Clear Harbor Asset Management LLC Lowers Holdings in Ready Capital Corp $RC

Clear Harbor Asset Management LLC reduced its position in shares of Ready Capital Corp (NYSE:RC) by 44.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 940,000 shares of the real estate investment trust’s stock after selling 757,720 shares during the period. Clear Harbor Asset Management LLC owned approximately 0.57% of Ready Capital worth $3,638,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Dynamic Technology Lab Private Ltd purchased a new position in Ready Capital during the first quarter worth about $89,000. United Services Automobile Association bought a new stake in shares of Ready Capital during the 1st quarter valued at about $59,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Ready Capital by 2.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 442,432 shares of the real estate investment trust’s stock worth $2,252,000 after purchasing an additional 9,892 shares in the last quarter. Focus Partners Wealth grew its holdings in shares of Ready Capital by 13.1% during the first quarter. Focus Partners Wealth now owns 263,820 shares of the real estate investment trust’s stock worth $1,343,000 after purchasing an additional 30,477 shares in the last quarter. Finally, Intech Investment Management LLC increased its position in shares of Ready Capital by 13.1% in the first quarter. Intech Investment Management LLC now owns 230,177 shares of the real estate investment trust’s stock worth $1,172,000 after purchasing an additional 26,607 shares during the last quarter. Institutional investors own 55.87% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Piper Sandler dropped their target price on shares of Ready Capital from $3.50 to $2.50 and set a “neutral” rating for the company in a research report on Monday, December 22nd. Zacks Research raised shares of Ready Capital from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Weiss Ratings reissued a “sell (d)” rating on shares of Ready Capital in a research note on Wednesday, October 8th. Keefe, Bruyette & Woods lowered their price target on Ready Capital from $3.50 to $2.50 and set an “underperform” rating on the stock in a research report on Wednesday, November 12th. Finally, UBS Group cut their price objective on Ready Capital from $3.50 to $2.75 and set a “neutral” rating for the company in a report on Friday, November 14th. Six equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Ready Capital has an average rating of “Reduce” and a consensus target price of $3.55.

Ready Capital Price Performance

Shares of NYSE:RC opened at $2.07 on Friday. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.79. The stock has a market cap of $334.80 million, a PE ratio of -1.08 and a beta of 1.46. The company’s fifty day moving average is $2.46 and its 200 day moving average is $3.49. Ready Capital Corp has a 52 week low of $1.97 and a 52 week high of $7.14.

Ready Capital (NYSE:RC) last posted its quarterly earnings results on Tuesday, September 9th. The real estate investment trust reported ($0.10) earnings per share (EPS) for the quarter. The business had revenue of ($9.77) million for the quarter. Ready Capital had a negative net margin of 47.30% and a negative return on equity of 7.02%. Research analysts anticipate that Ready Capital Corp will post 0.93 earnings per share for the current year.

Ready Capital Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 30th. Shareholders of record on Wednesday, December 31st will be paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Wednesday, December 31st. Ready Capital’s payout ratio is -2.09%.

Ready Capital Profile

Ready Capital Corporation is a specialty finance real estate investment trust (REIT) that originates, acquires and manages commercial real estate loans and related assets. The company offers financing solutions across a variety of property types, including multifamily, office, retail, industrial, hospitality and mixed-use assets. Ready Capital focuses on delivering flexible loan structures to meet the diverse needs of borrowers in the small balance and middle-market sectors.

Through its small balance commercial real estate lending platform, Ready Capital provides loans typically ranging from $1 million to $15 million for acquisitions, refinancings, renovations and bridge financing.