Fmr LLC Trims Stock Position in Ready Capital Co. (NYSE:RC)

Fmr LLC decreased its holdings in Ready Capital Co. (NYSE:RC) by 47.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,471 shares of the real estate investment trust’s stock after selling 4,953 shares during the quarter. Fmr LLC’s holdings in Ready Capital were worth $42,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Clear Harbor Asset Management LLC raised its stake in shares of Ready Capital by 84.0% in 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 buying an additional 657,465 shares during the period. Wolverine Asset Management LLC increased its holdings in Ready Capital by 2,902.2% in the 3rd quarter. Wolverine Asset Management LLC now owns 402,291 shares of the real estate investment trust’s stock worth $3,069,000 after acquiring an additional 388,891 shares in the last quarter. Van ECK Associates Corp raised its stake in Ready Capital by 29.4% during the 2nd quarter. Van ECK Associates Corp now owns 1,342,070 shares of the real estate investment trust’s stock worth $10,978,000 after acquiring an additional 304,750 shares during the period. Advisors Asset Management Inc. lifted its holdings in Ready Capital by 99.5% during 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 in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Ready Capital by 11.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,868,580 shares of the real estate investment trust’s stock worth $14,257,000 after purchasing an additional 195,663 shares during the period. 55.87% of the stock is currently owned by institutional investors.

Ready Capital Stock Up 1.7 %

Shares of RC stock opened at $7.39 on Thursday. The company’s fifty day simple moving average is $7.20 and its two-hundred day simple moving average is $7.92. Ready Capital Co. has a 52 week low of $6.65 and a 52 week high of $11.11. The stock 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 Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 13.53%. The ex-dividend date of this dividend is Tuesday, December 31st. Ready Capital’s payout ratio is presently -142.86%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on RC. Piper Sandler decreased their price objective on shares of Ready Capital from $9.50 to $8.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. JMP Securities decreased their price target on Ready Capital from $10.50 to $9.50 and set a “market outperform” rating on the stock in a report on Thursday, December 12th. Finally, UBS Group lowered their price objective on Ready Capital from $8.50 to $7.50 and set a “neutral” rating on the stock in a research report on Friday, November 15th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $9.11.

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.