Ready Capital (NYSE:RC) Announces Results
Ready Capital (NYSE:RC- Get a rating) released its results on Thursday. The real estate investment trust reported earnings per share of $0.67 for the quarter, beating the Zacks consensus estimate of $0.50 by $0.17, MarketWatch Earnings reports. Ready Capital had a return on equity of 13.61% and a net margin of 37.95%. During the same period last year, the company posted earnings per share of $0.51.
Shares of NYSE RC traded at $0.77 in Friday’s midday session, reaching $14.83. The stock recorded a trading volume of 1,436,764 shares, compared to an average volume of 1,218,104 shares. The stock has a 50-day moving average of $14.97 and a 200-day moving average of $15.24. The company has a debt ratio of 0.56, a quick ratio of 1.55 and a current ratio of 1.55. The company has a market capitalization of $1.12 billion, a price-earnings ratio of 7.17 and a beta of 1.09. Ready Capital has a 12 month low of $12.74 and a 12 month high of $16.78.
The company also recently disclosed a quarterly dividend, which was paid on Monday, January 31. Shareholders of record on Friday, December 31 received a dividend of $0.42. The ex-dividend date was Thursday, December 30. This represents a dividend of $1.68 on an annualized basis and a dividend yield of 11.33%. Ready Capital’s dividend payout ratio (DPR) is currently 85.71%.
RC has been the subject of a number of recent analyst reports. Raymond James raised his price target on Ready Capital from $16.50 to $18.00 and gave the stock an “outperform” rating in a Tuesday, Nov. 9 research report. B. Riley raised his price target on shares of Ready Capital from $17.00 to $18.00 and gave the stock a “buy” rating in a Friday, Dec. 3 research note. Ultimately, Zacks Investment Research downgraded shares of Ready Capital from a “strong buy” rating to a “hold” rating in a Friday, Jan. 21 research report. Two equity research analysts gave the stock a hold rating and five gave the company a buy rating. According to MarketBeat, Ready Capital currently has a consensus rating of “Buy” and an average price target of $17.29.
In other news, CEO Thomas E. Capasse acquired 20,000 shares of Ready Capital in a transaction dated Tuesday, November 30. The shares were purchased at an average cost of $24.59 per share, with a total value of $491,800.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available via this link. Company insiders hold 1.67% of the company’s shares.
Large investors have recently changed their stock holdings. LPL Financial LLC purchased a new position in shares of Ready Capital during the third quarter at a value of $156,000. Jane Street Group LLC increased its position in Ready Capital by 24.6% during the third quarter. Jane Street Group LLC now owns 13,076 shares of the real estate investment trust valued at $189,000 after buying 2,585 additional shares in the last quarter. Penserra Capital Management LLC increased its position in Ready Capital by 153.7% during the fourth quarter. Penserra Capital Management LLC now owns 14,310 shares of the real estate investment trust valued at $223,000 after buying 8,670 additional shares in the last quarter. Millennium Management LLC bought a new position in Ready Capital during the second quarter worth $552,000. Finally, Alliancebernstein LP increased its position in Ready Capital by 1.9% during the fourth quarter. Alliancebernstein LP now owns 61,189 shares of the real estate investment trust worth $956,000 after buying 1,154 additional shares in the last quarter. Hedge funds and other institutional investors hold 43.90% of the company’s shares.
About Ready Capital (Get a rating)
Ready Capital Corp. is a real estate finance company engaged in the acquisition, servicing and financing of low balance commercial loans. The Company operates in four segments: Acquisitions, SBC Originations, SBA Originations, Acquisitions & Servicing, and Residential Mortgage Banking. The Acquisitions segment acquires performing and non-performing SBC loans and intends to continue to acquire these loans as part of the company’s business strategy.
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