Ready Capital (NYSE:RC) Stock Price Up 6.3% Following Insider Buying Activity

Ready Capital Co. (NYSE:RC) shares were up 6.3% on Friday following insider buying activity. The stock traded as high as $5.26 and last traded at $5.32. Approximately 323,887 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 2,599,701 shares. The stock had previously closed at $5.00.

Specifically, CEO Thomas E. Capasse bought 10,000 shares of the business’s stock in a transaction dated Wednesday, March 5th. The stock was acquired at an average price of $4.80 per share, with a total value 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 approximately $1,535,640. This trade represents a 3.23 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. UBS Group dropped their price objective on shares of Ready Capital from $8.50 to $7.50 and set a “neutral” rating for the company in a research note on Friday, November 15th. JMP Securities decreased their price objective on shares of Ready Capital from $10.50 to $9.50 and set a “market outperform” rating on the stock in a report on Thursday, December 12th. Citizens Jmp downgraded Ready Capital from an “outperform” rating to a “market perform” rating in a report on Monday, March 3rd. Wedbush reiterated a “neutral” rating and issued a $6.00 price objective (down previously from $8.00) on shares of Ready Capital in a report on Tuesday. Finally, B. Riley reissued a “neutral” rating and issued a $10.00 target price (down from $12.00) on shares of Ready Capital in a research report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $7.86.

Ready Capital Stock Performance

The company has a quick ratio of 1.67, a current ratio of 1.67 and a debt-to-equity ratio of 0.54. The stock has a 50 day simple moving average of $6.64 and a 200 day simple moving average of $7.20. The company has a market capitalization of $901.14 million, a price-to-earnings ratio of -7.64 and a beta of 1.43.

Ready Capital Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 31st will be given a dividend of $0.125 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.50 annualized dividend and a dividend yield of 9.35%. Ready Capital’s dividend payout ratio is presently -142.86%.

Institutional Investors Weigh In On Ready Capital

A number of institutional investors have recently added to or reduced their stakes in the company. B. Riley Wealth Advisors Inc. increased its holdings in shares of Ready Capital by 110.2% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 22,893 shares of the real estate investment trust’s stock valued at $162,000 after buying an additional 12,000 shares in the last quarter. AlphaCore Capital LLC boosted its holdings in Ready Capital by 25.4% during the fourth quarter. AlphaCore Capital LLC now owns 23,024 shares of the real estate investment trust’s stock valued at $163,000 after acquiring an additional 4,660 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Ready Capital by 19.4% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 432,540 shares of the real estate investment trust’s stock valued at $2,950,000 after buying an additional 70,314 shares during the last quarter. Squarepoint Ops LLC raised its position in shares of Ready Capital by 11.7% during the fourth quarter. Squarepoint Ops LLC now owns 42,964 shares of the real estate investment trust’s stock valued at $293,000 after buying an additional 4,486 shares during the last quarter. Finally, State of Wyoming acquired a new position in Ready Capital in the fourth quarter worth about $1,094,000. 55.87% of the stock is currently owned by institutional investors and hedge funds.

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.