Ready Capital Co. Announces Quarterly Dividend of $0.14 (NYSE:RC)

Ready Capital Co. (NYSE:RC – Get Rating) announced a quarterly dividend on Monday, May 15th, Zacks reports. Investors of record on Tuesday, May 30th will be paid a dividend of 0.14 per share by the real estate investment trust on Thursday, June 15th. This represents a $0.56 dividend on an annualized basis and a yield of 5.23%. The ex-dividend date is Friday, May 26th.

Ready Capital has raised its dividend payment by an average of 1.2% annually over the last three years. Ready Capital has a dividend payout ratio of 34.8% meaning its dividend is sufficiently covered by earnings. Analysts expect Ready Capital to earn $1.64 per share next year, which means the company should continue to be able to cover its $0.56 annual dividend with an expected future payout ratio of 34.1%.

Ready Capital Stock Performance

RC opened at $10.71 on Thursday. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 0.63. The company has a market cap of $1.19 billion, a price-to-earnings ratio of 8.05 and a beta of 1.38. Ready Capital has a 52-week low of $9.36 and a 52-week high of $14.79. The firm’s fifty day simple moving average is $10.22 and its two-hundred day simple moving average is $11.61.

Ready Capital (NYSE:RC – Get Rating) last issued its earnings results on Monday, February 27th. The real estate investment trust reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.01. Ready Capital had a net margin of 20.57% and a return on equity of 10.98%. The business had revenue of $249.49 million during the quarter, compared to analysts’ expectations of $73.45 million. Equities analysts anticipate that Ready Capital will post 1.5 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Ready Capital news, Director Dominique Mielle acquired 7,500 shares of the firm’s stock in a transaction that occurred on Friday, March 3rd. The shares were acquired at an average cost of $14.15 per share, for a total transaction of $106,125.00. Following the transaction, the director now directly owns 35,988 shares of the company’s stock, valued at $509,230.20. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director Gilbert E. Nathan acquired 5,000 shares of the company’s stock in a transaction dated Tuesday, March 7th. The stock was bought at an average price of $10.95 per share, with a total value of $54,750.00. Following the purchase, the director now directly owns 56,565 shares in the company, valued at approximately $619,386.75. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Dominique Mielle acquired 7,500 shares of the company’s stock in a transaction dated Friday, March 3rd. The shares were bought at an average cost of $14.15 per share, with a total value of $106,125.00. Following the purchase, the director now owns 35,988 shares in the company, valued at $509,230.20. The disclosure for this purchase can be found here. Insiders own 1.64% of the company’s stock.

Institutional Trading of Ready Capital

Institutional investors and hedge funds have recently bought and sold shares of the business. Pathstone Family Office LLC grew its position in Ready Capital by 4.0% in the fourth quarter. Pathstone Family Office LLC now owns 21,232 shares of the real estate investment trust’s stock valued at $237,000 after acquiring an additional 811 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in shares of Ready Capital by 8.8% during the 4th quarter. Teacher Retirement System of Texas now owns 11,383 shares of the real estate investment trust’s stock valued at $127,000 after buying an additional 918 shares during the last quarter. CIBC Asset Management Inc boosted its stake in shares of Ready Capital by 8.0% during the 4th quarter. CIBC Asset Management Inc now owns 12,560 shares of the real estate investment trust’s stock valued at $140,000 after buying an additional 935 shares during the last quarter. Commonwealth Equity Services LLC boosted its stake in shares of Ready Capital by 9.3% during the 3rd quarter. Commonwealth Equity Services LLC now owns 11,796 shares of the real estate investment trust’s stock valued at $119,000 after buying an additional 1,007 shares during the last quarter. Finally, American International Group Inc. boosted its stake in shares of Ready Capital by 2.8% during the 2nd quarter. American International Group Inc. now owns 39,633 shares of the real estate investment trust’s stock valued at $472,000 after buying an additional 1,090 shares during the last quarter. Institutional investors and hedge funds own 62.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on RC shares. StockNews.com began coverage on shares of Ready Capital in a research report on Thursday, May 18th. They set a “hold” rating for the company. Keefe, Bruyette & Woods cut their target price on shares of Ready Capital from $12.00 to $10.50 and set a “market perform” rating on the stock in a report on Thursday, April 13th. Finally, Piper Sandler cut their target price on shares of Ready Capital from $13.00 to $12.50 and set a “neutral” rating on the stock in a report on Tuesday, February 28th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $13.71.

Ready Capital Company Profile

(Get Rating)

Ready Capital Corp. is a real estate finance company, which engages in acquiring, managing, and financing small balance commercial loans. It operates through the following segments: SBC Lending and Acquisitions, Small Business Lending, and Residential Mortgage Banking. The SBC Lending and Acquisitions segment is involved in the SBC loans across the full life-cycle of an SBC property including construction, bridge, stabilized, and agency loan origination channels through wholly-owned subsidiary, ReadyCap Commercial, LLC.