Norden Group LLC Purchases 19,947 Shares of Ready Capital Corp (NYSE:RC)

Norden Group LLC lifted its position in shares of Ready Capital Corp (NYSE:RC) by 76.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 45,985 shares of the real estate investment trust’s stock after acquiring an additional 19,947 shares during the quarter. Norden Group LLC’s holdings in Ready Capital were worth $234,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in RC. Larson Financial Group LLC bought a new position in shares of Ready Capital during the 1st quarter worth $27,000. Sterling Capital Management LLC boosted its stake in Ready Capital by 822.8% in the 4th quarter. Sterling Capital Management LLC now owns 5,177 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 4,616 shares during the period. IFP Advisors Inc boosted its stake in Ready Capital by 1,410.5% in the 1st quarter. IFP Advisors Inc now owns 7,326 shares of the real estate investment trust’s stock worth $37,000 after purchasing an additional 6,841 shares during the period. Bfsg LLC bought a new position in Ready Capital in the 1st quarter worth about $52,000. Finally, Greenleaf Trust bought a new position in Ready Capital in the 1st quarter worth about $55,000. Institutional investors own 55.87% of the company’s stock.

Ready Capital Price Performance

Shares of Ready Capital stock opened at $4.21 on Friday. The stock has a market capitalization of $716.99 million, a P/E ratio of -2.42 and a beta of 1.43. Ready Capital Corp has a one year low of $3.92 and a one year high of $9.53. The business’s 50 day simple moving average is $4.41 and its two-hundred day simple moving average is $5.07. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.78 and a quick ratio of 1.78.

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). The business had revenue of $40.24 million during the quarter, compared to the consensus estimate of $212.33 million. Ready Capital had a positive return on equity of 5.53% and a negative net margin of 34.40%. Analysts forecast that Ready Capital Corp will post 0.93 EPS for the current year.

Ready Capital Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Monday, June 30th were given a dividend of $0.125 per share. The ex-dividend date was Monday, June 30th. This represents a $0.50 annualized dividend and a dividend yield of 11.9%. Ready Capital’s payout ratio is currently -28.74%.

Wall Street Analyst Weigh In

RC has been the subject of several analyst reports. Keefe, Bruyette & Woods raised their target price on Ready Capital from $3.75 to $4.25 and gave the stock an “underperform” rating in a research note on Thursday, July 10th. UBS Group cut their target price on Ready Capital from $4.75 to $4.50 and set a “neutral” rating for the company in a research note on Wednesday, May 21st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, Ready Capital presently has a consensus rating of “Hold” and an average price target of $7.04.

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.