Charles Schwab Investment Management Inc. Grows Stock Holdings in Ready Capital Co. (NYSE:RC)

Charles Schwab Investment Management Inc. boosted its holdings in Ready Capital Co. (NYSE:RC) by 21.3% in the fourth quarter, Holdings Channel reports. The institutional investor owned 2,266,585 shares of the real estate investment trust’s stock after acquiring an additional 398,005 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Ready Capital were worth $15,458,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. State Street Corp grew its stake in Ready Capital by 4.8% in the 3rd quarter. State Street Corp now owns 6,315,147 shares of the real estate investment trust’s stock valued at $49,746,000 after buying an additional 287,068 shares in the last quarter. Geode Capital Management LLC grew its stake in Ready Capital by 4.1% in the 3rd quarter. Geode Capital Management LLC now owns 3,838,284 shares of the real estate investment trust’s stock valued at $29,292,000 after buying an additional 150,479 shares in the last quarter. Van ECK Associates Corp grew its stake in Ready Capital by 12.8% in the 4th quarter. Van ECK Associates Corp now owns 1,540,765 shares of the real estate investment trust’s stock valued at $10,508,000 after buying an additional 174,725 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Ready Capital by 7.0% in the 4th quarter. Bank of New York Mellon Corp now owns 1,166,296 shares of the real estate investment trust’s stock valued at $7,954,000 after buying an additional 76,788 shares in the last quarter. Finally, Principal Financial Group Inc. grew its stake in Ready Capital by 3.1% in the 4th quarter. Principal Financial Group Inc. now owns 816,942 shares of the real estate investment trust’s stock valued at $5,572,000 after buying an additional 24,406 shares in the last quarter. 55.87% of the stock is currently owned by hedge funds and other institutional investors.

Ready Capital Stock Performance

NYSE RC opened at $5.09 on Friday. Ready Capital Co. has a 52-week low of $4.74 and a 52-week high of $9.54. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.67 and a current ratio of 1.67. The company has a market capitalization of $829.62 million, a P/E ratio of -7.26 and a beta of 1.43. The company has a fifty day moving average of $6.28 and a 200-day moving average of $6.97.

Ready Capital Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 9.83%. The ex-dividend date is Monday, March 31st. Ready Capital’s dividend payout ratio is currently -18.94%.

Wall Street Analyst Weigh In

RC has been the subject of a number of recent analyst reports. Citizens Jmp lowered shares of Ready Capital from an “outperform” rating to a “market perform” rating in a research report on Monday, March 3rd. Wedbush restated a “neutral” rating and set a $6.00 price target (down from $8.00) on shares of Ready Capital in a research report on Tuesday, March 4th. JMP Securities reduced their price target on shares of Ready Capital from $10.50 to $9.50 and set a “market outperform” rating for the company in a research report on Thursday, December 12th. UBS Group reduced their price target on shares of Ready Capital from $7.00 to $5.00 and set a “neutral” rating for the company in a research report on Friday, March 14th. Finally, Keefe, Bruyette & Woods reduced their price target on shares of Ready Capital from $6.25 to $4.00 and set an “underperform” rating for the company in a research report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $7.50.

Insider Transactions at Ready Capital

In other Ready Capital news, insider Adam Zausmer purchased 10,000 shares of the stock in a transaction on Friday, March 7th. The stock was acquired at an average cost of $5.42 per share, with a total value of $54,200.00. Following the completion of the purchase, the insider now directly owns 301,105 shares of the company’s stock, valued at approximately $1,631,989.10. This trade represents a 3.44 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.09% of the stock is currently owned by insiders.

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.