Ready Capital Co. (NYSE:RC) Shares Sold by MetLife Investment Management LLC

MetLife Investment Management LLC decreased its stake in shares of Ready Capital Co. (NYSE:RC) by 5.6% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 86,701 shares of the real estate investment trust’s stock after selling 5,168 shares during the period. MetLife Investment Management LLC’s holdings in Ready Capital were worth $662,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in RC. Clear Harbor Asset Management LLC boosted its position in Ready Capital by 84.0% during the third quarter. Clear Harbor Asset Management LLC now owns 1,440,250 shares of the real estate investment trust’s stock worth $10,989,000 after acquiring an additional 657,465 shares during the last quarter. Wolverine Asset Management LLC boosted its holdings in shares of Ready Capital by 2,902.2% during the third 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 during the last quarter. TrueMark Investments LLC acquired a new stake in shares of Ready Capital during the second quarter worth $3,082,000. Van ECK Associates Corp grew its position in shares of Ready Capital by 29.4% in the second quarter. Van ECK Associates Corp now owns 1,342,070 shares of the real estate investment trust’s stock valued at $10,978,000 after purchasing an additional 304,750 shares during the period. Finally, Advisors Asset Management Inc. increased its stake 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. 55.87% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on RC. UBS Group lowered their price target on Ready Capital from $8.50 to $7.50 and set a “neutral” rating for the company in a report on Friday, November 15th. Keefe, Bruyette & Woods lowered their target price on shares of Ready Capital from $8.00 to $7.75 and set an “underperform” rating for the company in a report on Monday, August 12th. Wedbush reaffirmed a “neutral” rating and set a $9.00 price target on shares of Ready Capital in a research note on Monday, August 12th. Finally, Piper Sandler lowered their price objective on shares of Ready Capital from $9.50 to $8.00 and set a “neutral” rating for the company in a research note on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, Ready Capital currently has a consensus rating of “Hold” and an average price target of $9.04.

Ready Capital Price Performance

RC opened at $7.39 on Friday. Ready Capital Co. has a 52-week low of $6.65 and a 52-week high of $11.67. The company has a 50 day moving average of $7.18 and a two-hundred day moving average of $8.00. The company has a market cap of $1.25 billion, a P/E ratio of -10.56 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.

Ready Capital Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Monday, September 30th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a yield of 13.53%. Ready Capital’s dividend payout ratio (DPR) is -142.86%.

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.