MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Buys 98,895 Shares of Ready Capital Co. (NYSE:RC)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Ready Capital Co. (NYSE:RC) by 5.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,018,413 shares of the real estate investment trust’s stock after buying an additional 98,895 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.’s holdings in Ready Capital were worth $13,766,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Sterling Capital Management LLC boosted its stake in Ready Capital by 822.8% in the fourth quarter. Sterling Capital Management LLC now owns 5,177 shares of the real estate investment trust’s stock worth $35,000 after buying an additional 4,616 shares in the last quarter. Steward Partners Investment Advisory LLC lifted its holdings in shares of Ready Capital by 3,075.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 6,350 shares of the real estate investment trust’s stock worth $43,000 after acquiring an additional 6,150 shares during the last quarter. Avion Wealth purchased a new stake in shares of Ready Capital in the 4th quarter valued at $47,000. Ausdal Financial Partners Inc. purchased a new stake in shares of Ready Capital in the 4th quarter valued at $68,000. Finally, Proficio Capital Partners LLC bought a new position in shares of Ready Capital during the 4th quarter valued at $69,000. Hedge funds and other institutional investors own 55.87% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on RC shares. Keefe, Bruyette & Woods cut their price target on shares of Ready Capital from $4.00 to $3.75 and set an “underperform” rating for the company in a research report on Tuesday. Citizens Jmp cut Ready Capital from an “outperform” rating to a “market perform” rating in a report on Monday, March 3rd. Wedbush reaffirmed a “neutral” rating and issued a $6.00 price target (down from $8.00) on shares of Ready Capital in a research note on Tuesday, March 4th. Finally, UBS Group lowered their price objective on Ready Capital from $5.00 to $4.75 and set a “neutral” rating for the company in a research report on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, Ready Capital has an average rating of “Hold” and an average price target of $7.00.

Ready Capital Stock Up 4.0%

NYSE RC opened at $4.42 on Friday. Ready Capital Co. has a 1 year low of $3.93 and a 1 year high of $9.54. The stock has a market capitalization of $761.50 million, a PE ratio of -6.31 and a beta of 1.45. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.67 and a quick ratio of 1.67. The business’s 50-day moving average is $4.66 and its 200 day moving average is $6.11.

Ready Capital (NYSE:RC) last released its quarterly earnings data on Thursday, May 8th. The real estate investment trust reported ($0.09) earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.21). Ready Capital had a positive return on equity of 7.53% and a negative net margin of 11.65%. The business had revenue of $40.24 million during the quarter, compared to analysts’ expectations of $212.33 million. Sell-side analysts forecast that Ready Capital Co. will post 0.93 earnings per share for the current year.

Ready Capital Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 30th. Investors of record on Monday, March 31st were issued a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 11.31%. The ex-dividend date of this dividend was Monday, March 31st. Ready Capital’s dividend payout ratio (DPR) is currently -28.74%.

Insider Buying and Selling at Ready Capital

In other news, CEO Thomas E. Capasse bought 10,000 shares of Ready Capital stock in a transaction on Wednesday, March 5th. The shares were purchased at an average price of $4.80 per share, for a total transaction of $48,000.00. Following the acquisition, the chief executive officer now owns 319,925 shares of the company’s stock, valued at approximately $1,535,640. The trade was a 3.23% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.09% of the company’s stock.

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.