Ready Capital Co. (NYSE:RC) Shares Purchased by Penserra Capital Management LLC

Penserra Capital Management LLC boosted its stake in Ready Capital Co. (NYSE:RC) by 22.9% during the third quarter, Holdings Channel.com reports. The institutional investor owned 117,132 shares of the real estate investment trust’s stock after acquiring an additional 21,855 shares during the period. Penserra Capital Management LLC’s holdings in Ready Capital were worth $893,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the stock. HB Wealth Management LLC boosted its stake in shares of Ready Capital by 3.4% during the 2nd quarter. HB Wealth Management LLC now owns 33,216 shares of the real estate investment trust’s stock worth $272,000 after purchasing an additional 1,101 shares during the last quarter. Victory Capital Management Inc. grew its stake in Ready Capital by 2.2% in the 2nd quarter. Victory Capital Management Inc. now owns 63,699 shares of the real estate investment trust’s stock worth $521,000 after acquiring an additional 1,375 shares during the period. B. Riley Wealth Advisors Inc. raised its holdings in Ready Capital by 12.6% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 12,970 shares of the real estate investment trust’s stock valued at $118,000 after acquiring an additional 1,455 shares during the last quarter. CWM LLC lifted its stake in shares of Ready Capital by 94.6% during the 2nd quarter. CWM LLC now owns 3,361 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 1,634 shares during the period. Finally, Louisiana State Employees Retirement System boosted its holdings in shares of Ready Capital by 4.0% during the third quarter. Louisiana State Employees Retirement System now owns 81,300 shares of the real estate investment trust’s stock worth $620,000 after purchasing an additional 3,100 shares during the last quarter. Institutional investors and hedge funds own 55.87% of the company’s stock.

Ready Capital Price Performance

Ready Capital stock opened at $7.42 on Thursday. 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 firm has a market capitalization of $1.25 billion, a P/E ratio of -10.54 and a beta of 1.42. The firm has a fifty day moving average of $7.27 and a 200-day moving average of $8.07. Ready Capital Co. has a 52-week low of $6.65 and a 52-week high of $11.67.

Ready Capital Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Monday, September 30th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 13.48%. The ex-dividend date was Monday, September 30th. Ready Capital’s dividend payout ratio is presently -142.86%.

Wall Street Analysts Forecast Growth

RC has been the subject of several analyst reports. Wedbush reiterated a “neutral” rating and issued a $9.00 target price on shares of Ready Capital in a research note on Monday, August 12th. UBS Group cut their price objective on shares of Ready Capital from $8.50 to $7.50 and set a “neutral” rating on the stock in a report on Friday, November 15th. Piper Sandler lowered their target price 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. Finally, Keefe, Bruyette & Woods decreased their price target on shares of Ready Capital from $8.00 to $7.75 and set an “underperform” rating on the stock in a report on Monday, August 12th. One 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, Ready Capital currently has an average rating of “Hold” and a consensus price target of $9.04.

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.