Ready Capital Co. (NYSE:RC) Shares Bought by Van ECK Associates Corp

Van ECK Associates Corp raised its position in Ready Capital Co. (NYSE:RC) by 2.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,037,320 shares of the real estate investment trust’s stock after purchasing an additional 23,724 shares during the quarter. Van ECK Associates Corp owned about 0.60% of Ready Capital worth $9,471,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Waterfall Asset Management LLC acquired a new position in shares of Ready Capital in the 4th quarter worth approximately $40,067,000. Vanguard Group Inc. lifted its holdings in shares of Ready Capital by 7.1% in the 4th quarter. Vanguard Group Inc. now owns 11,163,763 shares of the real estate investment trust’s stock worth $114,429,000 after acquiring an additional 735,949 shares during the last quarter. Wellington Management Group LLP acquired a new position in shares of Ready Capital in the 3rd quarter worth approximately $4,069,000. Norden Group LLC lifted its holdings in shares of Ready Capital by 773.1% in the 1st quarter. Norden Group LLC now owns 128,163 shares of the real estate investment trust’s stock worth $1,170,000 after acquiring an additional 113,484 shares during the last quarter. Finally, Louisiana State Employees Retirement System acquired a new position in shares of Ready Capital in the 4th quarter worth approximately $812,000. 55.87% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on RC. LADENBURG THALM/SH SH cut shares of Ready Capital from a “buy” rating to a “neutral” rating in a research note on Friday, May 10th. UBS Group reduced their target price on shares of Ready Capital from $10.50 to $9.50 and set a “neutral” rating for the company in a research note on Wednesday, March 20th. Finally, BTIG Research reduced their target price on shares of 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 investment analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Ready Capital currently has an average rating of “Hold” and a consensus price target of $10.93.

Insider Buying and Selling at Ready Capital

In other news, Director Gilbert E. Nathan purchased 10,000 shares of the stock in a transaction dated Friday, May 24th. The stock was acquired at an average cost of $8.29 per share, for a total transaction of $82,900.00. Following the completion of the acquisition, the director now directly owns 95,249 shares in the company, valued at approximately $789,614.21. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. 1.09% of the stock is currently owned by insiders.

Ready Capital Price Performance

Shares of RC traded down $0.05 during trading hours on Friday, reaching $8.30. The company had a trading volume of 933,350 shares, compared to its average volume of 1,416,975. The firm has a 50 day simple moving average of $8.45 and a 200-day simple moving average of $9.02. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $1.40 billion, a price-to-earnings ratio of 5.19 and a beta of 1.43. Ready Capital Co. has a 12-month low of $7.93 and a 12-month high of $11.97.

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

Ready Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, June 28th will be issued a dividend of $0.30 per share. The ex-dividend date is Friday, June 28th. This represents a $1.20 annualized dividend and a yield of 14.46%. Ready Capital’s dividend payout ratio (DPR) is currently 74.53%.

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.