Ready Capital Co. (NYSE:RC) Shares Sold by Summit Global Investments

Summit Global Investments decreased its holdings in shares of Ready Capital Co. (NYSE:RC) by 8.8% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 128,081 shares of the real estate investment trust’s stock after selling 12,394 shares during the quarter. Summit Global Investments owned about 0.08% of Ready Capital worth $874,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Charles Schwab Investment Management Inc. grew its holdings in Ready Capital by 21.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,266,585 shares of the real estate investment trust’s stock valued at $15,458,000 after purchasing an additional 398,005 shares during the period. Barclays PLC boosted its holdings in shares of Ready Capital by 205.9% in the 3rd quarter. Barclays PLC now owns 484,986 shares of the real estate investment trust’s stock valued at $3,699,000 after purchasing an additional 326,467 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Ready Capital by 50.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 336,773 shares of the real estate investment trust’s stock valued at $2,570,000 after purchasing an additional 112,934 shares during the last quarter. GraniteShares Advisors LLC purchased a new stake in shares of Ready Capital during the 4th quarter valued at $2,480,000. Finally, Geode Capital Management LLC increased its holdings 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 worth $29,292,000 after buying an additional 150,479 shares during the last quarter. Institutional investors and hedge funds own 55.87% of the company’s stock.

Ready Capital Stock Down 0.9 %

NYSE RC opened at $5.04 on Monday. The company has a quick ratio of 1.67, a current ratio of 1.67 and a debt-to-equity ratio of 0.54. Ready Capital Co. has a fifty-two week low of $4.74 and a fifty-two week high of $9.54. The business has a 50 day moving average price of $6.25 and a two-hundred day moving average price of $6.93. The stock has a market cap of $821.47 million, a PE ratio of -7.19 and a beta of 1.43.

Ready Capital Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 31st will be paid a $0.125 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.50 annualized dividend and a dividend yield of 9.93%. Ready Capital’s dividend payout ratio (DPR) is presently -18.94%.

Insider Activity at Ready Capital

In other Ready Capital 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 acquired at an average price of $4.80 per share, for a total transaction of $48,000.00. Following the completion of the purchase, the chief executive officer now owns 319,925 shares in the company, valued at $1,535,640. The trade was a 3.23 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.09% of the company’s stock.

Analyst Ratings Changes

RC has been the topic of a number of research analyst reports. JMP Securities reduced their target price on Ready Capital from $10.50 to $9.50 and set a “market outperform” rating on the stock in a report on Thursday, December 12th. Wedbush reiterated a “neutral” rating and set a $6.00 target price (down previously from $8.00) on shares of Ready Capital in a report on Tuesday, March 4th. B. Riley restated a “neutral” rating and issued a $10.00 price target (down previously from $12.00) on shares of Ready Capital in a report on Tuesday, January 7th. 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 research report on Wednesday, March 5th. Finally, Citizens Jmp lowered shares of Ready Capital from an “outperform” rating to a “market perform” rating in a research report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $7.50.

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.