Quest Partners LLC Invests $160,000 in Ready Capital Co. (NYSE:RC)

Quest Partners LLC bought a new stake in shares of Ready Capital Co. (NYSE:RC) during the third quarter, Holdings Channel reports. The institutional investor bought 20,980 shares of the real estate investment trust’s stock, valued at approximately $160,000.

Several other institutional investors and hedge funds have also bought and sold shares of RC. Thrivent Financial for Lutherans raised its stake in Ready Capital by 2.4% during the 3rd quarter. Thrivent Financial for Lutherans now owns 132,098 shares of the real estate investment trust’s stock worth $1,008,000 after buying an additional 3,123 shares during the period. KBC Group NV raised its position in shares of 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 purchasing an additional 3,248 shares during the period. Wolverine Asset Management LLC lifted its holdings in shares of Ready Capital by 2,902.2% in the 3rd quarter. Wolverine Asset Management LLC now owns 402,291 shares of the real estate investment trust’s stock worth $3,069,000 after purchasing an additional 388,891 shares in the last quarter. Principal Financial Group Inc. grew its position in Ready Capital by 3.3% in the 3rd quarter. Principal Financial Group Inc. now owns 792,536 shares of the real estate investment trust’s stock valued at $6,047,000 after purchasing an additional 25,545 shares during the period. Finally, United Advisor Group LLC acquired a new position in Ready Capital during the third quarter worth $151,000. 55.87% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on RC shares. Piper Sandler reduced their price objective on shares of Ready Capital from $9.50 to $8.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Keefe, Bruyette & Woods cut their price target on Ready Capital from $8.00 to $7.75 and set an “underperform” rating for the company in a research note on Monday, August 12th. Wedbush reissued a “neutral” rating and issued a $9.00 price objective on shares of Ready Capital in a research note on Monday, August 12th. Finally, UBS Group cut their target price on Ready Capital from $8.50 to $7.50 and set a “neutral” rating on the stock in a research report on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $9.04.

Ready Capital Price Performance

Ready Capital stock opened at $7.42 on Friday. The business’s 50 day simple moving average is $7.26 and its 200 day simple moving average is $8.07. Ready Capital Co. has a 12 month low of $6.65 and a 12 month high of $11.67. The company has a market cap of $1.25 billion, a price-to-earnings ratio of -10.60 and a beta of 1.42. 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 declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Monday, September 30th were given a dividend of $0.25 per share. The ex-dividend date was Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 13.48%. Ready Capital’s dividend payout ratio is presently -142.86%.

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.