Steward Partners Investment Advisory LLC Acquires 6,150 Shares of Ready Capital Co. (NYSE:RC)

Steward Partners Investment Advisory LLC boosted its position in Ready Capital Co. (NYSE:RC) by 3,075.0% in the fourth quarter, Holdings Channel.com reports. The firm owned 6,350 shares of the real estate investment trust’s stock after buying an additional 6,150 shares during the quarter. Steward Partners Investment Advisory LLC’s holdings in Ready Capital were worth $43,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Avion Wealth bought a new position in Ready Capital in the fourth quarter worth $47,000. KBC Group NV raised its holdings in Ready Capital by 64.1% in the third quarter. KBC Group NV now owns 8,318 shares of the real estate investment trust’s stock worth $63,000 after purchasing an additional 3,248 shares in the last quarter. Proficio Capital Partners LLC bought a new position in Ready Capital in the fourth quarter worth $69,000. Ieq Capital LLC bought a new position in Ready Capital in the fourth quarter worth $99,000. Finally, Fisher Asset Management LLC bought a new position in Ready Capital in the third quarter worth $116,000. Institutional investors own 55.87% of the company’s stock.

Wall Street Analyst Weigh In

RC has been the subject of several analyst reports. Citizens Jmp downgraded Ready Capital from an “outperform” rating to a “market perform” rating in a report on Monday, March 3rd. UBS Group reduced their price target on Ready Capital from $7.00 to $5.00 and set a “neutral” rating for the company in a report on Friday, March 14th. Wedbush restated 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. B. Riley restated a “neutral” rating and set a $10.00 price target (down from $12.00) on shares of Ready Capital in a report on Tuesday, January 7th. Finally, Keefe, Bruyette & Woods reduced their price target on Ready Capital from $6.25 to $4.00 and set an “underperform” rating for the company in a report on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $7.50.

Insider Activity

In related news, insider Adam Zausmer acquired 10,000 shares of the stock in a transaction dated Friday, March 7th. The shares were purchased at an average cost of $5.42 per share, with a total value of $54,200.00. Following the transaction, the insider now directly owns 301,105 shares in the company, valued at approximately $1,631,989.10. This represents a 3.44 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.09% of the company’s stock.

Ready Capital Trading Up 1.7 %

Shares of NYSE:RC opened at $5.08 on Wednesday. The stock has a market capitalization of $828.15 million, a price-to-earnings ratio of -7.25 and a beta of 1.43. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.67 and a current ratio of 1.67. The stock’s 50-day simple moving average is $6.35 and its two-hundred day simple moving average is $6.99. Ready Capital Co. has a 52-week low of $4.74 and a 52-week high of $9.54.

Ready Capital Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders 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 annualized dividend and a yield of 9.85%. Ready Capital’s payout ratio is -18.94%.

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.