Principal Financial Group Inc. Sells 7,407 Shares of Ready Capital Co. (NYSE:RC)

Principal Financial Group Inc. lowered its stake in shares of Ready Capital Co. (NYSE:RC) by 1.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 591,773 shares of the real estate investment trust’s stock after selling 7,407 shares during the period. Principal Financial Group Inc. owned approximately 0.53% of Ready Capital worth $6,018,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Pathstone Family Office LLC boosted its holdings in Ready Capital by 4.0% during the fourth quarter. Pathstone Family Office LLC now owns 21,232 shares of the real estate investment trust’s stock worth $237,000 after buying an additional 811 shares during the last quarter. Lincoln National Corp boosted its holdings in Ready Capital by 4.0% during the fourth quarter. Lincoln National Corp now owns 22,859 shares of the real estate investment trust’s stock worth $255,000 after buying an additional 875 shares during the last quarter. Teacher Retirement System of Texas boosted its holdings in Ready Capital by 8.8% during the fourth quarter. Teacher Retirement System of Texas now owns 11,383 shares of the real estate investment trust’s stock worth $127,000 after buying an additional 918 shares during the last quarter. Sowell Financial Services LLC lifted its holdings in shares of Ready Capital by 1.9% during the 4th quarter. Sowell Financial Services LLC now owns 48,661 shares of the real estate investment trust’s stock valued at $562,000 after purchasing an additional 928 shares in the last quarter. Finally, CIBC Asset Management Inc lifted its holdings in shares of Ready Capital by 8.0% during the 4th quarter. CIBC Asset Management Inc now owns 12,560 shares of the real estate investment trust’s stock valued at $140,000 after purchasing an additional 935 shares in the last quarter. Institutional investors own 52.07% of the company’s stock.

Ready Capital Trading Up 0.5 %

NYSE RC opened at $10.92 on Friday. The stock has a market capitalization of $1.88 billion, a price-to-earnings ratio of 4.14 and a beta of 1.40. Ready Capital Co. has a 52 week low of $9.36 and a 52 week high of $13.85. The stock’s 50 day moving average price is $11.13 and its two-hundred day moving average price is $10.86. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.63 and a current ratio of 1.63.

Analyst Ratings Changes

RC has been the topic of several recent analyst reports. B. Riley reiterated a “buy” rating and set a $13.00 price objective on shares of Ready Capital in a report on Monday. StockNews.com initiated coverage on Ready Capital in a report on Thursday, August 17th. They set a “hold” rating on the stock. Raymond James cut their price objective on Ready Capital from $13.00 to $12.00 and set an “outperform” rating on the stock in a report on Wednesday, August 23rd. Finally, JMP Securities cut their price objective on Ready Capital from $15.00 to $14.00 in a report on Tuesday, August 8th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $12.71.

Insiders Place Their Bets

In other Ready Capital news, CEO Thomas E. Capasse sold 26,623 shares of the business’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $10.70, for a total transaction of $284,866.10. Following the transaction, the chief executive officer now owns 309,925 shares of the company’s stock, valued at approximately $3,316,197.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.95% of the company’s stock.

Ready Capital Profile

Ready Capital Corporation operates as a real estate finance company in the United States. The company originates, acquires, finances, and services small to medium balance commercial (SBC) loans, small business administration (SBA) loans, residential mortgage loans, construction loans, and mortgage-backed securities collateralized primarily by SBC loans, or other real estate-related investments.