Geode Capital Management LLC Boosts Stock Position in Ready Capital Co. (NYSE:RC)

Geode Capital Management LLC boosted its stake in Ready Capital Co. (NYSE:RC - Free Report) by 4.1% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,838,284 shares of the real estate investment trust's stock after acquiring an additional 150,479 shares during the period. Geode Capital Management LLC owned 2.28% of Ready Capital worth $29,292,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RC. KBC Group NV lifted its stake 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 acquiring an additional 3,248 shares during the period. Xponance Inc. acquired a new stake in Ready Capital in the second quarter valued at about $84,000. Choreo LLC purchased a new stake in Ready Capital in the 2nd quarter valued at approximately $91,000. Modera Wealth Management LLC acquired a new position in Ready Capital during the 3rd quarter worth approximately $107,000. Finally, Naviter Wealth LLC raised its stake in shares of Ready Capital by 35.0% during the 2nd quarter. Naviter Wealth LLC now owns 13,500 shares of the real estate investment trust's stock worth $114,000 after buying an additional 3,500 shares in the last quarter. 55.87% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RC has been the topic of a number of research analyst reports. JMP Securities decreased their price objective on shares of Ready Capital from $10.50 to $9.50 and set a "market outperform" rating on the stock in a report on Thursday, December 12th. Piper Sandler decreased their price target on Ready Capital from $9.50 to $8.00 and set a "neutral" rating on the stock in a research note on Monday, September 16th. Finally, UBS Group lowered 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. One investment analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $9.11.

Ready Capital Trading Down 4.1 %

Shares of RC traded down $0.30 during trading hours on Friday, hitting $7.05. The stock had a trading volume of 1,861,294 shares, compared to its average volume of 1,592,464. Ready Capital Co. has a 12-month low of $6.65 and a 12-month high of $10.71. The firm has a market cap of $1.19 billion, a P/E ratio of -10.07 and a beta of 1.43. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.67 and a current ratio of 1.67. The company's fifty day simple moving average is $7.20 and its 200 day simple moving average is $7.91.

Ready Capital Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.00 dividend on an annualized basis and a yield of 14.18%. Ready Capital's dividend payout ratio (DPR) is -142.86%.

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.