Truist Financial Corp Sells 17,110 Shares of Ready Capital Corp $RC

Truist Financial Corp reduced its position in Ready Capital Corp (NYSE:RC) by 7.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 228,152 shares of the real estate investment trust’s stock after selling 17,110 shares during the quarter. Truist Financial Corp owned approximately 0.13% of Ready Capital worth $997,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Ready Capital by 6.1% during 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 acquiring an additional 2,606 shares during the last quarter. Spire Wealth Management raised its position in shares of 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 valued at $485,000 after purchasing an additional 4,157 shares during the last quarter. PNC Financial Services Group Inc. raised its position in shares of Ready Capital by 29.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 19,665 shares of the real estate investment trust’s stock valued at $100,000 after purchasing an additional 4,472 shares during the last quarter. Sunbelt Securities Inc. increased its holdings in Ready Capital by 7.4% in the 1st quarter. Sunbelt Securities Inc. now owns 68,696 shares of the real estate investment trust’s stock worth $350,000 after buying an additional 4,740 shares during the period. Finally, US Bancorp DE increased its holdings in Ready Capital by 404.7% in the 1st quarter. US Bancorp DE now owns 6,021 shares of the real estate investment trust’s stock worth $31,000 after buying an additional 4,828 shares during the period. Hedge funds and other institutional investors own 55.87% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on RC. Keefe, Bruyette & Woods dropped their price target on shares of Ready Capital from $3.75 to $3.50 and set an “underperform” rating on the stock in a research note on Thursday, October 9th. B. Riley reduced 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. UBS Group dropped their target price on Ready Capital from $4.50 to $4.00 and set a “neutral” rating for the company in a research report on Wednesday, August 20th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Ready Capital in a research report on Wednesday, October 8th. Finally, Wall Street Zen downgraded Ready Capital from a “hold” rating to a “sell” rating in a research report on Saturday, August 16th. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $5.40.

Ready Capital Price Performance

Shares of NYSE RC opened at $3.37 on Tuesday. Ready Capital Corp has a twelve month low of $3.34 and a twelve month high of $7.64. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.76. The stock has a 50 day moving average of $4.02 and a two-hundred day moving average of $4.30. The stock has a market cap of $552.97 million, a P/E ratio of -1.82 and a beta of 1.45.

Ready Capital (NYSE:RC) last released its quarterly earnings results on Tuesday, September 9th. The real estate investment trust reported ($0.10) EPS for the quarter. Ready Capital had a positive return on equity of 3.76% and a negative net margin of 40.59%.The company had revenue of ($9.77) million for the quarter. On average, research analysts forecast that Ready Capital Corp will post 0.93 earnings per share for the current year.

Ready Capital Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Tuesday, September 30th will be given a $0.125 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 14.9%. Ready Capital’s dividend payout ratio (DPR) is currently -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.