Ready Capital (NYSE:RC) Director Purchases $58,500.00 in Stock

Ready Capital Corp (NYSE:RC) Director Gilbert Nathan bought 30,000 shares of the company’s stock in a transaction on Friday, March 6th. The stock was purchased at an average price of $1.95 per share, with a total value of $58,500.00. Following the completion of the transaction, the director directly owned 216,358 shares of the company’s stock, valued at approximately $421,898.10. The trade was a 16.10% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Ready Capital Stock Performance

NYSE:RC opened at $1.87 on Thursday. The stock’s 50-day moving average is $2.01 and its 200-day moving average is $2.79. Ready Capital Corp has a 1-year low of $1.55 and a 1-year high of $5.25. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.90. The stock has a market cap of $303.77 million, a P/E ratio of -1.27 and a beta of 1.45.

Ready Capital (NYSE:RC) last posted its earnings results on Thursday, February 26th. The real estate investment trust reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.02. Ready Capital had a negative net margin of 39.55% and a negative return on equity of 10.29%. The business had revenue of $207.55 million for the quarter, compared to the consensus estimate of $133.50 million. Equities research analysts anticipate that Ready Capital Corp will post 0.93 earnings per share for the current year.

Ready Capital Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 30th. Investors of record on Wednesday, December 31st were paid a $0.01 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $0.04 annualized dividend and a dividend yield of 2.1%. Ready Capital’s payout ratio is currently -2.72%.

Wall Street Analyst Weigh In

RC has been the subject of several analyst reports. Keefe, Bruyette & Woods lowered their target price on Ready Capital from $3.50 to $2.50 and set an “underperform” rating for the company in a research report on Wednesday, November 12th. Piper Sandler reduced their price target on Ready Capital from $2.50 to $2.00 and set a “neutral” rating on the stock in a research report on Monday, March 2nd. Weiss Ratings reissued a “sell (d)” rating on shares of Ready Capital in a research note on Thursday, January 22nd. Finally, UBS Group cut their price objective on Ready Capital from $3.50 to $2.75 and set a “neutral” rating on the stock in a research note on Friday, November 14th. Four analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus price target of $2.81.

Institutional Trading of Ready Capital

A number of large investors have recently bought and sold shares of the business. Green Ridge Wealth Planning LLC bought a new position in shares of Ready Capital in the 4th quarter worth about $32,000. Corient Private Wealth LLC increased its holdings in Ready Capital by 59.8% in the fourth quarter. Corient Private Wealth LLC now owns 65,447 shares of the real estate investment trust’s stock worth $143,000 after purchasing an additional 24,482 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in Ready Capital in the fourth quarter valued at approximately $48,000. Alpine Global Management LLC bought a new position in shares of Ready Capital during the 4th quarter worth approximately $190,000. Finally, Aristides Capital LLC bought a new position in shares of Ready Capital during the 4th quarter worth approximately $189,000. 55.87% of the stock is currently owned by institutional investors and hedge funds.

Ready Capital Company Profile

Ready Capital Corporation is a specialty finance real estate investment trust (REIT) that originates, acquires and manages commercial real estate loans and related assets. The company offers financing solutions across a variety of property types, including multifamily, office, retail, industrial, hospitality and mixed-use assets. Ready Capital focuses on delivering flexible loan structures to meet the diverse needs of borrowers in the small balance and middle-market sectors.

Through its small balance commercial real estate lending platform, Ready Capital provides loans typically ranging from $1 million to $15 million for acquisitions, refinancings, renovations and bridge financing.