ExodusPoint Capital Management LP Makes New Investment in Ready Capital Co. (NYSE:RC)

ExodusPoint Capital Management LP bought a new stake in Ready Capital Co. (NYSE:RC - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 105,078 shares of the real estate investment trust's stock, valued at approximately $717,000. ExodusPoint Capital Management LP owned approximately 0.06% of Ready Capital at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Ready Capital by 7.3% during the 4th quarter. Vanguard Group Inc. now owns 11,366,828 shares of the real estate investment trust's stock worth $77,522,000 after purchasing an additional 768,891 shares in the last quarter. State Street Corp grew its holdings in Ready Capital by 4.8% during the 3rd quarter. State Street Corp now owns 6,315,147 shares of the real estate investment trust's stock valued at $49,746,000 after buying an additional 287,068 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Ready Capital by 4.1% in the third quarter. Geode Capital Management LLC now owns 3,838,284 shares of the real estate investment trust's stock worth $29,292,000 after acquiring an additional 150,479 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Ready Capital by 21.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,266,585 shares of the real estate investment trust's stock valued at $15,458,000 after acquiring an additional 398,005 shares in the last quarter. Finally, Van ECK Associates Corp lifted its position in shares of Ready Capital by 12.8% in the fourth quarter. Van ECK Associates Corp now owns 1,540,765 shares of the real estate investment trust's stock valued at $10,508,000 after acquiring an additional 174,725 shares in the last quarter. 55.87% of the stock is owned by hedge funds and other institutional investors.

Ready Capital Trading Up 2.3 %

Shares of NYSE RC traded up $0.10 during midday trading on Thursday, hitting $4.30. The stock had a trading volume of 557,548 shares, compared to its average volume of 1,970,569. The company has a fifty day moving average price of $5.45 and a 200 day moving average price of $6.51. The company has a market capitalization of $738.00 million, a price-to-earnings ratio of -6.12 and a beta of 1.23. Ready Capital Co. has a 1-year low of $4.16 and a 1-year high of $9.54. The company has a quick ratio of 1.67, a current ratio of 1.67 and a debt-to-equity ratio of 0.54.

Ready Capital Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 31st will be paid a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 11.64%. The ex-dividend date of this dividend is Monday, March 31st. Ready Capital's dividend payout ratio is presently -18.94%.

Insider Activity at Ready Capital

In related news, insider Adam Zausmer bought 10,000 shares of the company's stock in a transaction that occurred on Friday, March 7th. The shares were acquired at an average cost of $5.42 per share, for a total transaction of $54,200.00. Following the acquisition, the insider now owns 301,105 shares in the company, valued at $1,631,989.10. This represents a 3.44 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 1.09% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Wedbush reaffirmed a "neutral" rating and set a $6.00 price target (down from $8.00) on shares of Ready Capital in a research note on Tuesday, March 4th. UBS Group lowered their target price on shares of Ready Capital from $5.00 to $4.75 and set a "neutral" rating for the company in a research note on Wednesday. B. Riley reiterated a "neutral" rating and issued a $10.00 price target (down from $12.00) on shares of Ready Capital in a report on Tuesday, January 7th. Citizens Jmp cut Ready Capital from an "outperform" rating to a "market perform" rating in a report on Monday, March 3rd. Finally, Keefe, Bruyette & Woods dropped their target price on Ready Capital from $6.25 to $4.00 and set an "underperform" rating for the company in a research note on Wednesday, March 5th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, Ready Capital presently has a consensus rating of "Hold" and a consensus target price of $7.46.

Ready Capital 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.