Gilbert Nathan Purchases 10,000 Shares of Ready Capital (NYSE:RC) Stock

Ready Capital Corp (NYSE:RC) Director Gilbert Nathan acquired 10,000 shares of Ready Capital stock in a transaction on Thursday, March 5th. The stock was acquired at an average cost of $2.02 per share, for a total transaction of $20,200.00. Following the purchase, the director owned 128,106 shares of the company’s stock, valued at approximately $258,774.12. This represents a 8.47% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Ready Capital Price Performance

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

Ready Capital (NYSE:RC) last released its quarterly earnings results on Thursday, February 26th. The real estate investment trust reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.02. The business 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%. Equities research analysts expect that Ready Capital Corp will post 0.93 EPS for the current fiscal year.

Ready Capital Cuts Dividend

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

Analysts Set New Price Targets

Several research firms have recently commented on RC. Piper Sandler decreased their price target on shares of Ready Capital from $2.50 to $2.00 and set a “neutral” rating on the stock in a research note on Monday, March 2nd. Weiss Ratings restated a “sell (d)” rating on shares of Ready Capital in a research report on Thursday, January 22nd. Keefe, Bruyette & Woods reduced their price objective on Ready Capital from $3.50 to $2.50 and set an “underperform” rating on the stock in a report on Wednesday, November 12th. Finally, UBS Group decreased their price objective 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 equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $2.81.

Hedge Funds Weigh In On Ready Capital

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nomura Asset Management Co. Ltd. increased its stake in shares of Ready Capital by 163.6% in the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 5,800 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 3,600 shares during the last quarter. Sequoia Financial Advisors LLC acquired a new stake in shares of Ready Capital in the 4th quarter valued at approximately $27,000. Eurizon Capital SGR S.p.A. bought a new position in Ready Capital during the 4th quarter worth approximately $28,000. Austin Wealth Management LLC bought a new position in Ready Capital during the 4th quarter worth approximately $29,000. Finally, Huntington National Bank grew its holdings in Ready Capital by 234.6% during the third quarter. Huntington National Bank now owns 8,749 shares of the real estate investment trust’s stock valued at $34,000 after purchasing an additional 6,134 shares during the period. Institutional investors own 55.87% of the company’s stock.

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.