Oregon Public Employees Retirement Fund lessened its holdings in Ready Capital Co. (NYSE:RC – Get Rating) by 3.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 32,721 shares of the real estate investment trust’s stock after selling 1,050 shares during the period. Oregon Public Employees Retirement Fund’s holdings in Ready Capital were worth $365,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also added to or reduced their stakes in RC. GraniteShares Advisors LLC bought a new position in Ready Capital during the 4th quarter worth $569,000. Ziegler Capital Management LLC bought a new position in Ready Capital during the 4th quarter worth $797,000. Clear Harbor Asset Management LLC increased its position in Ready Capital by 30.6% during the 4th quarter. Clear Harbor Asset Management LLC now owns 268,880 shares of the real estate investment trust’s stock worth $2,995,000 after buying an additional 62,940 shares during the period. Maryland State Retirement & Pension System bought a new position in Ready Capital during the 4th quarter worth $451,000. Finally, Mutual Advisors LLC increased its position in Ready Capital by 0.9% during the 4th quarter. Mutual Advisors LLC now owns 108,064 shares of the real estate investment trust’s stock worth $1,204,000 after buying an additional 1,009 shares during the period. Institutional investors own 62.84% of the company’s stock.
Insider Buying and Selling at Ready Capital
In other news, Director Dominique Mielle bought 7,500 shares of the company’s stock in a transaction on Friday, March 3rd. The stock was purchased at an average cost of $14.15 per share, for a total transaction of $106,125.00. Following the completion of the transaction, the director now owns 35,988 shares of the company’s stock, valued at $509,230.20. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Director Gilbert E. Nathan bought 5,000 shares of the company’s stock in a transaction on Tuesday, March 7th. The stock was purchased at an average cost of $10.95 per share, for a total transaction of $54,750.00. Following the completion of the transaction, the director now owns 56,565 shares of the company’s stock, valued at $619,386.75. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Dominique Mielle acquired 7,500 shares of the stock in a transaction dated Friday, March 3rd. The shares were bought at an average price of $14.15 per share, with a total value of $106,125.00. Following the completion of the transaction, the director now directly owns 35,988 shares of the company’s stock, valued at $509,230.20. The disclosure for this purchase can be found here. Corporate insiders own 1.64% of the company’s stock.
Ready Capital Stock Performance
Ready Capital (NYSE:RC – Get Rating) last released its quarterly earnings data on Monday, February 27th. The real estate investment trust reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.01. The business had revenue of $249.49 million for the quarter, compared to analyst estimates of $73.45 million. Ready Capital had a return on equity of 11.52% and a net margin of 27.22%. On average, analysts anticipate that Ready Capital Co. will post 1.59 EPS for the current fiscal year.
Ready Capital Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, April 28th. Shareholders of record on Friday, March 31st will be given a $0.40 dividend. The ex-dividend date is Thursday, March 30th. This represents a $1.60 annualized dividend and a yield of 15.83%. Ready Capital’s dividend payout ratio is presently 94.12%.
Analysts Set New Price Targets
Several research analysts have weighed in on RC shares. StockNews.com assumed coverage on Ready Capital in a research report on Thursday, March 16th. They set a “hold” rating on the stock. Piper Sandler reduced their target price on Ready Capital from $13.00 to $12.50 and set a “neutral” rating on the stock in a report on Tuesday, February 28th. Keefe, Bruyette & Woods reduced their target price on Ready Capital from $13.00 to $12.00 and set a “market perform” rating on the stock in a report on Tuesday, March 14th. Finally, UBS Group increased their target price on Ready Capital from $11.00 to $11.50 and gave the stock a “neutral” rating in a report on Wednesday, December 21st. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $13.93.
About Ready Capital
Ready Capital Corp. is a real estate finance company, which engages in acquiring, managing, and financing small balance commercial loans. It operates through the following segments: SBC Lending and Acquisitions, Small Business Lending, and Residential Mortgage Banking. The SBC Lending and Acquisitions segment is involved in the SBC loans across the full life-cycle of an SBC property including construction, bridge, stabilized, and agency loan origination channels through wholly-owned subsidiary, ReadyCap Commercial, LLC.
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