Parallel Advisors LLC Cuts Stock Holdings in Ready Capital Co. (NYSE:RC)

Parallel Advisors LLC cut its stake in Ready Capital Co. (NYSE:RC - Free Report) by 24.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 250,506 shares of the real estate investment trust's stock after selling 82,600 shares during the quarter. Parallel Advisors LLC owned about 0.15% of Ready Capital worth $1,708,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Dorsey & Whitney Trust CO LLC boosted its position in shares of Ready Capital by 3.6% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 44,038 shares of the real estate investment trust's stock worth $300,000 after purchasing an additional 1,543 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Ready Capital by 18.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 15,193 shares of the real estate investment trust's stock worth $104,000 after purchasing an additional 2,328 shares in the last quarter. HighTower Advisors LLC boosted its position in shares of Ready Capital by 3.9% in the 4th quarter. HighTower Advisors LLC now owns 76,803 shares of the real estate investment trust's stock worth $524,000 after purchasing an additional 2,917 shares in the last quarter. Thrivent Financial for Lutherans boosted its position in shares of Ready Capital by 2.4% in the 3rd quarter. Thrivent Financial for Lutherans now owns 132,098 shares of the real estate investment trust's stock worth $1,008,000 after purchasing an additional 3,123 shares in the last quarter. Finally, KBC Group NV boosted its position in shares of Ready Capital by 64.1% in the 3rd quarter. KBC Group NV now owns 8,318 shares of the real estate investment trust's stock worth $63,000 after purchasing an additional 3,248 shares in the last quarter. 55.87% of the stock is currently owned by hedge funds and other institutional investors.

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Insider Activity at Ready Capital

In other news, CEO Thomas E. Capasse acquired 10,000 shares of the business's stock in a transaction on Wednesday, March 5th. The stock was bought at an average cost of $4.80 per share, for a total transaction of $48,000.00. Following the purchase, the chief executive officer now owns 319,925 shares in the company, valued at approximately $1,535,640. This represents a 3.23 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.09% of the stock is owned by company insiders.

Ready Capital Stock Performance

Shares of RC stock traded down $0.05 on Friday, hitting $5.04. The company had a trading volume of 3,912,037 shares, compared to its average volume of 1,804,846. The firm has a market cap of $821.47 million, a P/E ratio of -7.19 and a beta of 1.43. The company has a 50-day moving average price of $6.25 and a 200-day moving average price of $6.94. 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 Co. has a twelve month low of $4.74 and a twelve month high of $9.54.

Ready Capital Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Monday, March 31st will be paid a $0.125 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.50 annualized dividend and a dividend yield of 9.93%. Ready Capital's dividend payout ratio is presently -18.94%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on RC. UBS Group lowered their price objective on Ready Capital from $7.00 to $5.00 and set a "neutral" rating for the company in a research report on Friday, March 14th. Keefe, Bruyette & Woods lowered their price target on Ready Capital from $6.25 to $4.00 and set an "underperform" rating for the company in a research report on Wednesday, March 5th. Wedbush reaffirmed a "neutral" rating and set a $6.00 price target (down previously from $8.00) on shares of Ready Capital in a research report on Tuesday, March 4th. Citizens Jmp cut Ready Capital from an "outperform" rating to a "market perform" rating in a research report on Monday, March 3rd. Finally, B. Riley reaffirmed a "neutral" rating and set a $10.00 price target (down previously from $12.00) on shares of Ready Capital in a research report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, Ready Capital currently has a consensus rating of "Hold" and a consensus target price of $7.50.

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.