Naviter Wealth LLC Invests $94,000 in Ready Capital Co. (NYSE:RC)

Naviter Wealth LLC bought a new stake in Ready Capital Co. (NYSE:RC) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 10,000 shares of the real estate investment trust’s stock, valued at approximately $94,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Bear Mountain Capital Inc. bought a new stake in Ready Capital during the 4th quarter worth approximately $30,000. EdgeRock Capital LLC bought a new position in Ready Capital in the 4th quarter worth approximately $36,000. MCF Advisors LLC acquired a new position in Ready Capital during the 1st quarter worth $42,000. Denali Advisors LLC bought a new position in Ready Capital in the fourth quarter valued at about $102,000. Finally, Centaurus Financial Inc. bought a new position in shares of Ready Capital in the 4th quarter valued at about $111,000. Institutional investors own 55.87% of the company’s stock.

Insider Activity

In other Ready Capital news, Director Gilbert E. Nathan purchased 10,000 shares of the company’s stock in a transaction dated Friday, May 24th. The shares were acquired at an average price of $8.29 per share, for a total transaction of $82,900.00. Following the completion of the purchase, the director now owns 95,249 shares of the company’s stock, valued at $789,614.21. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.09% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on RC. Keefe, Bruyette & Woods reiterated an “underperform” rating and set a $8.00 price objective (down previously from $10.00) on shares of Ready Capital in a research note on Monday, March 4th. UBS Group lowered their target price on Ready Capital from $10.50 to $9.50 and set a “neutral” rating for the company in a report on Wednesday, March 20th. LADENBURG THALM/SH SH downgraded shares of Ready Capital from a “buy” rating to a “neutral” rating in a research note on Friday, May 10th. BTIG Research lowered 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. Finally, StockNews.com cut Ready Capital from a “buy” rating to a “hold” rating in a report on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Ready Capital has a consensus rating of “Hold” and an average target price of $10.93.

Ready Capital Stock Performance

Shares of NYSE RC traded up $0.18 during trading on Tuesday, reaching $8.29. 1,142,407 shares of the company traded hands, compared to its average volume of 1,425,202. 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 firm has a 50 day simple moving average of $8.47 and a 200-day simple moving average of $9.03. Ready Capital Co. has a 52-week low of $7.93 and a 52-week high of $11.97. The stock has a market capitalization of $1.39 billion, a PE ratio of 5.15 and a beta of 1.43.

Ready Capital (NYSE:RC) last issued its quarterly earnings results on Wednesday, May 8th. The real estate investment trust reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01. The business had revenue of $232.35 million during the quarter, compared to analysts’ expectations 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 prior year, the business posted $0.31 earnings per share. Equities research analysts anticipate that Ready Capital Co. will post 1.17 earnings per share for the current year.

Ready Capital Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, June 28th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.20 annualized dividend and a dividend yield of 14.48%. Ready Capital’s dividend payout ratio 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.