BNP Paribas Financial Markets Buys 65,098 Shares of Ready Capital Co. (NYSE:RC)

BNP Paribas Financial Markets lifted its stake in Ready Capital Co. (NYSE:RC) by 198.8% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 97,837 shares of the real estate investment trust’s stock after purchasing an additional 65,098 shares during the period. BNP Paribas Financial Markets owned 0.06% of Ready Capital worth $746,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. CWM LLC raised its stake in Ready Capital by 94.6% during the 2nd quarter. CWM LLC now owns 3,361 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 1,634 shares during the period. KBC Group NV raised its stake in shares of Ready Capital by 64.1% in the 3rd quarter. KBC Group NV now owns 8,318 shares of the real estate investment trust’s stock valued at $63,000 after purchasing an additional 3,248 shares during the period. Xponance Inc. bought a new stake in shares of Ready Capital in the second quarter valued at about $84,000. Choreo LLC bought a new stake in shares of Ready Capital in the second quarter valued at about $91,000. Finally, Naviter Wealth LLC lifted its holdings in shares of Ready Capital by 35.0% in the second quarter. Naviter Wealth LLC now owns 13,500 shares of the real estate investment trust’s stock valued at $114,000 after purchasing an additional 3,500 shares in the last quarter. 55.87% of the stock is currently owned by institutional investors.

Ready Capital Price Performance

NYSE:RC opened at $7.23 on Thursday. The company has a quick ratio of 1.67, a current ratio of 1.67 and a debt-to-equity ratio of 0.54. The stock’s 50 day moving average price is $7.17 and its two-hundred day moving average price is $7.98. The firm has a market capitalization of $1.22 billion, a price-to-earnings ratio of -10.33 and a beta of 1.43. Ready Capital Co. has a 12-month low of $6.65 and a 12-month high of $11.67.

Ready Capital Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Monday, September 30th were paid a $0.25 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.00 annualized dividend and a yield of 13.83%. Ready Capital’s dividend payout ratio is -142.86%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. UBS Group cut their price target on Ready Capital from $8.50 to $7.50 and set a “neutral” rating on the stock in a report on Friday, November 15th. Piper Sandler dropped their target price on Ready Capital from $9.50 to $8.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued 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 $9.04.

Ready Capital Company 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.