Cibc World Markets Corp Takes $103,000 Position in Ready Capital Co. (NYSE:RC)

Cibc World Markets Corp bought a new position in shares of Ready Capital Co. (NYSE:RC) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 15,124 shares of the real estate investment trust’s stock, valued at approximately $103,000.

Several other institutional investors also recently bought and sold shares of the stock. Steward Partners Investment Advisory LLC grew its holdings in Ready Capital by 3,075.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 6,350 shares of the real estate investment trust’s stock valued at $43,000 after buying an additional 6,150 shares in the last quarter. Avion Wealth bought a new position in shares of Ready Capital during the 4th quarter valued at approximately $47,000. Proficio Capital Partners LLC purchased a new position in shares of Ready Capital in the fourth quarter valued at $69,000. Sequoia Financial Advisors LLC bought a new stake in Ready Capital in the fourth quarter worth $73,000. Finally, Ieq Capital LLC purchased a new stake in Ready Capital during the fourth quarter valued at $99,000. 55.87% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RC has been the subject of a number of recent research reports. Wedbush reissued a “neutral” rating and issued a $6.00 price objective (down from $8.00) on shares of Ready Capital in a research note on Tuesday, March 4th. Keefe, Bruyette & Woods dropped their price target on Ready Capital from $6.25 to $4.00 and set an “underperform” rating for the company in a research report on Wednesday, March 5th. B. Riley restated a “neutral” rating and set a $10.00 price objective (down from $12.00) on shares of Ready Capital in a research report on Tuesday, January 7th. Citizens Jmp cut Ready Capital from an “outperform” rating to a “market perform” rating in a report on Monday, March 3rd. Finally, UBS Group decreased their price target on Ready Capital from $7.00 to $5.00 and set a “neutral” rating on the stock in a report on Friday, March 14th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, Ready Capital has a consensus rating of “Hold” and a consensus target price of $7.50.

Insider Activity

In related news, CEO Thomas E. Capasse purchased 10,000 shares of the firm’s stock in a transaction dated Wednesday, March 5th. The stock was purchased at an average price of $4.80 per share, with a total value 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 position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 1.09% of the company’s stock.

Ready Capital Price Performance

Shares of RC stock opened at $5.06 on Friday. The stock has a 50 day moving average price of $6.12 and a 200 day moving average price of $6.86. 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 firm has a market capitalization of $826.20 million, a P/E ratio of -7.23 and a beta of 1.43.

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 paid a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 9.87%. The ex-dividend date of this dividend is Monday, March 31st. Ready Capital’s dividend payout ratio is currently -18.94%.

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.