Principal Financial Group Inc. Grows Stock Holdings in Ready Capital Co. (NYSE:RC)

Principal Financial Group Inc. lifted its position in shares of Ready Capital Co. (NYSE:RC) by 3.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 792,536 shares of the real estate investment trust’s stock after purchasing an additional 25,545 shares during the period. Principal Financial Group Inc. owned 0.47% of Ready Capital worth $6,047,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. CWM LLC boosted its position in Ready Capital by 94.6% during the 2nd quarter. CWM LLC now owns 3,361 shares of the real estate investment trust’s stock valued at $27,000 after acquiring an additional 1,634 shares in the last quarter. EntryPoint Capital LLC purchased a new stake in Ready Capital in the first quarter worth $40,000. Cadence Bank bought a new position in Ready Capital in the first quarter worth $91,000. Xponance Inc. bought a new stake in shares of Ready Capital during the 2nd quarter valued at $84,000. Finally, Choreo LLC purchased a new stake in shares of Ready Capital in the 2nd quarter worth about $91,000. 55.87% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms recently commented on RC. Keefe, Bruyette & Woods dropped their price objective on shares of Ready Capital from $8.00 to $7.75 and set an “underperform” rating on the stock in a research note on Monday, August 12th. UBS Group reduced their price objective on Ready Capital from $8.50 to $7.50 and set a “neutral” rating for the company in a research report on Friday, November 15th. Piper Sandler dropped their target price on Ready Capital from $9.50 to $8.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. Finally, Wedbush reaffirmed a “neutral” rating and issued a $9.00 price target on shares of Ready Capital in a research report on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $9.04.

Ready Capital Price Performance

RC opened at $7.21 on Thursday. The company’s 50-day simple moving average is $7.30 and its two-hundred day simple moving average is $8.11. Ready Capital Co. has a 52-week low of $6.65 and a 52-week high of $11.67. The stock has a market capitalization of $1.21 billion, a P/E ratio of -10.29 and a beta of 1.42. 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 announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Monday, September 30th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 13.88%. The ex-dividend date was Monday, September 30th. Ready Capital’s dividend payout ratio is -142.86%.

Ready Capital 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.