Norden Group LLC Increases Stake in Ready Capital Co. (NYSE:RC)

Norden Group LLC increased its holdings of shares of Ready Capital Co. (NYSE:RC – Free Report) by 773.1% in the first quarter, according to the company in its latest filing with the Securities and Exchange Commission (SEC). The institutional investor owned 128,163 shares of the real estate investment trust after purchasing an additional 113,484 shares during the period. Norden Group LLC owned about 0.07% of Ready Capital worth $1,170,000 in its latest SEC filing.

Several other institutional investors have also recently modified their holdings in the stock. Waterfall Asset Management LLC acquired a new stake in Ready Capital during the 4th quarter worth approximately $40,067,000. Vanguard Group Inc. increased its position in Ready Capital by 7.1% during the fourth quarter. Vanguard Group Inc. now owns 11,163,763 shares of the real estate investment trust worth $114,429,000 after acquiring an additional 735,949 shares in the last quarter. Wellington Management Group LLP purchased a new stake in Ready Capital during the 3rd quarter worth approximately $4,069,000. Van ECK Associates Corp increased its holdings in Ready Capital by 11.9% in the 4th quarter. Van ECK Associates Corp now owns 1,013,596 shares of the real estate investment trust’s stock valued at $10,389,000 after acquiring an additional 107,501 shares during the last quarter. Finally, Louisiana State Employees Retirement System purchased a new position in shares of Ready Capital during the 4th quarter valued at $812,000. 55.87% of the shares are currently held by institutional investors and hedge funds.

Ready Capital stock fell 0.5%

RC opened at $8.31 on Friday. The company has a market cap of $1.40 billion, a PE ratio of 5.16, and a beta of 1.43. The company has a debt-to-equity ratio of 0.47, a liquidity ratio of 1.76, and a current ratio of 1.76. Ready Capital Co. has a 1-year low of $7.93 and a 1-year high of $11.97. The company has a 50-day moving average price of $8.44 and a 200-day moving average price of $9.00.

Ready Capital (NYSE:RC – Get Free Report) last released its quarterly results on Wednesday, May 8th. The real estate investment trust reported earnings per share (EPS) of $0.29 for the quarter, beating the consensus estimate of $0.28 by $0.01. Ready Capital reported a net margin of 23.81% and a return on equity of 8.11%. The company had revenue of $232.35 million for the quarter, compared to analyst estimates of $64.34 million. In the same quarter last year, the company had earnings of $0.31 per share. Sell-side analysts expect Ready Capital Co. to post earnings of $1.17 per share for the current year.

Ready Capital Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record as of Friday, June 28th will receive a dividend of $0.30. This represents an annualized dividend of $1.20 and a dividend yield of 14.45%. The ex-dividend date is Friday, June 28th. Ready Capital’s payout ratio is 74.53%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on RC. BTIG Research cut their price target on Ready Capital from $12.00 to $10.00 and gave the stock a buy rating in a research report on Wednesday, April 17th. LADENBURG THALM/SH SH lowered their rating on shares of Ready Capital from a “buy” to a “neutral” rating in a research report on Friday, May 10th. Finally, UBS Group lowered their price target on shares of Ready Capital from $10.50 to $9.50 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. One analyst has rated the stock with a sell rating, five have rated it with a hold rating, and two have rated it with a buy rating. Based on data from MarketBeat, the company currently has a consensus rating of “hold” and an average target price of $10.93.

Read our latest report on Ready Capital

Insider activity

In related news, Director Gilbert E. Nathan purchased 10,000 shares of the company’s stock in a transaction on Friday, May 24th. The shares were purchased at an average price of $8.29 per share, for a total transaction of $82,900.00. Following the acquisition, the Director now directly owns 95,249 shares of the company’s stock, valued at $789,614.21. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed via this hyperlink. Insiders own 1.09% of the company’s stock.

Ready Capital Profile

(Free report)

Ready Capital Corporation is 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 middle market (LLM) commercial real estate loans, Small Business Administration (SBA) loans, residential mortgage loans, construction loans and mortgage-backed securities secured primarily by LLM loans or other real estate-related investments.

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