Vanguard Group Inc. Cuts Stock Holdings in Ready Capital Co. (NYSE:RC)

Vanguard Group Inc. decreased its position in Ready Capital Co. (NYSE:RC - Free Report) by 1.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,427,814 shares of the real estate investment trust's stock after selling 114,277 shares during the quarter. Vanguard Group Inc. owned about 6.06% of Ready Capital worth $105,425,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of RC. BlackRock Inc. boosted its stake in shares of Ready Capital by 75.0% during the 2nd quarter. BlackRock Inc. now owns 27,249,233 shares of the real estate investment trust's stock worth $307,371,000 after acquiring an additional 11,675,364 shares in the last quarter. State Street Corp boosted its stake in shares of Ready Capital by 66.3% during the 2nd quarter. State Street Corp now owns 5,798,238 shares of the real estate investment trust's stock worth $66,212,000 after acquiring an additional 2,312,011 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Ready Capital by 90.2% during the 2nd quarter. Geode Capital Management LLC now owns 3,129,990 shares of the real estate investment trust's stock worth $35,306,000 after acquiring an additional 1,484,317 shares in the last quarter. Ramsey Quantitative Systems bought a new stake in shares of Ready Capital during the 3rd quarter worth about $12,473,000. Finally, Northern Trust Corp boosted its stake in shares of Ready Capital by 135.0% during the 2nd quarter. Northern Trust Corp now owns 2,029,458 shares of the real estate investment trust's stock worth $22,892,000 after acquiring an additional 1,165,908 shares in the last quarter. Institutional investors and hedge funds own 55.87% of the company's stock.

Ready Capital Price Performance

Shares of RC traded down $0.01 during mid-day trading on Friday, reaching $8.80. The company had a trading volume of 1,003,016 shares, compared to its average volume of 1,441,596. Ready Capital Co. has a twelve month low of $8.30 and a twelve month high of $11.97. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.89 and a quick ratio of 1.89. The company's 50-day moving average is $9.01 and its 200-day moving average is $9.77. The company has a market capitalization of $1.52 billion, a P/E ratio of 3.76 and a beta of 1.40.

Ready Capital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Thursday, March 28th will be given a $0.30 dividend. The ex-dividend date is Wednesday, March 27th. This represents a $1.20 annualized dividend and a yield of 13.64%. Ready Capital's payout ratio is 51.28%.

Insider Buying and Selling at Ready Capital

In other Ready Capital news, Director Gilbert E. Nathan acquired 10,000 shares of the business's stock in a transaction on Thursday, March 14th. The stock was purchased at an average price of $8.65 per share, for a total transaction of $86,500.00. Following the transaction, the director now owns 83,099 shares in the company, valued at approximately $718,806.35. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Kevin M. Luebbers bought 5,000 shares of the company's stock in a transaction dated Tuesday, March 5th. The stock was bought at an average price of $8.43 per share, for a total transaction of $42,150.00. Following the completion of the transaction, the director now directly owns 119,925 shares in the company, valued at approximately $1,010,967.75. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gilbert E. Nathan acquired 10,000 shares of the firm's stock in a transaction that occurred on Thursday, March 14th. The shares were bought at an average cost of $8.65 per share, with a total value of $86,500.00. Following the completion of the purchase, the director now owns 83,099 shares of the company's stock, valued at $718,806.35. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 17,150 shares of company stock worth $148,280. 0.95% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages recently weighed in on RC. UBS Group decreased their target price on Ready Capital from $10.50 to $9.50 and set a "neutral" rating for the company in a research note on Wednesday, March 20th. StockNews.com downgraded Ready Capital from a "buy" rating to a "hold" rating in a research note on Monday, March 4th. Raymond James downgraded Ready Capital from an "outperform" rating to a "market perform" rating in a research note on Monday, December 18th. B. Riley restated a "buy" rating and set a $12.00 target price (down previously from $13.00) on shares of Ready Capital in a research note on Monday, March 4th. Finally, Keefe, Bruyette & Woods restated an "underperform" rating and set a $8.00 target price (down previously from $10.00) on shares of Ready Capital in a research note on Monday, March 4th. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, Ready Capital presently has an average rating of "Hold" and a consensus target price of $11.08.

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.