PNC Financial Services Group Inc. Buys 2,328 Shares of Ready Capital Co. (NYSE:RC)

PNC Financial Services Group Inc. lifted its stake in shares of Ready Capital Co. (NYSE:RC) by 18.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 15,193 shares of the real estate investment trust’s stock after acquiring an additional 2,328 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Ready Capital were worth $104,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RC. State Street Corp boosted its position in shares of Ready Capital by 4.8% in the third quarter. State Street Corp now owns 6,315,147 shares of the real estate investment trust’s stock worth $49,746,000 after purchasing an additional 287,068 shares during the period. Geode Capital Management LLC lifted its stake in shares of Ready Capital by 4.1% during the 3rd quarter. Geode Capital Management LLC now owns 3,838,284 shares of the real estate investment trust’s stock valued at $29,292,000 after buying an additional 150,479 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Ready Capital by 21.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,266,585 shares of the real estate investment trust’s stock worth $15,458,000 after buying an additional 398,005 shares during the period. Van ECK Associates Corp increased its stake in Ready Capital by 12.8% in the 4th quarter. Van ECK Associates Corp now owns 1,540,765 shares of the real estate investment trust’s stock worth $10,508,000 after buying an additional 174,725 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Ready Capital by 7.0% during the fourth quarter. Bank of New York Mellon Corp now owns 1,166,296 shares of the real estate investment trust’s stock valued at $7,954,000 after acquiring an additional 76,788 shares during the period. 55.87% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Ready Capital

In other news, CEO Thomas E. Capasse purchased 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 5th. The shares were bought at an average cost of $4.80 per share, for a total transaction of $48,000.00. Following the acquisition, the chief executive officer now owns 319,925 shares of the company’s stock, valued at approximately $1,535,640. This trade represents a 3.23 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.09% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on RC shares. JMP Securities dropped their price objective on Ready Capital from $10.50 to $9.50 and set a “market outperform” rating for the company in a research note on Thursday, December 12th. Wedbush restated a “neutral” rating and issued a $6.00 price target (down from $8.00) on shares of Ready Capital in a research note on Tuesday, March 4th. B. Riley reiterated a “neutral” rating and set a $10.00 price objective (down previously from $12.00) on shares of Ready Capital in a research report on Tuesday, January 7th. UBS Group dropped their target price on shares of Ready Capital from $7.00 to $5.00 and set a “neutral” rating for the company in a research report on Friday, March 14th. Finally, Keefe, Bruyette & Woods reduced their price target on shares of Ready Capital from $6.25 to $4.00 and set an “underperform” rating on the stock in a report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $7.50.

Ready Capital Trading Down 2.2 %

Shares of RC opened at $4.89 on Wednesday. Ready Capital Co. has a fifty-two week low of $4.74 and a fifty-two week high of $9.54. 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 company’s fifty day moving average is $6.22 and its 200 day moving average is $6.91. The stock has a market capitalization of $797.81 million, a PE ratio of -6.99 and a beta of 1.43.

Ready Capital Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 31st will be given a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 10.22%. The ex-dividend date of this dividend is Monday, March 31st. Ready Capital’s dividend 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.