted its position in shares of Ready Capital by 3.9% during the 4th quarter. HighTower Advisors LLC now owns 76,803 shares of the real estate investment trust’s stock valued at $524,000 after acquiring an additional 2,917 shares during the last quarter. Institutional investors own 55.87% of the company’s stock.

Ready Capital Stock Down 0.8%

RC opened at $4.28 on Friday. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.78 and a quick ratio of 1.78. The company has a market capitalization of $728.93 million, a P/E ratio of -2.46 and a beta of 1.43. Ready Capital Corp has a fifty-two week low of $3.93 and a fifty-two week high of $9.54. The firm’s fifty day moving average price is $4.40 and its two-hundred day moving average price is $5.24.

Ready Capital (NYSE:RC) last released its quarterly earnings results on Thursday, May 8th. The real estate investment trust reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.21). Ready Capital had a positive return on equity of 5.53% and a negative net margin of 34.40%. The business had revenue of $40.24 million for the quarter, compared to analyst estimates of $212.33 million. On average, analysts anticipate that Ready Capital Corp will post 0.93 EPS for the current year.

Ready Capital Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, June 30th will be issued a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 11.70%. The ex-dividend date is Monday, June 30th. Ready Capital’s dividend payout ratio (DPR) is currently -28.74%.

Analysts Set New Price Targets

Several research firms recently weighed in on RC. UBS Group dropped their price target on Ready Capital from $4.75 to $4.50 and set a “neutral” rating on the stock in a research report on Wednesday, May 21st. Keefe, Bruyette & Woods raised their price objective on shares of Ready Capital from $3.75 to $4.25 and gave the stock an “underperform” rating in a research note on Thursday, July 10th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $7.04.

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.