Ready Capital Co. (NYSE:RC) Shares Bought by Clear Harbor Asset Management LLC

Clear Harbor Asset Management LLC increased its stake in shares of Ready Capital Co. (NYSE:RC - Free Report) by 84.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,440,250 shares of the real estate investment trust's stock after acquiring an additional 657,465 shares during the period. Ready Capital comprises 0.9% of Clear Harbor Asset Management LLC's holdings, making the stock its 25th largest position. Clear Harbor Asset Management LLC owned approximately 0.86% of Ready Capital worth $10,989,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Modera Wealth Management LLC purchased a new stake in shares of Ready Capital during the third quarter worth about $107,000. Louisiana State Employees Retirement System raised its position in Ready Capital by 4.0% in the third quarter. Louisiana State Employees Retirement System now owns 81,300 shares of the real estate investment trust's stock valued at $620,000 after purchasing an additional 3,100 shares during the period. Handelsbanken Fonder AB increased its position in shares of Ready Capital by 25.4% during the third quarter. Handelsbanken Fonder AB now owns 47,430 shares of the real estate investment trust's stock valued at $362,000 after acquiring an additional 9,600 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in Ready Capital in the 2nd quarter valued at approximately $126,000. Finally, Algert Global LLC purchased a new stake in shares of Ready Capital in the 2nd quarter valued at $135,000. 55.87% of the stock is owned by hedge funds and other institutional investors.

Ready Capital Price Performance

RC traded down $0.17 during midday trading on Friday, reaching $6.87. 1,506,771 shares of the company's stock were exchanged, compared to its average volume of 1,552,732. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.69 and a quick ratio of 1.69. Ready Capital Co. has a 1-year low of $6.87 and a 1-year high of $11.67. The stock has a market capitalization of $1.15 billion, a PE ratio of 4.27 and a beta of 1.41. The business's 50-day moving average price is $7.73 and its 200 day moving average price is $8.31.

Ready Capital (NYSE:RC - Get Free Report) last released its earnings results on Wednesday, August 7th. The real estate investment trust reported $0.07 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.19). Ready Capital had a positive return on equity of 7.32% and a negative net margin of 5.67%. The firm had revenue of $234.12 million during the quarter, compared to analysts' expectations of $61.77 million. During the same period in the previous year, the firm posted $0.35 earnings per share. As a group, equities analysts anticipate that Ready Capital Co. will post 0.98 EPS for the current fiscal year.

Ready Capital Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, September 30th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 14.56%. The ex-dividend date of this dividend is Monday, September 30th. Ready Capital's dividend payout ratio is currently 62.11%.

Analysts Set New Price Targets

RC has been the subject of a number of recent research reports. BTIG Research began coverage on Ready Capital in a report on Friday, July 19th. They issued a "neutral" rating for the company. Keefe, Bruyette & Woods lowered their price target on Ready Capital from $8.00 to $7.75 and set an "underperform" rating on the stock in a report on Monday, August 12th. Piper Sandler cut their price objective on shares of Ready Capital from $9.50 to $8.00 and set a "neutral" rating for the company in a research report on Monday, September 16th. Finally, Wedbush reissued a "neutral" rating and issued a $9.00 price target on shares of Ready Capital in a report on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $9.38.

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.