Wellington Management Group LLP Has $4.40 Million Position in Ready Capital Co. (NYSE:RC)

Wellington Management Group LLP increased its holdings in shares of Ready Capital Co. (NYSE:RC) by 6.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 428,999 shares of the real estate investment trust’s stock after buying an additional 26,515 shares during the period. Wellington Management Group LLP’s holdings in Ready Capital were worth $4,397,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in RC. Bear Mountain Capital Inc. acquired a new position in shares of Ready Capital during the fourth quarter worth $30,000. EdgeRock Capital LLC acquired a new position in Ready Capital during the 4th quarter worth about $36,000. Denali Advisors LLC bought a new stake in shares of Ready Capital in the 4th quarter valued at about $102,000. Centaurus Financial Inc. acquired a new stake in shares of Ready Capital in the fourth quarter valued at about $111,000. Finally, Tyche Wealth Partners LLC bought a new position in shares of Ready Capital during the fourth quarter worth about $119,000. 55.87% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on RC. Keefe, Bruyette & Woods reiterated an “underperform” rating and issued a $8.00 target price (down from $10.00) on shares of Ready Capital in a report on Monday, March 4th. LADENBURG THALM/SH SH lowered Ready Capital from a “buy” rating to a “neutral” rating in a research report on Friday, May 10th. StockNews.com lowered Ready Capital from a “buy” rating to a “hold” rating in a research note on Monday, March 4th. UBS Group reduced their price objective on shares of Ready Capital from $10.50 to $9.50 and set a “neutral” rating for the company in a research report on Wednesday, March 20th. Finally, B. Riley reiterated a “buy” rating and set a $12.00 target price (down previously from $13.00) on shares of Ready Capital in a research report on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $10.93.

Insider Activity at Ready Capital

In other news, Director Gilbert E. Nathan bought 10,000 shares of Ready Capital stock in a transaction dated Friday, May 24th. The stock was purchased at an average price of $8.29 per share, for a total transaction of $82,900.00. Following the purchase, the director now directly owns 95,249 shares in the company, valued at approximately $789,614.21. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.09% of the stock is owned by insiders.

Ready Capital Stock Performance

NYSE RC opened at $8.18 on Friday. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.47. The company has a fifty day simple moving average of $8.49 and a 200 day simple moving average of $9.09. Ready Capital Co. has a 12-month low of $7.93 and a 12-month high of $11.97. The company has a market cap of $1.38 billion, a P/E ratio of 5.08 and a beta of 1.42.

Ready Capital (NYSE:RC) last posted its earnings results on Wednesday, May 8th. The real estate investment trust reported $0.29 EPS for the quarter, topping the consensus estimate of $0.28 by $0.01. Ready Capital had a net margin of 23.81% and a return on equity of 8.11%. The company had revenue of $232.35 million during the quarter, compared to the consensus estimate of $64.34 million. During the same period in the previous year, the firm posted $0.31 earnings per share. Sell-side analysts predict that Ready Capital Co. will post 1.17 earnings per share for the current fiscal year.

Ready Capital Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, June 28th will be issued a $0.30 dividend. The ex-dividend date is Friday, June 28th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 14.67%. Ready Capital’s dividend payout ratio is presently 74.53%.

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.