Summit Global Investments Sells 5,654 Shares of Ready Capital Co. (NYSE:RC)

Summit Global Investments lowered its holdings in shares of Ready Capital Co. (NYSE:RC) by 3.5% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 158,072 shares of the real estate investment trust’s stock after selling 5,654 shares during the period. Summit Global Investments owned about 0.09% of Ready Capital worth $1,293,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. CWM LLC increased its position in shares of Ready Capital by 94.6% during the second quarter. CWM LLC now owns 3,361 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 1,634 shares during the period. EdgeRock Capital LLC acquired a new stake in Ready Capital in the fourth quarter worth $36,000. EntryPoint Capital LLC acquired a new stake in Ready Capital in the first quarter worth $40,000. MCF Advisors LLC acquired a new stake in Ready Capital in the first quarter worth $42,000. Finally, Naviter Wealth LLC acquired a new stake in Ready Capital in the first quarter worth $94,000. Institutional investors own 55.87% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on RC shares. LADENBURG THALM/SH SH lowered shares of Ready Capital from a “buy” rating to a “neutral” rating in a research report on Friday, May 10th. Keefe, Bruyette & Woods reduced their price objective on shares of Ready Capital from $8.00 to $7.75 and set an “underperform” rating for the company in a research note on Monday, August 12th. BTIG Research assumed coverage on shares of Ready Capital in a research note on Friday, July 19th. They set a “neutral” rating for the company. Finally, Wedbush reaffirmed a “neutral” rating and set a $9.00 price objective on shares of Ready Capital in a research note on Monday, August 12th. One analyst has rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat, Ready Capital presently has an average rating of “Hold” and a consensus target price of $10.04.

Ready Capital Stock Up 0.7 %

RC stock traded up $0.06 during trading on Wednesday, hitting $8.51. 387,998 shares of the stock traded hands, compared to its average volume of 1,456,801. Ready Capital Co. has a 1 year low of $7.93 and a 1 year high of $11.67. The firm’s 50 day moving average is $8.71 and its two-hundred day moving average is $8.71. The stock has a market cap of $1.43 billion, a price-to-earnings ratio of 5.25 and a beta of 1.43. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.69 and a quick ratio of 1.69.

Ready Capital (NYSE:RC) last announced its quarterly earnings results on Wednesday, August 7th. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.19). Ready Capital had a negative net margin of 5.67% and a positive return on equity of 7.32%. The company had revenue of $234.12 million for the quarter, compared to analysts’ expectations of $61.77 million. During the same period in the previous year, the business earned $0.35 EPS. On average, sell-side analysts anticipate that Ready Capital Co. will post 1.03 EPS for the current year.

Ready Capital Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Friday, June 28th were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 14.10%. The ex-dividend date of this dividend was Friday, June 28th. Ready Capital’s payout ratio is 74.53%.

Insiders Place Their Bets

In other news, Director Gilbert E. Nathan bought 10,000 shares of the firm’s stock in a transaction on Friday, May 24th. The shares were bought at an average price of $8.29 per share, for a total transaction of $82,900.00. Following the purchase, the director now owns 95,249 shares in the company, valued at $789,614.21. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.09% of the stock is owned by company insiders.

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.