Wall Street analysts expect that Ready Capital Corp (NYSE:RC) will announce $21.37 million in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have made estimates for Ready Capital’s earnings. The highest sales estimate is $24.60 million and the lowest is $17.76 million. Ready Capital reported sales of $21.28 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 0.4%. The firm is scheduled to report its next quarterly earnings report on Wednesday, August 5th.
On average, analysts expect that Ready Capital will report full-year sales of $85.66 million for the current fiscal year, with estimates ranging from $76.80 million to $96.20 million. For the next financial year, analysts forecast that the business will post sales of $91.03 million, with estimates ranging from $74.52 million to $100.08 million. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Ready Capital.
Ready Capital (NYSE:RC) last released its earnings results on Monday, May 11th. The real estate investment trust reported $0.01 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.35). Ready Capital had a positive return on equity of 7.30% and a negative net margin of 2.77%. The firm had revenue of $22.62 million during the quarter, compared to analysts’ expectations of $24.87 million.
Shares of NYSE RC traded down $0.30 during mid-day trading on Monday, hitting $8.32. The company had a trading volume of 306,366 shares, compared to its average volume of 735,795. The company has a market capitalization of $465.81 million, a price-to-earnings ratio of -277.24 and a beta of 1.02. Ready Capital has a 1 year low of $3.92 and a 1 year high of $16.90. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.57. The stock’s 50-day moving average price is $7.52 and its 200-day moving average price is $10.79.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Tuesday, June 30th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 12.02%. The ex-dividend date of this dividend is Monday, June 29th. Ready Capital’s dividend payout ratio (DPR) is currently 64.94%.
In related news, COO Gary Taylor bought 8,250 shares of the stock in a transaction dated Wednesday, May 20th. The stock was bought at an average price of $6.02 per share, with a total value of $49,665.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.83% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Invesco Ltd. raised its position in Ready Capital by 1,192.0% during the 1st quarter. Invesco Ltd. now owns 1,503,371 shares of the real estate investment trust’s stock valued at $10,854,000 after purchasing an additional 1,387,007 shares during the last quarter. State Street Corp raised its position in Ready Capital by 37.2% during the 1st quarter. State Street Corp now owns 1,703,352 shares of the real estate investment trust’s stock valued at $12,878,000 after purchasing an additional 462,012 shares during the last quarter. BlackRock Inc. raised its position in Ready Capital by 5.8% during the 1st quarter. BlackRock Inc. now owns 6,450,598 shares of the real estate investment trust’s stock valued at $46,574,000 after purchasing an additional 353,487 shares during the last quarter. Bank of New York Mellon Corp raised its position in Ready Capital by 188.9% during the 4th quarter. Bank of New York Mellon Corp now owns 359,112 shares of the real estate investment trust’s stock valued at $5,538,000 after purchasing an additional 234,827 shares during the last quarter. Finally, Nuveen Asset Management LLC raised its position in Ready Capital by 189.3% during the 1st quarter. Nuveen Asset Management LLC now owns 352,968 shares of the real estate investment trust’s stock valued at $2,548,000 after purchasing an additional 230,963 shares during the last quarter. 44.95% of the stock is owned by institutional investors.
Ready Capital Company Profile
Ready Capital Corporation operates as a real estate finance company in the United States. The company originates, acquires, finances, and services small balance commercial (SBC) loans, small business administration (SBA) loans, and residential mortgage loans, as well as mortgage backed securities collateralized primarily by SBC loans, or other real estate-related investments.
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