Advisors Asset Management Inc. grew its stake in shares of Ready Capital Co. (NYSE:RC - Free Report) by 99.5% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 399,401 shares of the real estate investment trust's stock after buying an additional 199,202 shares during the quarter. Advisors Asset Management Inc. owned approximately 0.24% of Ready Capital worth $3,047,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of RC. Clear Harbor Asset Management LLC boosted its position in Ready Capital by 84.0% during the 3rd quarter. Clear Harbor Asset Management LLC now owns 1,440,250 shares of the real estate investment trust's stock worth $10,989,000 after buying an additional 657,465 shares during the period. Wolverine Asset Management LLC increased its position in Ready Capital by 2,902.2% during the 3rd quarter. Wolverine Asset Management LLC now owns 402,291 shares of the real estate investment trust's stock valued at $3,069,000 after purchasing an additional 388,891 shares during the period. TrueMark Investments LLC bought a new stake in shares of Ready Capital in the 2nd quarter valued at $3,082,000. Van ECK Associates Corp increased its position in shares of Ready Capital by 29.4% during the second quarter. Van ECK Associates Corp now owns 1,342,070 shares of the real estate investment trust's stock worth $10,978,000 after buying an additional 304,750 shares during the period. Finally, Spire Wealth Management raised its stake in Ready Capital by 1,115.6% during the second quarter. Spire Wealth Management now owns 168,261 shares of the real estate investment trust's stock worth $1,376,000 after buying an additional 154,419 shares during the last quarter. 55.87% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of equities research analysts have weighed in on RC shares. Piper Sandler lowered their target price on Ready Capital from $9.50 to $8.00 and set a "neutral" rating for the company in a report on Monday, September 16th. Keefe, Bruyette & Woods decreased their target price on Ready Capital from $8.00 to $7.75 and set an "underperform" rating for the company in a research report on Monday, August 12th. UBS Group cut their price target on Ready Capital from $8.50 to $7.50 and set a "neutral" rating on the stock in a report on Friday, November 15th. Finally, Wedbush restated a "neutral" rating and set a $9.00 price objective on shares of Ready Capital in a report on Monday, August 12th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $9.04.
Read Our Latest Report on RC
Ready Capital Stock Up 1.9 %
Shares of Ready Capital stock traded up $0.14 on Friday, hitting $7.39. The company had a trading volume of 1,729,355 shares, compared to its average volume of 1,556,692. The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of -10.56 and a beta of 1.42. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.67 and a current ratio of 1.67. Ready Capital Co. has a 1 year low of $6.65 and a 1 year high of $11.67. The stock has a 50 day moving average of $7.29 and a 200-day moving average of $8.09.
Ready Capital Cuts Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Monday, September 30th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 13.53%. The ex-dividend date of this dividend was Monday, September 30th. Ready Capital's payout ratio is currently -142.86%.
Ready Capital Company Profile
(
Free Report)
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.
Featured Articles
Before you consider Ready Capital, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Ready Capital wasn't on the list.
While Ready Capital currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Thinking about investing in Meta, Roblox, or Unity? Click the link to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
