Texas Permanent School Fund Corp increased its position in shares of Ready Capital Co. (NYSE:RC – Free Report) by 61.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 141,646 shares of the real estate investment trust’s stock after purchasing an additional 53,844 shares during the period. Texas Permanent School Fund Corp owned about 0.13% of Ready Capital worth $1,598,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of RC. Portside Wealth Group LLC acquired a new stake in Ready Capital in the 2nd quarter valued at $1,301,000. Bank of New York Mellon Corp boosted its stake in Ready Capital by 75.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,304,181 shares of the real estate investment trust’s stock valued at $14,711,000 after buying an additional 558,808 shares in the last quarter. Van ECK Associates Corp boosted its stake in Ready Capital by 64.4% in the 2nd quarter. Van ECK Associates Corp now owns 831,381 shares of the real estate investment trust’s stock valued at $9,378,000 after buying an additional 325,786 shares in the last quarter. Truist Financial Corp boosted its stake in Ready Capital by 2.6% in the 1st quarter. Truist Financial Corp now owns 749,145 shares of the real estate investment trust’s stock valued at $7,619,000 after buying an additional 18,878 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its stake in Ready Capital by 58.6% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 50,325 shares of the real estate investment trust’s stock valued at $568,000 after buying an additional 18,600 shares in the last quarter. 52.07% of the stock is currently owned by institutional investors.
Ready Capital Price Performance
Shares of RC stock opened at $10.01 on Friday. The stock has a 50-day moving average price of $10.10 and a 200 day moving average price of $10.63. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.43. The firm has a market cap of $1.72 billion, a price-to-earnings ratio of 4.19 and a beta of 1.41. Ready Capital Co. has a 12 month low of $9.19 and a 12 month high of $13.74.
Ready Capital Increases Dividend
Analyst Ratings Changes
RC has been the topic of several recent analyst reports. B. Riley reaffirmed a “buy” rating and issued a $13.00 price target on shares of Ready Capital in a research note on Monday, August 28th. StockNews.com upgraded Ready Capital from a “hold” rating to a “buy” rating in a research note on Friday, November 10th. Raymond James lowered their target price 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. JMP Securities lowered their target price on Ready Capital from $15.00 to $14.00 in a research note on Tuesday, August 8th. Finally, Keefe, Bruyette & Woods lowered their target price on Ready Capital from $10.50 to $10.00 and set a “market perform” rating for the company in a research note on Tuesday. 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 $12.00.
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.
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