Cornerstone Advisory LLC Makes New $46,000 Investment in Ready Capital Corp $RC

Cornerstone Advisory LLC bought a new stake in Ready Capital Corp (NYSE:RC) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 10,480 shares of the real estate investment trust’s stock, valued at approximately $46,000.

Other institutional investors have also added to or reduced their stakes in the company. Larson Financial Group LLC acquired a new position in Ready Capital in the 1st quarter valued at approximately $27,000. US Bancorp DE grew its holdings in shares of Ready Capital by 404.7% during the 1st quarter. US Bancorp DE now owns 6,021 shares of the real estate investment trust’s stock worth $31,000 after purchasing an additional 4,828 shares in the last quarter. Northwestern Mutual Wealth Management Co. bought a new stake in shares of Ready Capital during the first quarter valued at approximately $32,000. Bogart Wealth LLC acquired a new position in shares of Ready Capital in the second quarter valued at $31,000. Finally, IFP Advisors Inc lifted its position in Ready Capital by 1,410.5% in the first quarter. IFP Advisors Inc now owns 7,326 shares of the real estate investment trust’s stock worth $37,000 after purchasing an additional 6,841 shares during the period. 55.87% of the stock is owned by institutional investors and hedge funds.

Ready Capital Stock Performance

NYSE RC opened at $3.10 on Friday. Ready Capital Corp has a 1-year low of $3.05 and a 1-year high of $7.64. The company has a 50 day moving average of $3.90 and a 200-day moving average of $4.21. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.76. The firm has a market cap of $508.60 million, a price-to-earnings ratio of -1.67 and a beta of 1.45.

Ready Capital (NYSE:RC) last released its quarterly earnings results on Tuesday, September 9th. The real estate investment trust reported ($0.10) EPS for the quarter. Ready Capital had a positive return on equity of 3.76% and a negative net margin of 40.59%.The business had revenue of ($9.77) million for the quarter. On average, equities analysts forecast that Ready Capital Corp will post 0.93 earnings per share for the current fiscal year.

Ready Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Tuesday, September 30th will be paid a $0.125 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 16.2%. Ready Capital’s dividend payout ratio (DPR) is -27.03%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on RC. Keefe, Bruyette & Woods lowered their price target on shares of Ready Capital from $3.75 to $3.50 and set an “underperform” rating on the stock in a report on Thursday, October 9th. Wall Street Zen lowered shares of Ready Capital from a “hold” rating to a “sell” rating in a research report on Saturday, August 16th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Ready Capital in a report on Wednesday, October 8th. B. Riley lowered their price objective on Ready Capital from $6.00 to $4.00 and set a “neutral” rating on the stock in a research note on Monday, August 11th. Finally, UBS Group dropped their target price on Ready Capital from $4.00 to $3.50 and set a “neutral” rating for the company in a report on Tuesday, October 14th. One analyst has rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus target price of $5.30.

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.