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

Principal Financial Group Inc. grew 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 13F filing with the SEC. The fund owned 792,536 shares of the real estate investment trust’s stock after buying an additional 25,545 shares during the quarter. Principal Financial Group Inc.’s holdings in Ready Capital were worth $6,047,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in RC. Barclays PLC boosted its stake in shares of Ready Capital by 205.9% in the third quarter. Barclays PLC now owns 484,986 shares of the real estate investment trust’s stock valued at $3,699,000 after buying an additional 326,467 shares in the last quarter. Clear Harbor Asset Management LLC boosted its position in shares of Ready Capital by 84.0% during the 3rd quarter. Clear Harbor Asset Management LLC now owns 1,440,250 shares of the real estate investment trust’s stock worth $10,989,000 after purchasing an additional 657,465 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Ready Capital by 11.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,868,580 shares of the real estate investment trust’s stock worth $14,257,000 after purchasing an additional 195,663 shares during the period. Wolverine Asset Management LLC lifted its stake in shares of Ready Capital by 2,902.2% in the third quarter. Wolverine Asset Management LLC now owns 402,291 shares of the real estate investment trust’s stock valued at $3,069,000 after purchasing an additional 388,891 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in Ready Capital by 4.1% during the third quarter. Geode Capital Management LLC now owns 3,838,284 shares of the real estate investment trust’s stock worth $29,292,000 after buying an additional 150,479 shares in the last quarter. Institutional investors and hedge funds own 55.87% of the company’s stock.

Ready Capital Price Performance

NYSE:RC opened at $6.82 on Thursday. The firm has a market cap of $1.15 billion, a price-to-earnings ratio of -9.74 and a beta of 1.43. Ready Capital Co. has a 12-month low of $6.65 and a 12-month high of $10.36. The company has a current ratio of 1.67, a quick ratio of 1.67 and a debt-to-equity ratio of 0.54. The company’s 50-day moving average is $7.19 and its two-hundred day moving average is $7.87.

Ready Capital Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be issued a $0.25 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.00 annualized dividend and a yield of 14.66%. Ready Capital’s dividend payout ratio (DPR) is presently -142.86%.

Analyst Ratings Changes

RC has been the subject of a number of research analyst reports. UBS Group dropped their target price on shares of Ready Capital from $8.50 to $7.50 and set a “neutral” rating for the company in a report on Friday, November 15th. JMP Securities reduced their price objective on Ready Capital from $10.50 to $9.50 and set a “market outperform” rating for the company in a report on Thursday, December 12th. Finally, Piper Sandler dropped their price target on Ready Capital from $9.50 to $8.00 and set a “neutral” rating for the company in a research report on Monday, September 16th. One research analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $9.11.

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.