Victory Capital Management Inc. Boosts Holdings in Ready Capital Co. (NYSE:RC)

Victory Capital Management Inc. grew its position in shares of Ready Capital Co. (NYSE:RC) by 7.8% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,347 shares of the real estate investment trust’s stock after purchasing an additional 1,331 shares during the period. Victory Capital Management Inc.’s holdings in Ready Capital were worth $207,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in RC. New York State Teachers Retirement System grew its position in shares of Ready Capital by 18.2% during the second quarter. New York State Teachers Retirement System now owns 154,984 shares of the real estate investment trust’s stock worth $1,748,000 after buying an additional 23,822 shares in the last quarter. BlueSky Wealth Advisors LLC acquired a new position in Ready Capital in the second quarter worth $309,000. Carson Advisory Inc. acquired a new position in Ready Capital in the second quarter worth $236,000. Joel Isaacson & Co. LLC boosted its holdings in Ready Capital by 5.4% in the second quarter. Joel Isaacson & Co. LLC now owns 47,933 shares of the real estate investment trust’s stock worth $541,000 after purchasing an additional 2,456 shares during the period. Finally, Oregon Public Employees Retirement Fund boosted its holdings in Ready Capital by 58.6% in the second quarter. Oregon Public Employees Retirement Fund now owns 50,325 shares of the real estate investment trust’s stock worth $568,000 after purchasing an additional 18,600 shares during the period. Hedge funds and other institutional investors own 52.07% of the company’s stock.

Ready Capital Price Performance

Shares of Ready Capital stock opened at $10.16 on Monday. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.47. The company’s 50-day moving average price is $10.28 and its two-hundred day moving average price is $10.66. Ready Capital Co. has a 52 week low of $9.19 and a 52 week high of $13.74. The stock has a market cap of $1.75 billion, a PE ratio of 3.85 and a beta of 1.41.

Ready Capital Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 31st. Shareholders of record on Friday, September 29th were given a $0.36 dividend. The ex-dividend date of this dividend was Thursday, September 28th. This is a boost from Ready Capital’s previous quarterly dividend of $0.14. This represents a $1.44 annualized dividend and a yield of 14.17%. Ready Capital’s payout ratio is 54.55%.

Wall Street Analysts Forecast Growth

RC has been the subject of several analyst reports. Wedbush initiated coverage on shares of Ready Capital in a report on Tuesday, October 17th. They set a “neutral” rating and a $11.00 price target for the company. Raymond James reduced their price target on shares of Ready Capital from $13.00 to $12.00 and set an “outperform” rating for the company in a report on Wednesday, August 23rd. B. Riley reissued a “buy” rating and set a $13.00 price target on shares of Ready Capital in a report on Monday, August 28th. JMP Securities reduced their price target on shares of Ready Capital from $15.00 to $14.00 in a report on Tuesday, August 8th. Finally, StockNews.com initiated coverage on shares of Ready Capital in a research note on Thursday, October 5th. They set a “hold” rating on the stock. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $12.50.

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 dated Tuesday, August 15th. The stock was sold at an average price of $10.70, for a total transaction of $284,866.10. Following the sale, the chief executive officer now owns 309,925 shares in the company, valued at approximately $3,316,197.50. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.95% of the stock is owned by company insiders.

Ready Capital Company 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.