Raymond James Financial Inc. Invests $1.84 Million in Ready Capital Co. (NYSE:RC)

Raymond James Financial Inc. acquired a new stake in shares of Ready Capital Co. (NYSE:RC) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 269,659 shares of the real estate investment trust’s stock, valued at approximately $1,839,000. Raymond James Financial Inc. owned about 0.16% of Ready Capital as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in RC. Charles Schwab Investment Management Inc. increased its holdings in Ready Capital by 21.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,266,585 shares of the real estate investment trust’s stock valued at $15,458,000 after buying an additional 398,005 shares during the period. GraniteShares Advisors LLC bought a new stake in Ready Capital in the fourth quarter valued at $2,480,000. Barclays PLC raised its stake in Ready Capital by 205.9% during the third quarter. Barclays PLC now owns 484,986 shares of the real estate investment trust’s stock worth $3,699,000 after acquiring an additional 326,467 shares in the last quarter. State Street Corp raised its stake in Ready Capital by 4.8% during the third quarter. State Street Corp now owns 6,315,147 shares of the real estate investment trust’s stock worth $49,746,000 after acquiring an additional 287,068 shares in the last quarter. Finally, SVB Wealth LLC bought a new position in shares of Ready Capital during the fourth quarter valued at $1,684,000. Institutional investors own 55.87% of the company’s stock.

Insiders Place Their Bets

In related news, insider Adam Zausmer purchased 10,000 shares of Ready Capital stock in a transaction dated Friday, March 7th. The shares were acquired at an average cost of $5.42 per share, for a total transaction of $54,200.00. Following the transaction, the insider now directly owns 301,105 shares of the company’s stock, valued at approximately $1,631,989.10. This trade represents a 3.44 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 1.09% of the company’s stock.

Ready Capital Stock Up 2.3 %

Shares of RC opened at $5.09 on Tuesday. The business’s fifty day moving average price is $6.04 and its two-hundred day moving average price is $6.81. The firm has a market capitalization of $873.75 million, a price-to-earnings ratio of -7.26 and a beta of 1.43. Ready Capital Co. has a 52 week low of $4.74 and a 52 week high of $9.54. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.67 and a current ratio of 1.67.

Ready Capital Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Monday, March 31st will be given a $0.125 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.50 dividend on an annualized basis and a yield of 9.83%. Ready Capital’s payout ratio is -18.94%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. B. Riley reiterated a “neutral” rating and set a $10.00 target price (down previously from $12.00) on shares of Ready Capital in a research report on Tuesday, January 7th. Citizens Jmp lowered shares of Ready Capital from an “outperform” rating to a “market perform” rating in a report on Monday, March 3rd. UBS Group reduced their target price on Ready Capital from $7.00 to $5.00 and set a “neutral” rating on the stock in a report on Friday, March 14th. Wedbush reaffirmed a “neutral” rating and set a $6.00 price target (down from $8.00) on shares of Ready Capital in a report on Tuesday, March 4th. Finally, JMP Securities reduced their price objective on 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. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, Ready Capital presently has a consensus rating of “Hold” and an average price target of $7.50.

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.