Ready Capital Co. (NYSE:RC) Shares Sold by Truist Financial Corp

Truist Financial Corp lessened its stake in Ready Capital Co. (NYSE:RC) by 31.6% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 281,267 shares of the real estate investment trust’s stock after selling 129,945 shares during the period. Truist Financial Corp owned about 0.17% of Ready Capital worth $1,918,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in RC. Louisiana State Employees Retirement System increased its holdings in Ready Capital by 4.0% in the 3rd quarter. Louisiana State Employees Retirement System now owns 81,300 shares of the real estate investment trust’s stock valued at $620,000 after purchasing an additional 3,100 shares during the last quarter. Modera Wealth Management LLC acquired a new stake in Ready Capital in the 3rd quarter valued at approximately $107,000. State of Alaska Department of Revenue increased its holdings in Ready Capital by 5.2% in the 3rd quarter. State of Alaska Department of Revenue now owns 95,992 shares of the real estate investment trust’s stock valued at $732,000 after purchasing an additional 4,775 shares during the last quarter. Van ECK Associates Corp boosted its position in Ready Capital by 1.8% in the 3rd quarter. Van ECK Associates Corp now owns 1,366,040 shares of the real estate investment trust’s stock valued at $9,508,000 after buying an additional 23,970 shares during the period. Finally, United Advisor Group LLC purchased a new position in Ready Capital in the 3rd quarter valued at approximately $151,000. Institutional investors and hedge funds own 55.87% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on RC shares. Keefe, Bruyette & Woods decreased their price target on shares of Ready Capital from $6.75 to $6.25 and set an “underperform” rating for the company in a research report on Tuesday, January 14th. JMP Securities decreased their price target on shares of Ready Capital from $10.50 to $9.50 and set a “market outperform” rating for the company in a research report on Thursday, December 12th. UBS Group decreased their price target on shares of Ready Capital from $8.50 to $7.50 and set a “neutral” rating for the company in a research report on Friday, November 15th. Finally, B. Riley reissued a “neutral” rating and issued a $10.00 price target (down previously from $12.00) on shares of Ready Capital in a research report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $8.61.

Ready Capital Price Performance

Shares of RC opened at $6.90 on Thursday. Ready Capital Co. has a 1-year low of $6.39 and a 1-year high of $9.53. The stock has a market cap of $1.16 billion, a PE ratio of -9.86 and a beta of 1.43. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.67 and a quick ratio of 1.67. The firm has a fifty day moving average price of $6.84 and a 200 day moving average price of $7.30.

Ready Capital Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, January 31st. Investors of record on Tuesday, December 31st were given a $0.25 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $1.00 dividend on an annualized basis and a yield of 14.49%. Ready Capital’s dividend payout ratio (DPR) is presently -142.86%.

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.