Thomas E. Capasse Acquires 10,000 Shares of Ready Capital Co. (NYSE:RC) Stock

Ready Capital Co. (NYSE:RC) CEO Thomas E. Capasse acquired 10,000 shares of Ready Capital stock in a transaction that occurred on Wednesday, March 5th. The stock was bought at an average price of $4.80 per share, with a total value of $48,000.00. Following the purchase, the chief executive officer now directly owns 319,925 shares of the company’s stock, valued at approximately $1,535,640. This trade represents a 3.23 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which can be accessed through this link.

Ready Capital Stock Performance

Shares of NYSE RC opened at $5.35 on Friday. The company has a market cap of $901.14 million, a PE ratio of -7.64 and a beta of 1.43. Ready Capital Co. has a 12 month low of $4.74 and a 12 month high of $9.53. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.67 and a quick ratio of 1.67. The company has a 50-day simple moving average of $6.64 and a 200-day simple moving average of $7.20.

Ready Capital Cuts Dividend

The company also recently declared 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. The ex-dividend date is Monday, March 31st. This represents a $0.50 dividend on an annualized basis and a dividend yield of 9.35%. Ready Capital’s dividend payout ratio (DPR) is presently -142.86%.

Institutional Investors Weigh In On Ready Capital

A number of hedge funds and other institutional investors have recently modified their holdings of RC. Vanguard Group Inc. grew its holdings in Ready Capital by 7.3% in the fourth quarter. Vanguard Group Inc. now owns 11,366,828 shares of the real estate investment trust’s stock valued at $77,522,000 after purchasing an additional 768,891 shares during the period. Hudson Bay Capital Management LP purchased a new stake in Ready Capital in the fourth quarter valued at approximately $4,393,000. Charles Schwab Investment Management Inc. grew its holdings in Ready Capital by 21.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,266,585 shares of the real estate investment trust’s stock valued at $15,458,000 after purchasing an additional 398,005 shares during the period. Wolverine Asset Management LLC grew its holdings in Ready Capital by 2,902.2% in the third 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 during the period. Finally, Marshall Wace LLP grew its holdings in Ready Capital by 3,049.5% in the fourth quarter. Marshall Wace LLP now owns 392,559 shares of the real estate investment trust’s stock valued at $2,677,000 after purchasing an additional 380,095 shares during the period. 55.87% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

RC has been the subject of several recent analyst reports. UBS Group reduced their price objective on shares of Ready Capital from $8.50 to $7.50 and set a “neutral” rating for the company in a research note on Friday, November 15th. Wedbush restated a “neutral” rating and set a $6.00 target price (down from $8.00) on shares of Ready Capital in a report on Tuesday. B. Riley restated a “neutral” rating and set a $10.00 target price (down from $12.00) on shares of Ready Capital in a report on Tuesday, January 7th. JMP Securities dropped their target price on shares of Ready Capital from $10.50 to $9.50 and set a “market outperform” rating for the company in a report on Thursday, December 12th. Finally, Citizens Jmp downgraded shares of Ready Capital from an “outperform” rating to a “market perform” rating in a report on Monday, March 3rd. One analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, Ready Capital presently has an average rating of “Hold” and a consensus target price of $7.86.

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.