Gilbert Nathan Buys 30,000 Shares of Ready Capital (NYSE:RC) Stock

Ready Capital Corp (NYSE:RC) Director Gilbert Nathan bought 30,000 shares of the firm’s stock in a transaction that occurred on Friday, March 6th. The stock was purchased at an average cost of $1.95 per share, with a total value of $58,500.00. Following the completion of the transaction, the director owned 216,358 shares in the company, valued at approximately $421,898.10. This trade represents a 16.10% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Ready Capital Trading Up 1.9%

NYSE:RC opened at $1.89 on Wednesday. The company has a market capitalization of $307.03 million, a PE ratio of -1.28 and a beta of 1.45. Ready Capital Corp has a 52-week low of $1.55 and a 52-week high of $5.25. The stock’s 50 day moving average price is $2.02 and its 200 day moving average price is $2.79. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.90.

Ready Capital (NYSE:RC) last issued its quarterly earnings data on Thursday, February 26th. The real estate investment trust reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.02. The company had revenue of $207.55 million during the quarter, compared to analysts’ expectations of $133.50 million. Ready Capital had a negative return on equity of 10.29% and a negative net margin of 39.55%. On average, research analysts anticipate that Ready Capital Corp will post 0.93 EPS for the current year.

Ready Capital Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 30th. Investors of record on Wednesday, December 31st were given a $0.01 dividend. The ex-dividend date was Wednesday, December 31st. This represents a $0.04 annualized dividend and a yield of 2.1%. Ready Capital’s dividend payout ratio is -2.72%.

Hedge Funds Weigh In On Ready Capital

Several institutional investors have recently bought and sold shares of the company. Penserra Capital Management LLC lifted its stake in shares of Ready Capital by 61.8% in the 2nd quarter. Penserra Capital Management LLC now owns 244,788 shares of the real estate investment trust’s stock worth $1,069,000 after acquiring an additional 93,477 shares during the period. XTX Topco Ltd increased its stake in shares of Ready Capital by 153.0% during the second quarter. XTX Topco Ltd now owns 269,425 shares of the real estate investment trust’s stock worth $1,177,000 after acquiring an additional 162,936 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in Ready Capital by 887.7% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 398,339 shares of the real estate investment trust’s stock worth $1,741,000 after purchasing an additional 358,008 shares in the last quarter. Geode Capital Management LLC lifted its position in Ready Capital by 1.5% in the second quarter. Geode Capital Management LLC now owns 4,023,581 shares of the real estate investment trust’s stock valued at $17,585,000 after purchasing an additional 58,899 shares during the period. Finally, Inceptionr LLC lifted its position in Ready Capital by 186.6% in the second quarter. Inceptionr LLC now owns 102,859 shares of the real estate investment trust’s stock valued at $449,000 after purchasing an additional 66,965 shares during the period. 55.87% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have issued reports on RC. Weiss Ratings reissued a “sell (d)” rating on shares of Ready Capital in a research report on Thursday, January 22nd. Keefe, Bruyette & Woods decreased their target price on shares of Ready Capital from $3.50 to $2.50 and set an “underperform” rating for the company in a research note on Wednesday, November 12th. Piper Sandler lowered their price target on Ready Capital from $2.50 to $2.00 and set a “neutral” rating on the stock in a report on Monday, March 2nd. Finally, UBS Group dropped their price target on Ready Capital from $3.50 to $2.75 and set a “neutral” rating on the stock in a research report on Friday, November 14th. Four analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $2.81.

About Ready Capital

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.