Parallel Advisors LLC Sells 109,751 Shares of Ready Capital Corp $RC

Parallel Advisors LLC reduced its holdings in Ready Capital Corp (NYSE:RC) by 80.7% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 26,204 shares of the real estate investment trust’s stock after selling 109,751 shares during the quarter. Parallel Advisors LLC’s holdings in Ready Capital were worth $115,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of RC. Private Management Group Inc. bought a new position in shares of Ready Capital during the 1st quarter valued at about $8,235,000. Nexpoint Asset Management L.P. bought a new position in shares of Ready Capital during the 1st quarter valued at about $4,444,000. Invesco Ltd. increased its position in shares of Ready Capital by 16.1% during the 1st quarter. Invesco Ltd. now owns 3,618,181 shares of the real estate investment trust’s stock valued at $18,417,000 after purchasing an additional 502,162 shares during the last quarter. Voya Investment Management LLC increased its position in shares of Ready Capital by 773.7% during the 1st quarter. Voya Investment Management LLC now owns 443,692 shares of the real estate investment trust’s stock valued at $2,258,000 after purchasing an additional 392,911 shares during the last quarter. Finally, Wolverine Asset Management LLC increased its position in shares of Ready Capital by 152.5% during the 1st quarter. Wolverine Asset Management LLC now owns 555,556 shares of the real estate investment trust’s stock valued at $2,828,000 after purchasing an additional 335,502 shares during the last quarter. 55.87% of the stock is currently owned by institutional investors.

Ready Capital Stock Up 0.1%

Shares of NYSE:RC opened at $4.20 on Wednesday. Ready Capital Corp has a 52-week low of $3.70 and a 52-week high of $8.01. The firm has a market capitalization of $689.36 million, a P/E ratio of -2.27 and a beta of 1.38. The stock has a 50 day moving average price of $4.17 and a 200-day moving average price of $4.42. 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 (NYSE:RC) last announced its earnings results on Thursday, August 7th. The real estate investment trust reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.13). Ready Capital had a positive return on equity of 3.76% and a negative net margin of 40.59%.The firm had revenue of ($9.77) million during the quarter, compared to the consensus estimate of $167.26 million. As a group, equities research analysts anticipate that Ready Capital Corp will post 0.93 EPS for the current fiscal year.

Ready Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Tuesday, September 30th will be given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 11.9%. The ex-dividend date of this dividend is Tuesday, September 30th. Ready Capital’s dividend payout ratio (DPR) is -27.03%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. UBS Group reduced their price objective on Ready Capital from $4.50 to $4.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 20th. Keefe, Bruyette & Woods reduced their price objective on Ready Capital from $4.25 to $3.75 and set an “underperform” rating on the stock in a research report on Tuesday, August 12th. Wall Street Zen cut Ready Capital from a “hold” rating to a “sell” rating in a report on Saturday, August 16th. Finally, B. Riley dropped their target price on Ready Capital from $6.00 to $4.00 and set a “neutral” rating for the company in a report on Monday, August 11th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $5.45.

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.