Ready Capital Co. (NYSE:RC) Stock Position Lifted by Geode Capital Management LLC

Geode Capital Management LLC boosted its stake in Ready Capital Co. (NYSE:RC) by 4.1% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,838,284 shares of the real estate investment trust’s stock after buying an additional 150,479 shares during the quarter. Geode Capital Management LLC’s holdings in Ready Capital were worth $29,292,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of RC. Clear Harbor Asset Management LLC grew its stake in shares of 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 buying an additional 657,465 shares in the last quarter. Wolverine Asset Management LLC grew its position 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 worth $3,069,000 after acquiring an additional 388,891 shares in the last quarter. Barclays PLC increased its stake in shares of Ready Capital by 205.9% during the 3rd quarter. Barclays PLC now owns 484,986 shares of the real estate investment trust’s stock worth $3,699,000 after purchasing an additional 326,467 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of 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 valued at $10,978,000 after purchasing an additional 304,750 shares in the last quarter. Finally, State Street Corp lifted its stake in shares of Ready Capital by 4.8% in the 3rd quarter. State Street Corp now owns 6,315,147 shares of the real estate investment trust’s stock valued at $49,746,000 after purchasing an additional 287,068 shares during the last quarter. Institutional investors and hedge funds own 55.87% of the company’s stock.

Ready Capital Stock Down 0.5 %

RC opened at $7.35 on Friday. The business has a 50 day moving average of $7.20 and a 200-day moving average of $7.91. The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of -10.50 and a beta of 1.43. The company has a current ratio of 1.67, a quick ratio of 1.67 and a debt-to-equity ratio of 0.54. Ready Capital Co. has a 1-year low of $6.65 and a 1-year high of $11.10.

Ready Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.00 annualized dividend and a dividend yield of 13.61%. Ready Capital’s payout ratio is -142.86%.

Analyst Ratings Changes

Several equities analysts have weighed in on RC shares. UBS Group cut 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 reduced their target price 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, JMP Securities lowered 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. One investment analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $9.11.

Ready Capital 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.