US Bancorp DE Sells 2,460 Shares of Ready Capital Co. (NYSE:RC)

US Bancorp DE lessened its stake in Ready Capital Co. (NYSE:RC) by 39.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,850 shares of the real estate investment trust’s stock after selling 2,460 shares during the quarter. US Bancorp DE’s holdings in Ready Capital were worth $29,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Janney Montgomery Scott LLC acquired a new stake in Ready Capital in the 1st quarter valued at about $307,000. SG Americas Securities LLC lifted its position in shares of Ready Capital by 67.2% in the first quarter. SG Americas Securities LLC now owns 18,520 shares of the real estate investment trust’s stock valued at $169,000 after buying an additional 7,446 shares during the last quarter. ProShare Advisors LLC boosted its stake in shares of Ready Capital by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 32,261 shares of the real estate investment trust’s stock worth $295,000 after acquiring an additional 2,209 shares during the period. CANADA LIFE ASSURANCE Co increased its holdings in shares of Ready Capital by 42.3% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 179,273 shares of the real estate investment trust’s stock worth $1,639,000 after acquiring an additional 53,328 shares during the last quarter. Finally, EntryPoint Capital LLC bought a new stake in Ready Capital in the 1st quarter valued at $40,000. 55.87% of the stock is owned by institutional investors.

Ready Capital Stock Up 2.4 %

NYSE RC opened at $7.19 on Tuesday. The company has a current ratio of 1.67, a quick ratio of 1.67 and a debt-to-equity ratio of 0.54. The company has a market cap of $1.21 billion, a price-to-earnings ratio of -10.27 and a beta of 1.42. The company has a 50 day moving average of $7.34 and a 200-day moving average of $8.14. Ready Capital Co. has a 1-year low of $6.65 and a 1-year high of $11.67.

Ready Capital Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Monday, September 30th were given a dividend of $0.25 per share. The ex-dividend date was Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 13.91%. Ready Capital’s payout ratio is -142.86%.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Keefe, Bruyette & Woods decreased their price objective on shares of Ready Capital from $8.00 to $7.75 and set an “underperform” rating on the stock in a report on Monday, August 12th. UBS Group lowered their price target on shares of Ready Capital from $8.50 to $7.50 and set a “neutral” rating on the stock in a report on Friday. Piper Sandler reduced their price objective 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, Wedbush reiterated a “neutral” rating and set a $9.00 target price on shares of Ready Capital in a research note on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $9.04.

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.