Fisher Asset Management LLC Makes New Investment in Ready Capital Co. (NYSE:RC)

Fisher Asset Management LLC bought a new stake in Ready Capital Co. (NYSE:RC) in the third quarter, HoldingsChannel.com reports. The firm bought 15,213 shares of the real estate investment trust’s stock, valued at approximately $116,000.

Several other institutional investors and hedge funds have also modified their holdings of RC. Clear Harbor Asset Management LLC raised its holdings in Ready Capital by 84.0% in the 3rd quarter. Clear Harbor Asset Management LLC now owns 1,440,250 shares of the real estate investment trust’s stock valued at $10,989,000 after acquiring an additional 657,465 shares in the last quarter. Wolverine Asset Management LLC lifted its position in 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 period. TrueMark Investments LLC bought a new stake in Ready Capital during the second quarter worth about $3,082,000. Van ECK Associates Corp grew its stake in Ready Capital by 29.4% during the second quarter. Van ECK Associates Corp now owns 1,342,070 shares of the real estate investment trust’s stock worth $10,978,000 after buying an additional 304,750 shares in the last quarter. Finally, Advisors Asset Management Inc. increased its holdings in Ready Capital by 99.5% in the 3rd quarter. Advisors Asset Management Inc. now owns 399,401 shares of the real estate investment trust’s stock valued at $3,047,000 after buying an additional 199,202 shares during the period. 55.87% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on RC shares. Wedbush reiterated a “neutral” rating and set a $9.00 price target on shares of Ready Capital in a research report on Monday, August 12th. UBS Group reduced their target price on 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 price target on 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 reduced their price objective on Ready Capital from $8.00 to $7.75 and set an “underperform” rating on the stock in a research note on Monday, August 12th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $9.04.

Ready Capital Price Performance

Shares of RC opened at $7.37 on Monday. 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 stock has a market cap of $1.24 billion, a PE ratio of -10.53 and a beta of 1.42. Ready Capital Co. has a 12-month low of $6.65 and a 12-month high of $11.67. The business has a 50-day simple moving average of $7.23 and a two-hundred day simple moving average of $8.04.

Ready Capital Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Monday, September 30th were issued a $0.25 dividend. 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 13.57%. Ready Capital’s dividend payout ratio (DPR) is presently -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.