Fmr LLC Sells 4,953 Shares of Ready Capital Co. (NYSE:RC)

Fmr LLC lowered its position in shares of Ready Capital Co. (NYSE:RC) by 47.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm 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 quarter.

A number of other hedge funds have also recently modified their holdings of the business. KBC Group NV lifted its position in Ready Capital by 64.1% during the 3rd quarter. KBC Group NV now owns 8,318 shares of the real estate investment trust’s stock valued at $63,000 after acquiring an additional 3,248 shares during the period. Xponance Inc. bought a new position in shares of Ready Capital during the second quarter valued at approximately $84,000. Choreo LLC purchased a new position in shares of Ready Capital during the second quarter valued at approximately $91,000. Naviter Wealth LLC boosted its position in shares of Ready Capital by 35.0% in the 2nd quarter. Naviter Wealth LLC now owns 13,500 shares of the real estate investment trust’s stock worth $114,000 after purchasing an additional 3,500 shares in the last quarter. Finally, Modera Wealth Management LLC purchased a new stake in shares of Ready Capital in the 3rd quarter worth approximately $107,000. Institutional investors own 55.87% of the company’s stock.

Ready Capital Price Performance

RC opened at $7.39 on Thursday. The company’s 50-day simple moving average is $7.20 and its two-hundred day simple moving average is $7.92. 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 capitalization of $1.25 billion, a P/E ratio of -10.56 and a beta of 1.43. Ready Capital Co. has a 52-week low of $6.65 and a 52-week high of $11.11.

Ready Capital Dividend Announcement

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

Analysts Set New Price Targets

Several research firms have commented on RC. UBS Group dropped 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 cut 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. Finally, JMP Securities decreased their target price on shares of Ready Capital from $10.50 to $9.50 and set a “market outperform” rating for the company in a report on Thursday, December 12th. One analyst has rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Ready Capital currently has a consensus rating of “Hold” and a consensus price target of $9.11.

Ready Capital Company 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.