Bank of New York Mellon Corp Grows Position in Ready Capital Co. (NYSE:RC)

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

A number of other large investors have also recently made changes to their positions in RC. Barclays PLC boosted its stake in shares of Ready Capital by 205.9% during the 3rd quarter. Barclays PLC now owns 484,986 shares of the real estate investment trust's stock worth $3,699,000 after purchasing an additional 326,467 shares during the period. State Street Corp boosted its position in 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 buying an additional 287,068 shares during the period. Advisors Asset Management Inc. boosted its position in Ready Capital by 99.5% in the 3rd quarter. Advisors Asset Management Inc. now owns 399,401 shares of the real estate investment trust's stock valued at $3,047,000 after buying an additional 199,202 shares during the period. Charles Schwab Investment Management Inc. boosted its position in 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 buying an additional 195,663 shares during the period. Finally, Van ECK Associates Corp boosted its position in 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 buying an additional 174,725 shares during the period. 55.87% of the stock is owned by hedge funds and other institutional investors.

Ready Capital Trading Down 0.9 %

Shares of Ready Capital stock opened at $5.02 on Friday. The firm's 50 day simple moving average is $6.42 and its two-hundred day simple moving average is $7.05. The firm has a market capitalization of $818.20 million, a price-to-earnings ratio of -7.16 and a beta of 1.43. The company has a current ratio of 1.67, a quick ratio of 1.67 and a debt-to-equity ratio of 0.54. Ready Capital Co. has a 12-month low of $4.74 and a 12-month high of $9.53.

Ready Capital Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 31st will be issued a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 9.97%. The ex-dividend date is Monday, March 31st. Ready Capital's dividend payout ratio (DPR) is currently -18.94%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on RC shares. Citizens Jmp cut shares of Ready Capital from an "outperform" rating to a "market perform" rating in a research report on Monday, March 3rd. Wedbush restated a "neutral" rating and issued a $6.00 price target (down previously from $8.00) on shares of Ready Capital in a report on Tuesday, March 4th. JMP Securities reduced their price target on shares of Ready Capital from $10.50 to $9.50 and set a "market outperform" rating for the company in a report on Thursday, December 12th. Keefe, Bruyette & Woods reduced their price target on shares of Ready Capital from $6.25 to $4.00 and set an "underperform" rating for the company in a report on Wednesday, March 5th. Finally, B. Riley restated a "neutral" rating and issued a $10.00 price target (down previously from $12.00) on shares of Ready Capital in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $7.50.

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Insider Activity

In other news, insider Adam Zausmer purchased 10,000 shares of the stock in a transaction that occurred on Friday, March 7th. The shares were purchased at an average cost of $5.42 per share, with a total value of $54,200.00. Following the completion of the acquisition, the insider now owns 301,105 shares of the company's stock, valued at approximately $1,631,989.10. This represents a 3.44 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.09% of the company's stock.

Ready Capital Company 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.

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