Bank of New York Mellon Corp Acquires 172,197 Shares of Ready Capital Corp (NYSE:RC)

Bank of New York Mellon Corp increased its stake in Ready Capital Corp (NYSE:RC) by 14.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,338,493 shares of the real estate investment trust’s stock after acquiring an additional 172,197 shares during the quarter. Bank of New York Mellon Corp owned about 0.78% of Ready Capital worth $6,813,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Shorepoint Capital Partners LLC raised its position in Ready Capital by 2.4% in the 4th quarter. Shorepoint Capital Partners LLC now owns 64,500 shares of the real estate investment trust’s stock valued at $440,000 after buying an additional 1,500 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Ready Capital by 18.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 15,193 shares of the real estate investment trust’s stock valued at $104,000 after acquiring an additional 2,328 shares during the last quarter. 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. Spire Wealth Management lifted its position in Ready Capital by 4.6% in the 1st quarter. Spire Wealth Management now owns 95,283 shares of the real estate investment trust’s stock worth $485,000 after buying an additional 4,157 shares during the last quarter. Finally, Squarepoint Ops LLC grew its stake in shares of Ready Capital by 11.7% during the fourth quarter. Squarepoint Ops LLC now owns 42,964 shares of the real estate investment trust’s stock valued at $293,000 after buying an additional 4,486 shares during the last quarter. 55.87% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RC has been the topic of several research analyst reports. Keefe, Bruyette & Woods boosted their target price on Ready Capital from $3.75 to $4.25 and gave the company an “underperform” rating in a research note on Thursday, July 10th. UBS Group dropped their price objective 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. One analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $7.04.

Ready Capital Stock Performance

Shares of Ready Capital stock opened at $4.46 on Thursday. The stock’s fifty day moving average is $4.41 and its two-hundred day moving average is $5.17. The company has a market capitalization of $759.62 million, a PE ratio of -2.56 and a beta of 1.43. The company has a quick ratio of 1.78, a current ratio of 1.78 and a debt-to-equity ratio of 0.77. Ready Capital Corp has a 52 week low of $3.93 and a 52 week high of $9.53.

Ready Capital (NYSE:RC) last issued its quarterly earnings data on Thursday, May 8th. The real estate investment trust reported ($0.09) earnings per share 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 company had revenue of $40.24 million for the quarter, compared to analysts’ expectations of $212.33 million. As a group, analysts expect that Ready Capital Corp will post 0.93 earnings per share for the current year.

Ready Capital Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, June 30th will be paid a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 11.22%. The ex-dividend date of this dividend is Monday, June 30th. Ready Capital’s payout ratio is -28.74%.

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.