Advisors Asset Management Inc. Has $4.74 Million Position in Ready Capital Co. (NYSE:RC)

Advisors Asset Management Inc. increased its stake in shares of Ready Capital Co. (NYSE:RC - Free Report) by 74.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 695,357 shares of the real estate investment trust's stock after acquiring an additional 295,956 shares during the quarter. Advisors Asset Management Inc. owned about 0.41% of Ready Capital worth $4,742,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. State Street Corp increased its holdings in shares of 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 worth $49,746,000 after purchasing an additional 287,068 shares during the period. Geode Capital Management LLC grew its position in Ready Capital by 4.1% during 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 buying an additional 150,479 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Ready Capital by 21.3% during 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 during the period. Van ECK Associates Corp raised its holdings 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 acquiring an additional 174,725 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Ready Capital by 7.0% in the 4th quarter. Bank of New York Mellon Corp now owns 1,166,296 shares of the real estate investment trust's stock valued at $7,954,000 after acquiring an additional 76,788 shares in the last quarter. 55.87% of the stock is currently owned by institutional investors and hedge funds.

Remove Ads

Insider Activity

In other Ready Capital news, insider Adam Zausmer bought 10,000 shares of the stock in a transaction dated Friday, March 7th. The stock was bought at an average cost of $5.42 per share, for a total transaction of $54,200.00. Following the completion of the purchase, 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.09% of the stock is currently owned by corporate insiders.

Ready Capital Price Performance

Shares of Ready Capital stock traded down $0.03 during mid-day trading on Monday, reaching $5.01. 1,773,459 shares of the stock were exchanged, compared to its average volume of 1,807,996. Ready Capital Co. has a fifty-two week low of $4.74 and a fifty-two week high of $9.54. The company has a market cap of $816.57 million, a price-to-earnings ratio of -7.15 and a beta of 1.43. The firm has a 50-day simple moving average of $6.25 and a 200 day simple moving average of $6.93. 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 Cuts Dividend

The company 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 dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 9.99%. The ex-dividend date is Monday, March 31st. Ready Capital's payout ratio is -18.94%.

Wall Street Analysts Forecast Growth

RC has been the topic of several recent research reports. Wedbush reissued a "neutral" rating and set a $6.00 price objective (down previously from $8.00) on shares of Ready Capital in a report on Tuesday, March 4th. Keefe, Bruyette & Woods decreased their price target on shares of Ready Capital from $6.25 to $4.00 and set an "underperform" rating on the stock in a research note on Wednesday, March 5th. UBS Group dropped their price objective on shares of Ready Capital from $7.00 to $5.00 and set a "neutral" rating for the company in a research note on Friday, March 14th. Citizens Jmp lowered shares of Ready Capital from an "outperform" rating to a "market perform" rating in a research report on Monday, March 3rd. Finally, JMP Securities lowered their target price on shares of Ready Capital from $10.50 to $9.50 and set a "market outperform" rating on the stock in a research note on Thursday, December 12th. 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. Based on data from MarketBeat, the stock presently 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.