Raymond James & Associates Has $243,000 Holdings in Ready Capital Co. (NYSE:RC)

Raymond James & Associates lifted its position in shares of Ready Capital Co. (NYSE:RC) by 71.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 21,530 shares of the real estate investment trust’s stock after purchasing an additional 8,977 shares during the period. Raymond James & Associates’ holdings in Ready Capital were worth $243,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. lifted its stake in Ready Capital by 25.5% in the third quarter. BlackRock Inc. now owns 15,476,684 shares of the real estate investment trust’s stock valued at $156,934,000 after buying an additional 3,149,533 shares during the period. Vanguard Group Inc. raised its position in Ready Capital by 17.8% in the 3rd quarter. Vanguard Group Inc. now owns 6,402,647 shares of the real estate investment trust’s stock valued at $64,922,000 after buying an additional 967,743 shares during the last quarter. Invesco Ltd. raised its position in Ready Capital by 42.2% in the 1st quarter. Invesco Ltd. now owns 2,603,750 shares of the real estate investment trust’s stock valued at $39,211,000 after buying an additional 772,522 shares during the last quarter. State Street Corp grew its stake in Ready Capital by 24.4% in the 3rd quarter. State Street Corp now owns 3,329,238 shares of the real estate investment trust’s stock valued at $35,130,000 after purchasing an additional 653,207 shares during the period. Finally, Spire Wealth Management grew its stake in Ready Capital by 42,517.9% in the 1st quarter. Spire Wealth Management now owns 426,179 shares of the real estate investment trust’s stock valued at $4,334,000 after purchasing an additional 425,179 shares during the period. 52.07% of the stock is currently owned by institutional investors.

Ready Capital Stock Performance

Shares of NYSE RC opened at $9.75 on Monday. The stock has a market cap of $1.68 billion, a price-to-earnings ratio of 4.08 and a beta of 1.41. The company has a current ratio of 1.83, a quick ratio of 1.63 and a debt-to-equity ratio of 0.43. Ready Capital Co. has a 1-year low of $9.19 and a 1-year high of $13.74. The stock’s 50-day moving average is $10.17 and its 200 day moving average is $10.65.

Ready Capital Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 31st. Investors of record on Friday, September 29th were issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 14.77%. This is a boost from Ready Capital’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend was Thursday, September 28th. Ready Capital’s dividend payout ratio (DPR) is currently 60.25%.

Insider Buying and Selling

In related news, CEO Thomas E. Capasse sold 26,623 shares of the firm’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 directly 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 hyperlink. 0.95% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Wedbush initiated coverage on Ready Capital in a research note on Tuesday, October 17th. They issued a “neutral” rating and a $11.00 price objective for the company. StockNews.com upgraded Ready Capital from a “hold” rating to a “buy” rating in a research note on Friday. JMP Securities cut their price target on Ready Capital from $15.00 to $14.00 in a research note on Tuesday, August 8th. B. Riley reiterated a “buy” rating and set a $13.00 price target on shares of Ready Capital in a research note on Monday, August 28th. Finally, Raymond James cut their price target on Ready Capital from $13.00 to $12.00 and set an “outperform” rating for the company in a research note on Wednesday, August 23rd. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Ready Capital has an average rating of “Hold” and an average price target of $12.50.

About Ready Capital

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.