Ready Capital Co. (NYSE:RC) Shares Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its stake in shares of Ready Capital Co. (NYSE:RC - Free Report) by 7.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,166,296 shares of the real estate investment trust's stock after purchasing an additional 76,788 shares during the quarter. Bank of New York Mellon Corp owned 0.69% of Ready Capital worth $7,954,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of RC. State Street Corp lifted its holdings in shares of Ready Capital by 4.8% in 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 purchasing an additional 287,068 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Ready Capital by 4.1% in the 3rd quarter. Geode Capital Management LLC now owns 3,838,284 shares of the real estate investment trust's stock valued at $29,292,000 after purchasing an additional 150,479 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Ready Capital by 11.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,868,580 shares of the real estate investment trust's stock valued at $14,257,000 after purchasing an additional 195,663 shares during the last quarter. Van ECK Associates Corp lifted its holdings in shares of Ready Capital by 12.8% in the 4th 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 purchasing an additional 174,725 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in shares of Ready Capital by 3.1% in the 4th quarter. Principal Financial Group Inc. now owns 816,942 shares of the real estate investment trust's stock valued at $5,572,000 after purchasing an additional 24,406 shares during the last quarter. 55.87% of the stock is owned by institutional investors and hedge funds.

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Analyst Ratings Changes

RC has been the subject of several research reports. Keefe, Bruyette & Woods reduced their target price on Ready Capital from $6.25 to $4.00 and set an "underperform" rating for the company in a report on Wednesday, March 5th. UBS Group reduced their price objective on Ready Capital from $7.00 to $5.00 and set a "neutral" rating for the company in a research note on Friday. Wedbush reaffirmed a "neutral" rating and set a $6.00 price objective (down from $8.00) on shares of Ready Capital in a research note on Tuesday, March 4th. B. Riley reaffirmed a "neutral" rating and set a $10.00 price objective (down from $12.00) on shares of Ready Capital in a research note on Tuesday, January 7th. Finally, Citizens Jmp downgraded Ready Capital from an "outperform" rating to a "market perform" rating in a research note on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $7.50.

Ready Capital Stock Performance

Shares of RC stock traded down $0.05 during trading hours on Friday, reaching $5.02. 2,491,849 shares of the company's stock were exchanged, compared to its average volume of 2,663,792. The company has a market cap of $818.20 million, a P/E ratio of -7.16 and a beta of 1.43. The company's 50 day moving average is $6.42 and its two-hundred day moving average is $7.05. Ready Capital Co. has a 1 year low of $4.74 and a 1 year high of $9.53. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.67 and a quick ratio of 1.67.

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 dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 9.97%. The ex-dividend date of this dividend is Monday, March 31st. Ready Capital's dividend payout ratio (DPR) is -18.94%.

Insider Transactions at Ready Capital

In other news, CEO Thomas E. Capasse purchased 10,000 shares of the stock in a transaction that occurred on Wednesday, March 5th. The shares were acquired at an average price of $4.80 per share, for a total transaction of $48,000.00. Following the acquisition, the chief executive officer now directly owns 319,925 shares in the company, valued at approximately $1,535,640. The trade was a 3.23 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.09% of the company's stock.

About Ready Capital

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.