State Street Corp Increases Stock Position in Ready Capital Co. (NYSE:RC)

State Street Corp boosted its holdings in Ready Capital Co. (NYSE:RC) by 4.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,315,147 shares of the real estate investment trust’s stock after purchasing an additional 287,068 shares during the quarter. State Street Corp owned about 3.75% of Ready Capital worth $49,746,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of RC. Clear Harbor Asset Management LLC lifted its position in shares of Ready Capital by 84.0% during the 3rd quarter. Clear Harbor Asset Management LLC now owns 1,440,250 shares of the real estate investment trust’s stock valued at $10,989,000 after acquiring an additional 657,465 shares during the period. Wolverine Asset Management LLC increased its stake in 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 valued at $3,069,000 after purchasing an additional 388,891 shares in the last quarter. TrueMark Investments LLC acquired a new position in Ready Capital during the second quarter worth $3,082,000. Van ECK Associates Corp boosted its position in Ready Capital by 29.4% during the second quarter. Van ECK Associates Corp now owns 1,342,070 shares of the real estate investment trust’s stock worth $10,978,000 after purchasing an additional 304,750 shares in the last quarter. Finally, Advisors Asset Management Inc. grew its holdings in Ready Capital by 99.5% in the third quarter. Advisors Asset Management Inc. now owns 399,401 shares of the real estate investment trust’s stock valued at $3,047,000 after purchasing an additional 199,202 shares during the last quarter. Institutional investors and hedge funds own 55.87% of the company’s stock.

Analyst Upgrades and Downgrades

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

Ready Capital Trading Down 1.1 %

RC stock opened at $7.10 on Friday. Ready Capital Co. has a 52 week low of $6.65 and a 52 week high of $11.11. The company has a market cap of $1.20 billion, a price-to-earnings ratio of -10.14 and a beta of 1.43. 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 business has a fifty day simple moving average of $7.19 and a 200-day simple moving average of $7.95.

Ready Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 14.08%. The ex-dividend date of this dividend is Tuesday, December 31st. Ready Capital’s dividend payout ratio (DPR) is presently -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.