Ready Capital (NYSE:RC) Shares Gap Down to $8.39

Ready Capital Co. (NYSE:RC) shares gapped down prior to trading on Friday . The stock had previously closed at $8.39, but opened at $8.18. Ready Capital shares last traded at $8.16, with a volume of 175,396 shares changing hands.

Wall Street Analyst Weigh In

RC has been the subject of several recent research reports. B. Riley reiterated a “buy” rating and issued a $12.00 price objective (down previously from $13.00) on shares of Ready Capital in a research note on Monday, March 4th. UBS Group decreased their target price on Ready Capital from $10.50 to $9.50 and set a “neutral” rating for the company in a research note on Wednesday, March 20th. StockNews.com cut Ready Capital from a “buy” rating to a “hold” rating in a research note on Monday, March 4th. Keefe, Bruyette & Woods restated an “underperform” rating and set a $8.00 target price (down previously from $10.00) on shares of Ready Capital in a research note on Monday, March 4th. Finally, BTIG Research decreased their target price on Ready Capital from $12.00 to $10.00 and set a “buy” rating for the company in a research note on Wednesday, April 17th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $10.93.

Ready Capital Stock Performance

The firm has a market cap of $1.36 billion, a price-to-earnings ratio of 5.21 and a beta of 1.42. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.47. The stock has a fifty day moving average price of $8.50 and a 200-day moving average price of $9.12.

Ready Capital (NYSE:RC) last released its earnings results on Wednesday, May 8th. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. The business had revenue of $232.35 million for the quarter, compared to analyst estimates of $64.34 million. Ready Capital had a return on equity of 8.11% and a net margin of 23.81%. During the same quarter in the previous year, the company posted $0.31 earnings per share. On average, analysts expect that Ready Capital Co. will post 1.17 earnings per share for the current fiscal year.

Ready Capital Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, June 28th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 14.80%. The ex-dividend date is Friday, June 28th. Ready Capital’s payout ratio is currently 74.53%.

Insider Activity

In other Ready Capital news, Director Gilbert E. Nathan acquired 10,000 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The shares were purchased at an average price of $8.29 per share, with a total value of $82,900.00. Following the completion of the acquisition, the director now directly owns 95,249 shares of the company’s stock, valued at approximately $789,614.21. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.09% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in Ready Capital by 7.1% in the fourth quarter. Vanguard Group Inc. now owns 11,163,763 shares of the real estate investment trust’s stock valued at $114,429,000 after purchasing an additional 735,949 shares during the last quarter. Waterfall Asset Management LLC acquired a new stake in Ready Capital in the fourth quarter valued at $40,067,000. Northern Trust Corp grew its holdings in Ready Capital by 0.4% in the third quarter. Northern Trust Corp now owns 2,037,068 shares of the real estate investment trust’s stock valued at $20,595,000 after purchasing an additional 7,610 shares during the last quarter. Invesco Ltd. grew its holdings in Ready Capital by 4.2% in the third quarter. Invesco Ltd. now owns 1,756,701 shares of the real estate investment trust’s stock valued at $17,760,000 after purchasing an additional 70,476 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Ready Capital by 2.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,300,267 shares of the real estate investment trust’s stock valued at $13,328,000 after purchasing an additional 30,730 shares during the last quarter. Institutional investors and hedge funds own 55.87% of the company’s stock.

Ready Capital Company 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.