Ready Capital Corp $RC Shares Sold by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System trimmed its stake in shares of Ready Capital Corp (NYSE:RC) by 13.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 49,219 shares of the real estate investment trust’s stock after selling 7,586 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Ready Capital were worth $251,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in RC. Private Management Group Inc. acquired a new stake in Ready Capital during the 1st quarter worth approximately $8,235,000. Hudson Bay Capital Management LP acquired a new stake in shares of Ready Capital in the 4th quarter valued at approximately $4,393,000. Marshall Wace LLP lifted its holdings in shares of Ready Capital by 3,049.5% in the 4th quarter. Marshall Wace LLP now owns 392,559 shares of the real estate investment trust’s stock valued at $2,677,000 after buying an additional 380,095 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Ready Capital in the 4th quarter valued at approximately $1,839,000. Finally, Schonfeld Strategic Advisors LLC lifted its holdings in shares of Ready Capital by 88.1% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 372,281 shares of the real estate investment trust’s stock valued at $2,539,000 after buying an additional 174,416 shares during the period. 55.87% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently commented on RC shares. Keefe, Bruyette & Woods reduced their price target on Ready Capital from $4.25 to $3.75 and set an “underperform” rating for the company in a report on Tuesday, August 12th. B. Riley reduced their price target on Ready Capital from $6.00 to $4.00 and set a “neutral” rating for the company in a report on Monday, August 11th. Wall Street Zen cut Ready Capital from a “hold” rating to a “sell” rating in a report on Saturday. Finally, UBS Group lowered their target price on shares of Ready Capital from $4.75 to $4.50 and set a “neutral” rating on the stock in a research report on Wednesday, May 21st. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company. According to MarketBeat.com, Ready Capital has an average rating of “Hold” and an average target price of $5.96.

Ready Capital Stock Performance

NYSE RC opened at $3.77 on Tuesday. Ready Capital Corp has a 1-year low of $3.75 and a 1-year high of $8.64. The company has a market capitalization of $619.51 million, a P/E ratio of -2.04 and a beta of 1.47. The business has a 50 day moving average price of $4.34 and a 200 day moving average price of $4.81. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.61 and a quick ratio of 1.61.

Ready Capital (NYSE:RC) last released its quarterly earnings data on Thursday, August 7th. The real estate investment trust reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.13). Ready Capital had a negative net margin of 40.59% and a positive return on equity of 3.76%. The firm had revenue of ($9.77) million during the quarter, compared to analysts’ expectations of $167.26 million. Sell-side analysts expect that Ready Capital Corp will post 0.93 EPS for the current fiscal year.

Ready Capital Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Monday, June 30th were paid a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 13.3%. The ex-dividend date of this dividend was Monday, June 30th. Ready Capital’s dividend payout ratio (DPR) is presently -27.03%.

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.