PNC Financial Services Group Inc. Buys 4,472 Shares of Ready Capital Corp $RC

PNC Financial Services Group Inc. increased its stake in shares of Ready Capital Corp (NYSE:RC) by 29.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 19,665 shares of the real estate investment trust’s stock after buying an additional 4,472 shares during the period. PNC Financial Services Group Inc.’s holdings in Ready Capital were worth $100,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Shorepoint Capital Partners LLC increased its stake in shares of Ready Capital by 2.4% during the 4th quarter. Shorepoint Capital Partners LLC now owns 64,500 shares of the real estate investment trust’s stock worth $440,000 after purchasing an additional 1,500 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Ready Capital by 6.1% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 45,288 shares of the real estate investment trust’s stock valued at $231,000 after purchasing an additional 2,606 shares during the last quarter. Spire Wealth Management lifted its stake in Ready Capital by 4.6% in the first quarter. Spire Wealth Management now owns 95,283 shares of the real estate investment trust’s stock valued at $485,000 after purchasing an additional 4,157 shares during the last quarter. Squarepoint Ops LLC grew its holdings in 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 purchasing an additional 4,486 shares during the period. Finally, Sterling Capital Management LLC increased its position in Ready Capital by 822.8% in the fourth quarter. Sterling Capital Management LLC now owns 5,177 shares of the real estate investment trust’s stock worth $35,000 after buying an additional 4,616 shares during the last quarter. 55.87% of the stock is currently owned by hedge funds and other institutional investors.

Ready Capital Stock Performance

NYSE:RC opened at $3.8550 on Thursday. The business’s fifty day moving average is $4.31 and its 200 day moving average is $4.80. The firm has a market cap of $633.49 million, a price-to-earnings ratio of -2.08 and a beta of 1.47. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.61 and a current ratio of 1.61. Ready Capital Corp has a 52-week low of $3.75 and a 52-week high of $8.64.

Ready Capital (NYSE:RC) last posted its earnings results on Thursday, August 7th. The real estate investment trust reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of ($9.77) million for the quarter, compared to analysts’ expectations of $167.26 million. Research analysts predict that Ready Capital Corp will post 0.93 EPS for the current year.

Ready Capital Announces Dividend

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 dividend of $0.125 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.50 annualized dividend and a yield of 13.0%. Ready Capital’s payout ratio is currently -27.03%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on RC shares. UBS Group dropped their price target on Ready Capital from $4.50 to $4.00 and set a “neutral” rating on the stock in a research report on Wednesday. Wall Street Zen cut Ready Capital from a “hold” rating to a “sell” rating in a research note on Saturday, August 16th. B. Riley dropped their price objective on shares of Ready Capital from $6.00 to $4.00 and set a “neutral” rating on the stock in a report on Monday, August 11th. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Ready Capital from $4.25 to $3.75 and set an “underperform” rating for the company in a research note on Tuesday, August 12th. One investment analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $5.88.

Ready Capital Company 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.