Ready Capital Co. (NYSE:RC) Stock Holdings Decreased by Summit Global Investments

Summit Global Investments trimmed its position in Ready Capital Co. (NYSE:RC) by 8.8% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 128,081 shares of the real estate investment trust’s stock after selling 12,394 shares during the period. Summit Global Investments’ holdings in Ready Capital were worth $874,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in RC. Steward Partners Investment Advisory LLC increased its stake in Ready Capital by 3,075.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 6,350 shares of the real estate investment trust’s stock valued at $43,000 after purchasing an additional 6,150 shares during the last quarter. Avion Wealth bought a new stake in shares of Ready Capital during the 4th quarter valued at about $47,000. KBC Group NV raised its stake in Ready Capital by 64.1% during the third quarter. KBC Group NV now owns 8,318 shares of the real estate investment trust’s stock worth $63,000 after acquiring an additional 3,248 shares during the period. Proficio Capital Partners LLC bought a new position in Ready Capital in the fourth quarter worth about $69,000. Finally, Sequoia Financial Advisors LLC acquired a new position in Ready Capital in the fourth quarter valued at approximately $73,000. Institutional investors and hedge funds own 55.87% of the company’s stock.

Ready Capital Trading Down 0.9 %

NYSE:RC opened at $5.04 on Monday. Ready Capital Co. has a 1 year low of $4.74 and a 1 year high of $9.54. The business has a fifty day moving average of $6.25 and a 200-day moving average of $6.93. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.67 and a current ratio of 1.67. The stock has a market cap of $821.47 million, a price-to-earnings ratio of -7.19 and a beta of 1.43.

Ready Capital Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.125 per share. The ex-dividend date is Monday, March 31st. This represents a $0.50 annualized dividend and a yield of 9.93%. Ready Capital’s payout ratio is -18.94%.

Wall Street Analyst Weigh In

RC has been the topic of a number of research reports. JMP Securities dropped their price target on Ready Capital from $10.50 to $9.50 and set a “market outperform” rating on the stock in a research report on Thursday, December 12th. Citizens Jmp lowered Ready Capital from an “outperform” rating to a “market perform” rating in a research report on Monday, March 3rd. B. Riley reiterated a “neutral” rating and issued a $10.00 target price (down from $12.00) on shares of Ready Capital in a research note on Tuesday, January 7th. UBS Group lowered their price target on shares of Ready Capital from $7.00 to $5.00 and set a “neutral” rating for the company in a research report on Friday, March 14th. Finally, Keefe, Bruyette & Woods cut their price objective on shares of Ready Capital from $6.25 to $4.00 and set an “underperform” rating on the stock in a research report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $7.50.

Insiders Place Their Bets

In related news, CEO Thomas E. Capasse acquired 10,000 shares of the stock in a transaction that occurred on Wednesday, March 5th. The shares were acquired at an average price of $4.80 per share, for a total transaction of $48,000.00. Following the completion of the purchase, the chief executive officer now directly owns 319,925 shares of the company’s stock, valued at $1,535,640. The trade was a 3.23 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.09% of the stock is owned by insiders.

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.