Ready Capital Co. (NYSE:RC) Stake Boosted by State Street Corp

State Street Corp boosted its stake in Ready Capital Co. (NYSE:RC - Free Report) by 4.8% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,315,147 shares of the real estate investment trust's stock after buying an additional 287,068 shares during the quarter. State Street Corp owned approximately 3.75% of Ready Capital worth $49,746,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the stock. CWM LLC grew its holdings in shares of Ready Capital by 94.6% during the second quarter. CWM LLC now owns 3,361 shares of the real estate investment trust's stock worth $27,000 after buying an additional 1,634 shares in the last quarter. KBC Group NV boosted its position in Ready Capital by 64.1% during the third 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 last quarter. Xponance Inc. purchased a new stake in Ready Capital in the 2nd quarter worth approximately $84,000. Choreo LLC purchased a new position in shares of Ready Capital during the 2nd quarter worth $91,000. Finally, Naviter Wealth LLC boosted its holdings in shares of Ready Capital by 35.0% during the second quarter. Naviter Wealth LLC now owns 13,500 shares of the real estate investment trust's stock worth $114,000 after purchasing an additional 3,500 shares during the last quarter. Institutional investors and hedge funds own 55.87% of the company's stock.

Analyst Upgrades and Downgrades

RC has been the topic of several recent analyst reports. Piper Sandler cut their price objective on shares of Ready Capital from $9.50 to $8.00 and set a "neutral" rating on the stock in a report on Monday, September 16th. UBS Group cut their price target on shares of Ready Capital from $8.50 to $7.50 and set a "neutral" rating on the stock in a research note on Friday, November 15th. Finally, JMP Securities lowered their price objective on shares of Ready Capital from $10.50 to $9.50 and set a "market outperform" rating for the company in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, Ready Capital presently has an average rating of "Hold" and an average price target of $9.11.

Ready Capital Stock Up 2.3 %

Shares of Ready Capital stock traded up $0.16 during trading hours on Friday, hitting $7.26. 6,846,435 shares of the company's stock traded hands, compared to its average volume of 1,592,524. 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 $6.65 and a twelve month high of $11.11. The stock has a 50 day simple moving average of $7.19 and a 200-day simple moving average of $7.95. The company has a market cap of $1.22 billion, a PE ratio of -10.37 and a beta of 1.43.

Ready Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be paid 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 13.77%. Ready Capital's dividend payout ratio (DPR) is -142.86%.

Ready Capital 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.