Truist Financial Corp Sells 47,284 Shares of Ready Capital Co. (NYSE:RC)

Truist Financial Corp reduced its position in Ready Capital Co. (NYSE:RC) by 6.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 664,081 shares of the real estate investment trust’s stock after selling 47,284 shares during the quarter. Truist Financial Corp’s holdings in Ready Capital were worth $6,807,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Northern Trust Corp grew its holdings in Ready Capital by 0.4% in the third quarter. Northern Trust Corp now owns 2,037,068 shares of the real estate investment trust’s stock worth $20,595,000 after purchasing an additional 7,610 shares during the period. Invesco Ltd. grew its stake in shares of Ready Capital by 4.2% in the 3rd quarter. Invesco Ltd. now owns 1,756,701 shares of the real estate investment trust’s stock valued at $17,760,000 after buying an additional 70,476 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in Ready Capital by 0.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,593,919 shares of the real estate investment trust’s stock valued at $16,115,000 after buying an additional 7,769 shares in the last quarter. Ramsey Quantitative Systems acquired a new position in Ready Capital during the 3rd quarter worth approximately $12,473,000. Finally, Washington Trust Bank boosted its holdings in Ready Capital by 1.2% in the third quarter. Washington Trust Bank now owns 1,228,607 shares of the real estate investment trust’s stock worth $12,421,000 after acquiring an additional 14,992 shares in the last quarter. 55.87% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on RC shares. Keefe, Bruyette & Woods restated an “underperform” rating and set a $8.00 price objective (down previously from $10.00) on shares of Ready Capital in a report on Monday, March 4th. B. Riley restated a “buy” rating and set a $12.00 price objective (down previously from $13.00) on shares of Ready Capital in a report on Monday, March 4th. BTIG Research dropped their price objective on shares of Ready Capital from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Wednesday, April 17th. UBS Group decreased their target price 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. Finally, StockNews.com cut shares of Ready Capital from a “buy” rating to a “hold” rating in a research report on Monday, March 4th. One analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Ready Capital presently has an average rating of “Hold” and a consensus price target of $10.93.

Insider Buying and Selling at Ready Capital

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

Ready Capital Trading Up 0.5 %

NYSE:RC opened at $8.66 on Friday. Ready Capital Co. has a 52 week low of $8.25 and a 52 week high of $11.97. The firm has a 50-day moving average price of $8.76 and a two-hundred day moving average price of $9.52. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.89 and a current ratio of 1.89. The firm has a market cap of $1.46 billion, a price-to-earnings ratio of 3.70 and a beta of 1.41.

Ready Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 30th. Shareholders of record on Thursday, March 28th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 13.86%. The ex-dividend date was Wednesday, March 27th. Ready Capital’s dividend payout ratio is 51.28%.

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.