Ready Capital Co. (NYSE:RC) Shares Acquired by Geode Capital Management LLC

Geode Capital Management LLC boosted its stake in shares of Ready Capital Co. (NYSE:RC) by 4.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,838,284 shares of the real estate investment trust’s stock after purchasing an additional 150,479 shares during the quarter. Geode Capital Management LLC owned approximately 2.28% of Ready Capital worth $29,292,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. KBC Group NV increased its stake in shares of Ready Capital by 64.1% in the third quarter. KBC Group NV now owns 8,318 shares of the real estate investment trust’s stock valued at $63,000 after purchasing an additional 3,248 shares during the period. Xponance Inc. bought a new position in shares of Ready Capital in the second quarter worth $84,000. Choreo LLC acquired a new position in shares of Ready Capital during the second quarter valued at $91,000. Modera Wealth Management LLC bought a new stake in shares of Ready Capital during the third quarter valued at about $107,000. Finally, Naviter Wealth LLC lifted its holdings in Ready Capital by 35.0% in the second 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 during the period. 55.87% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have commented on RC shares. JMP Securities lowered their target price on shares of Ready Capital from $10.50 to $9.50 and set a “market outperform” rating on the stock in a research note on Thursday, December 12th. UBS Group lowered their price target 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. Finally, Piper Sandler cut 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. 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 stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $9.11.

Ready Capital Trading Down 0.5 %

Shares of RC opened at $7.35 on Friday. The business’s 50-day moving average price is $7.20 and its 200 day moving average price is $7.91. 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 stock has a market capitalization of $1.24 billion, a P/E ratio of -10.50 and a beta of 1.43. Ready Capital Co. has a 1-year low of $6.65 and a 1-year high of $11.10.

Ready Capital Announces Dividend

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 given a $0.25 dividend. 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 dividend payout ratio (DPR) is presently -142.86%.

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.