Vanguard Group Inc. Grows Stake in Ready Capital Co. (NYSE:RC)

Vanguard Group Inc. grew its position in Ready Capital Co. (NYSE:RC - Free Report) by 7.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 11,366,828 shares of the real estate investment trust's stock after purchasing an additional 768,891 shares during the quarter. Vanguard Group Inc. owned approximately 6.74% of Ready Capital worth $77,522,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of RC. Steward Partners Investment Advisory LLC grew its stake in Ready Capital by 3,075.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 6,350 shares of the real estate investment trust's stock valued at $43,000 after acquiring an additional 6,150 shares during the period. Avion Wealth bought a new stake in shares of Ready Capital in the 4th quarter worth approximately $47,000. Proficio Capital Partners LLC bought a new stake in shares of Ready Capital in the fourth quarter valued at $69,000. Sequoia Financial Advisors LLC purchased a new stake in Ready Capital during the fourth quarter valued at about $73,000. Finally, Ieq Capital LLC purchased a new stake in shares of Ready Capital during the 4th quarter valued at approximately $99,000. Institutional investors own 55.87% of the company's stock.

Insiders Place Their Bets

In other Ready Capital news, CEO Thomas E. Capasse purchased 10,000 shares of the company's stock in a transaction dated Wednesday, March 5th. The shares were acquired at an average price of $4.80 per share, for a total transaction of $48,000.00. Following the completion of the purchase, the chief executive officer now owns 319,925 shares of the company's stock, valued at approximately $1,535,640. The trade was a 3.23 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.09% of the company's stock.

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Ready Capital Trading Down 3.5 %

NYSE RC traded down $0.16 during trading hours on Wednesday, hitting $4.30. 321,984 shares of the company were exchanged, compared to its average volume of 1,963,624. The stock has a market cap of $738.00 million, a PE ratio of -6.14 and a beta of 1.23. The company has a quick ratio of 1.67, a current ratio of 1.67 and a debt-to-equity ratio of 0.54. The stock has a 50-day moving average price of $5.50 and a 200 day moving average price of $6.53. Ready Capital Co. has a 52 week low of $4.28 and a 52 week high of $9.54.

Ready Capital Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 31st will be given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 11.64%. The ex-dividend date of this dividend is Monday, March 31st. Ready Capital's dividend payout ratio (DPR) is presently -18.94%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on RC shares. Citizens Jmp cut Ready Capital from an "outperform" rating to a "market perform" rating in a report on Monday, March 3rd. B. Riley restated 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. Keefe, Bruyette & Woods reduced their target price on shares of Ready Capital from $6.25 to $4.00 and set an "underperform" rating on the stock in a report on Wednesday, March 5th. UBS Group lowered 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. Finally, Wedbush restated a "neutral" rating and set a $6.00 target price (down previously from $8.00) on shares of Ready Capital in a report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average 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.