Jennison Associates LLC Lowers Position in Ready Capital Co. (NYSE:RC)

Jennison Associates LLC cut its stake in Ready Capital Co. (NYSE:RC) by 21.7% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 56,672 shares of the real estate investment trust’s stock after selling 15,734 shares during the quarter. Jennison Associates LLC’s holdings in Ready Capital were worth $581,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Handelsbanken Fonder AB lifted its holdings in shares of Ready Capital by 80.4% during the fourth quarter. Handelsbanken Fonder AB now owns 25,130 shares of the real estate investment trust’s stock valued at $258,000 after purchasing an additional 11,200 shares during the last quarter. Tyche Wealth Partners LLC purchased a new position in shares of Ready Capital during the fourth quarter valued at approximately $119,000. Bear Mountain Capital Inc. purchased a new position in shares of Ready Capital during the fourth quarter valued at approximately $30,000. Louisiana State Employees Retirement System purchased a new position in shares of Ready Capital during the fourth quarter valued at approximately $812,000. Finally, HBK Sorce Advisory LLC lifted its holdings in shares of Ready Capital by 6.4% during the fourth quarter. HBK Sorce Advisory LLC now owns 64,760 shares of the real estate investment trust’s stock valued at $664,000 after purchasing an additional 3,897 shares during the last quarter. 55.87% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Gilbert E. Nathan bought 10,000 shares of the business’s stock in a transaction on Thursday, March 14th. The stock was acquired at an average price of $8.65 per share, with a total value of $86,500.00. Following the transaction, the director now owns 83,099 shares in the company, valued at approximately $718,806.35. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Ready Capital news, Director Kevin M. Luebbers acquired 5,000 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was purchased at an average price of $8.43 per share, with a total value of $42,150.00. Following the transaction, the director now directly owns 119,925 shares in the company, valued at approximately $1,010,967.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Gilbert E. Nathan acquired 10,000 shares of the business’s stock in a transaction dated Thursday, March 14th. The shares were acquired at an average cost of $8.65 per share, with a total value of $86,500.00. Following the transaction, the director now owns 83,099 shares in the company, valued at $718,806.35. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 17,150 shares of company stock valued at $148,280. Company insiders own 0.95% of the company’s stock.

Ready Capital Trading Up 1.7 %

NYSE:RC opened at $8.85 on Monday. The company has a current ratio of 1.89, a quick ratio of 1.89 and a debt-to-equity ratio of 0.44. Ready Capital Co. has a 12 month low of $8.25 and a 12 month high of $11.97. The company has a market cap of $1.53 billion, a PE ratio of 3.78 and a beta of 1.40. The company has a 50 day simple moving average of $8.80 and a two-hundred day simple moving average of $9.57.

Ready Capital Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Thursday, March 28th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 13.56%. The ex-dividend date of this dividend is Wednesday, March 27th. Ready Capital’s dividend payout ratio (DPR) is presently 51.28%.

Analysts Set New Price Targets

RC has been the subject of several recent research reports. Keefe, Bruyette & Woods reiterated an “underperform” rating and set a $8.00 target price (down from $10.00) on shares of Ready Capital in a report on Monday, March 4th. UBS Group reduced their price target on shares of Ready Capital from $10.50 to $9.50 and set a “neutral” rating for the company in a research report on Wednesday, March 20th. B. Riley reissued a “buy” rating and set a $12.00 price target (down previously from $13.00) on shares of Ready Capital in a research report on Monday, March 4th. StockNews.com downgraded shares of Ready Capital from a “buy” rating to a “hold” rating in a research report on Monday, March 4th. Finally, BTIG Research reduced their price target on shares of Ready Capital from $12.00 to $10.00 and set a “buy” rating for the company in a research report on Wednesday, April 17th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Ready Capital has an average rating of “Hold” and a consensus price target of $10.93.

Ready Capital 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.