Citigroup Inc. grew its holdings in shares of Ready Capital Co. (NYSE:RC – Get Rating) by 24.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 58,977 shares of the real estate investment trust’s stock after acquiring an additional 11,679 shares during the period. Citigroup Inc. owned 0.05% of Ready Capital worth $657,000 as of its most recent SEC filing.
A number of other large investors have also recently bought and sold shares of RC. BlackRock Inc. boosted its position in shares of Ready Capital by 25.5% during the 3rd quarter. BlackRock Inc. now owns 15,476,684 shares of the real estate investment trust’s stock worth $156,934,000 after purchasing an additional 3,149,533 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Ready Capital by 17.8% during the 3rd quarter. Vanguard Group Inc. now owns 6,402,647 shares of the real estate investment trust’s stock worth $64,922,000 after purchasing an additional 967,743 shares in the last quarter. State Street Corp boosted its position in shares of Ready Capital by 24.4% during the 3rd quarter. State Street Corp now owns 3,329,238 shares of the real estate investment trust’s stock worth $35,130,000 after purchasing an additional 653,207 shares in the last quarter. Invesco Ltd. boosted its position in shares of Ready Capital by 42.2% during the 1st quarter. Invesco Ltd. now owns 2,603,750 shares of the real estate investment trust’s stock worth $39,211,000 after purchasing an additional 772,522 shares in the last quarter. Finally, Northern Trust Corp boosted its position in shares of Ready Capital by 11.5% during the 2nd quarter. Northern Trust Corp now owns 1,236,399 shares of the real estate investment trust’s stock worth $14,738,000 after purchasing an additional 127,069 shares in the last quarter. 62.84% of the stock is currently owned by institutional investors and hedge funds.
Ready Capital Trading Up 7.6 %
NYSE:RC opened at $10.68 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.39 and a current ratio of 1.39. The firm has a market cap of $1.18 billion, a price-to-earnings ratio of 8.03 and a beta of 1.38. Ready Capital Co. has a 52 week low of $9.36 and a 52 week high of $14.79. The firm has a 50-day moving average price of $10.32 and a two-hundred day moving average price of $11.49.
Ready Capital Cuts Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Tuesday, May 30th will be paid a $0.14 dividend. The ex-dividend date is Friday, May 26th. This represents a $0.56 annualized dividend and a yield of 5.24%. Ready Capital’s dividend payout ratio (DPR) is 42.11%.
Insider Buying and Selling at Ready Capital
In related news, Director Gilbert E. Nathan purchased 5,000 shares of the firm’s stock in a transaction dated Tuesday, March 7th. The stock was bought at an average price of $10.95 per share, for a total transaction of $54,750.00. Following the purchase, the director now directly owns 56,565 shares in the company, valued at approximately $619,386.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.64% of the company’s stock.
Analyst Ratings Changes
RC has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods cut their price objective on shares of Ready Capital from $12.00 to $10.50 and set a “market perform” rating on the stock in a research report on Thursday, April 13th. Piper Sandler dropped their price target on shares of Ready Capital from $13.00 to $12.50 and set a “neutral” rating on the stock in a research report on Tuesday, February 28th. Finally, StockNews.com began coverage on shares of Ready Capital in a research report on Thursday, May 18th. They issued a “hold” rating on the stock. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $13.71.
Ready Capital Company Profile
Ready Capital Corp. is a real estate finance company, which engages in acquiring, managing, and financing small balance commercial loans. It operates through the following segments: SBC Lending and Acquisitions, Small Business Lending, and Residential Mortgage Banking. The SBC Lending and Acquisitions segment is involved in the SBC loans across the full life-cycle of an SBC property including construction, bridge, stabilized, and agency loan origination channels through wholly-owned subsidiary, ReadyCap Commercial, LLC.
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