In a recent move, Gilbert E. Nathan, a director at Ready Capital Corp (NYSE:RC), acquired additional shares of the company's common stock. The transaction, dated May 24, 2024, involved the purchase of 10,000 shares at an average weighted price of $8.286 per share, amounting to a total investment of $82,860.
The price of the shares ranged from $8.2799 to $8.2993, as indicated by the weighted average provided. This purchase has increased Nathan's direct ownership in Ready Capital to a total of 95,249 shares. Additionally, it was noted that Nathan's spouse indirectly holds 7,000 shares of Ready Capital common stock.
Ready Capital Corp, a real estate investment trust based in Maryland, specializes in the real estate and construction sectors. The company's business address is located on the 50th floor of 1251 Avenue of the Americas, New York.
This financial activity was publicly disclosed as per regulatory requirements, with the full details of the transaction, including the range of prices at which the shares were purchased, available upon request.
Investors monitoring insider transactions like these often consider such purchases as a sign of confidence in the company's future prospects from its directors and executives. However, it is always recommended that such transactions be evaluated within the broader context of market conditions and individual investment strategies.
InvestingPro Insights
Following the recent insider purchase by Gilbert E. Nathan at Ready Capital Corp, investors may find the current financial metrics and analyst insights from InvestingPro valuable. The company, with a market capitalization of $1.36 billion, is trading at a low earnings multiple with a P/E ratio of 5.86, suggesting that the stock could be undervalued relative to its earnings. This aligns with an InvestingPro Tip indicating that the company is trading at a low earnings multiple, potentially offering an attractive entry point for value investors.
Another key metric for income-focused investors is the dividend yield, which stands at a significant 15.02%. This is particularly noteworthy as Ready Capital has maintained dividend payments for 9 consecutive years, demonstrating a commitment to returning value to shareholders. This commitment is further reinforced by an InvestingPro Tip highlighting the substantial dividends paid to shareholders.
For those looking to delve deeper into Ready Capital's financial health, InvestingPro Tips reveal additional insights, such as the fact that the company's liquid assets exceed its short-term obligations, providing financial stability. For comprehensive analysis, investors can find more tips on InvestingPro, and by using the coupon code PRONEWS24, they can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
Overall, the combination of a low earnings multiple and a strong dividend yield may position Ready Capital as an intriguing option for investors, especially when considering the director's recent stock purchase as a potential indicator of confidence in the company's trajectory.
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