Spire Wealth Management Has $1.38 Million Position in Ready Capital Co. (NYSE:RC)

Spire Wealth Management boosted its holdings in shares of Ready Capital Co. (NYSE:RC) by 1,115.6% in the second quarter, according to its most recent filing with the SEC. The firm owned 168,261 shares of the real estate investment trust’s stock after acquiring an additional 154,419 shares during the period. Spire Wealth Management’s holdings in Ready Capital were worth $1,376,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. New York State Common Retirement Fund grew its stake in shares of Ready Capital by 11.5% during the fourth quarter. New York State Common Retirement Fund now owns 113,192 shares of the real estate investment trust’s stock worth $1,160,000 after purchasing an additional 11,630 shares during the period. Victory Capital Management Inc. boosted its holdings in Ready Capital by 11.5% during the fourth quarter. Victory Capital Management Inc. now owns 60,266 shares of the real estate investment trust’s stock worth $618,000 after buying an additional 6,211 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Ready Capital by 2.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,300,267 shares of the real estate investment trust’s stock worth $13,328,000 after buying an additional 30,730 shares during the period. EdgeRock Capital LLC bought a new stake in shares of Ready Capital in the 4th quarter valued at about $36,000. Finally, BNP Paribas Financial Markets raised its position in shares of Ready Capital by 48.6% in the 4th quarter. BNP Paribas Financial Markets now owns 104,649 shares of the real estate investment trust’s stock valued at $1,073,000 after acquiring an additional 34,223 shares during the period. Institutional investors own 55.87% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on RC. Wedbush restated a “neutral” rating and set a $9.00 price objective on shares of Ready Capital in a report on Monday, August 12th. LADENBURG THALM/SH SH cut shares of Ready Capital from a “buy” rating to a “neutral” rating in a research report on Friday, May 10th. BTIG Research began coverage on Ready Capital in a report on Friday, July 19th. They set a “neutral” rating on the stock. Finally, Keefe, Bruyette & Woods lowered their price target on Ready Capital from $8.00 to $7.75 and set an “underperform” rating for the company in a report on Monday, August 12th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $9.65.

Ready Capital Stock Up 0.4 %

RC stock traded up $0.03 during trading hours on Friday, reaching $8.29. 1,184,014 shares of the stock were exchanged, compared to its average volume of 1,830,377. The firm’s 50-day moving average is $8.70 and its 200-day moving average is $8.68. Ready Capital Co. has a 12 month low of $7.93 and a 12 month high of $11.67. The company has a market cap of $1.39 billion, a price-to-earnings ratio of 5.15 and a beta of 1.43. 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 (NYSE:RC) last posted its quarterly earnings data on Wednesday, August 7th. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $61.77 million. During the same quarter in the previous year, the business posted $0.35 earnings per share. On average, equities research analysts expect that Ready Capital Co. will post 1.03 earnings per share for the current year.

Ready Capital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Friday, June 28th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 14.48%. The ex-dividend date was Friday, June 28th. Ready Capital’s dividend payout ratio is presently 74.53%.

Ready Capital Company 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.