HighTower Advisors LLC Lowers Stock Position in Ready Capital Co. (NYSE:RC)

HighTower Advisors LLC reduced its stake in Ready Capital Co. (NYSE:RC) by 12.7% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 73,886 shares of the real estate investment trust’s stock after selling 10,720 shares during the quarter. HighTower Advisors LLC’s holdings in Ready Capital were worth $562,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in RC. Charles Schwab Investment Management Inc. lifted its stake in Ready Capital by 11.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,868,580 shares of the real estate investment trust’s stock worth $14,257,000 after acquiring an additional 195,663 shares in the last quarter. Clear Harbor Asset Management LLC lifted its holdings in Ready Capital by 84.0% during the 3rd quarter. Clear Harbor Asset Management LLC now owns 1,440,250 shares of the real estate investment trust’s stock worth $10,989,000 after buying an additional 657,465 shares in the last quarter. Van ECK Associates Corp boosted its position in Ready Capital by 1.8% in the 3rd quarter. Van ECK Associates Corp now owns 1,366,040 shares of the real estate investment trust’s stock valued at $9,508,000 after buying an additional 23,970 shares during the period. Bank of New York Mellon Corp increased its position in shares of Ready Capital by 3.3% during the second quarter. Bank of New York Mellon Corp now owns 1,189,988 shares of the real estate investment trust’s stock worth $9,734,000 after acquiring an additional 38,371 shares during the period. Finally, Principal Financial Group Inc. increased its holdings in Ready Capital by 3.3% during the 3rd quarter. Principal Financial Group Inc. now owns 792,536 shares of the real estate investment trust’s stock worth $6,047,000 after purchasing an additional 25,545 shares during the period. Institutional investors and hedge funds own 55.87% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Piper Sandler reduced their price objective on shares of Ready Capital from $9.50 to $8.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. JMP Securities dropped their price target on shares of Ready Capital from $10.50 to $9.50 and set a “market outperform” rating on the stock in a research note on Thursday, December 12th. Finally, UBS Group cut their price objective on shares of Ready Capital from $8.50 to $7.50 and set a “neutral” rating on the stock in a report on Friday, November 15th. One analyst has rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $9.11.

Ready Capital Price Performance

Shares of NYSE:RC opened at $7.26 on Friday. Ready Capital Co. has a one year low of $6.65 and a one year high of $11.11. The stock has a market cap of $1.22 billion, a PE ratio of -10.37 and a beta of 1.43. The business’s fifty day moving average price is $7.19 and its two-hundred day moving average price is $7.94. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.67 and a current ratio of 1.67.

Ready Capital Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 13.77%. The ex-dividend date is Tuesday, December 31st. Ready Capital’s dividend payout ratio (DPR) is currently -142.86%.

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.