Ready Capital (NYSE:RC) Sees Unusually-High Trading Volume

Posted by AM Reporter Staff on Mar 19th, 2023

Ready Capital Co. (NYSE:RC – Get Rating) shares saw unusually-high trading volume on Friday . Approximately 1,632,185 shares changed hands during mid-day trading, an increase of 44% from the previous session’s volume of 1,134,786 shares.The stock last traded at $9.48 and had previously closed at $9.89.

Wall Street Analyst Weigh In

RC has been the topic of several recent analyst reports. UBS Group boosted their price target on Ready Capital from $11.00 to $11.50 and gave the company a “neutral” rating in a research note on Wednesday, December 21st. StockNews.com initiated coverage on Ready Capital in a research report on Thursday. They issued a “hold” rating for the company. Piper Sandler cut their price objective on Ready Capital from $13.00 to $12.50 and set a “neutral” rating for the company in a research report on Tuesday, February 28th. Finally, Keefe, Bruyette & Woods cut their price objective on Ready Capital from $13.00 to $12.00 and set a “market perform” rating for the company in a research report on Tuesday, March 14th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Ready Capital has a consensus rating of “Hold” and a consensus price target of $13.93.

Ready Capital Trading Down 4.3 %

The company has a debt-to-equity ratio of 0.63, a current ratio of 1.37 and a quick ratio of 1.37. The business has a 50 day moving average of $12.13 and a 200 day moving average of $12.09. The firm has a market capitalization of $1.05 billion, a price-to-earnings ratio of 5.56 and a beta of 1.37.

Ready Capital (NYSE:RC – Get Rating) last announced its quarterly earnings data on Monday, February 27th. The real estate investment trust reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.01. Ready Capital had a return on equity of 11.52% and a net margin of 27.22%. The business had revenue of $249.49 million during the quarter, compared to analysts’ expectations of $73.45 million. As a group, research analysts predict that Ready Capital Co. will post 1.6 earnings per share for the current fiscal year.

Ready Capital Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 28th. Shareholders of record on Friday, March 31st will be paid a $0.40 dividend. The ex-dividend date of this dividend is Thursday, March 30th. This represents a $1.60 dividend on an annualized basis and a yield of 16.91%. Ready Capital’s payout ratio is 94.12%.

Insider Buying and Selling at Ready Capital

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

Institutional Trading of Ready Capital

Institutional investors and hedge funds have recently bought and sold shares of the stock. Creative Financial Designs Inc. ADV bought a new stake in Ready Capital in the fourth quarter valued at approximately $33,000. Wolverine Asset Management LLC acquired a new stake in shares of Ready Capital during the 3rd quarter worth about $35,000. Kayne Anderson Rudnick Investment Management LLC bought a new stake in shares of Ready Capital during the 2nd quarter worth about $67,000. Global Retirement Partners LLC acquired a new position in Ready Capital in the 3rd quarter valued at about $89,000. Finally, Teacher Retirement System of Texas bought a new position in Ready Capital in the 3rd quarter valued at about $106,000. Institutional investors own 62.84% of the company’s stock.

About Ready Capital

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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.