Mercer Global Advisors Inc. ADV Cuts Stake in Ready Capital Co. (NYSE:RC)

Posted by Defense World Staff on May 15th, 2023

Mercer Global Advisors Inc. ADV lowered its position in shares of Ready Capital Co. (NYSE:RC – Get Rating) by 0.9% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 272,924 shares of the real estate investment trust’s stock after selling 2,515 shares during the period. Mercer Global Advisors Inc. ADV owned about 0.25% of Ready Capital worth $3,040,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Creative Financial Designs Inc. ADV purchased a new stake in Ready Capital during the 4th quarter valued at $33,000. Wolverine Asset Management LLC bought a new position in Ready Capital in the 3rd quarter worth $35,000. Global Retirement Partners LLC bought a new position in Ready Capital in the 3rd quarter worth $89,000. Teacher Retirement System of Texas bought a new position in Ready Capital in the 3rd quarter worth $106,000. Finally, Engineers Gate Manager LP bought a new position in shares of Ready Capital in the 3rd quarter worth about $113,000. Hedge funds and other institutional investors own 62.84% of the company’s stock.

Analysts Set New Price Targets

RC has been the subject of a number of analyst reports. StockNews.com initiated coverage on shares of Ready Capital in a research note on Thursday, March 16th. They set a “hold” rating for the company. Piper Sandler reduced their price objective on shares of Ready Capital from $13.00 to $12.50 and set a “neutral” rating for the company in a research note on Tuesday, February 28th. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of Ready Capital from $12.00 to $10.50 and set a “market perform” rating for the company in a research note on Thursday, April 13th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $13.71.

Ready Capital Stock Performance

Shares of NYSE RC opened at $10.28 on Monday. The firm’s 50-day moving average price is $10.21 and its 200-day moving average price is $11.69. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.63. The company has a market cap of $1.14 billion, a PE ratio of 7.73 and a beta of 1.38. Ready Capital Co. has a 52-week low of $9.36 and a 52-week high of $14.98.

Ready Capital (NYSE:RC – Get Rating) last posted its quarterly earnings data on Monday, February 27th. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.01. The company had revenue of $249.49 million for the quarter, compared to the consensus estimate of $73.45 million. Ready Capital had a net margin of 20.57% and a return on equity of 10.89%. As a group, analysts anticipate that Ready Capital Co. will post 1.59 EPS for the current year.

Ready Capital Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 28th. Investors of record on Friday, March 31st were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 15.56%. The ex-dividend date was Thursday, March 30th. Ready Capital’s payout ratio is 120.30%.

Insider Buying and Selling at Ready Capital

In other news, Director Dominique Mielle purchased 7,500 shares of the stock in a transaction on Friday, March 3rd. The shares were acquired at an average price of $14.15 per share, with a total value of $106,125.00. Following the completion of the acquisition, the director now directly owns 35,988 shares of the company’s stock, valued at $509,230.20. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Gilbert E. Nathan acquired 5,000 shares of Ready Capital stock in a transaction dated Tuesday, March 7th. The shares were purchased at an average price of $10.95 per share, for a total transaction of $54,750.00. Following the completion of the transaction, the director now directly owns 56,565 shares in the company, valued at approximately $619,386.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Dominique Mielle acquired 7,500 shares of Ready Capital stock in a transaction dated Friday, March 3rd. The shares were bought at an average price of $14.15 per share, for a total transaction of $106,125.00. Following the transaction, the director now owns 35,988 shares of the company’s stock, valued at $509,230.20. The disclosure for this purchase can be found here. Insiders own 1.64% of the company’s stock.

Ready Capital Company Profile

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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.