Ready Capital Co. (NYSE:RC) Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. boosted its position in shares of Ready Capital Co. (NYSE:RC) by 3.3% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 792,536 shares of the real estate investment trust’s stock after acquiring an additional 25,545 shares during the period. Principal Financial Group Inc. owned about 0.47% of Ready Capital worth $6,047,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of RC. Clear Harbor Asset Management LLC lifted its position in shares of 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 purchasing an additional 657,465 shares during the last quarter. Wolverine Asset Management LLC lifted its holdings in Ready Capital by 2,902.2% during the 3rd quarter. Wolverine Asset Management LLC now owns 402,291 shares of the real estate investment trust’s stock worth $3,069,000 after buying an additional 388,891 shares during the last quarter. Barclays PLC boosted its position in shares of Ready Capital by 205.9% during the 3rd quarter. Barclays PLC now owns 484,986 shares of the real estate investment trust’s stock worth $3,699,000 after acquiring an additional 326,467 shares in the last quarter. State Street Corp increased its holdings in shares of Ready Capital by 4.8% in the 3rd quarter. State Street Corp now owns 6,315,147 shares of the real estate investment trust’s stock valued at $49,746,000 after acquiring an additional 287,068 shares during the last quarter. Finally, Advisors Asset Management Inc. raised its position in shares of Ready Capital by 99.5% during the 3rd quarter. Advisors Asset Management Inc. now owns 399,401 shares of the real estate investment trust’s stock worth $3,047,000 after acquiring an additional 199,202 shares in the last quarter. 55.87% of the stock is owned by hedge funds and other institutional investors.

Ready Capital Stock Down 0.7 %

RC stock opened at $6.82 on Thursday. The company has a market cap of $1.15 billion, a price-to-earnings ratio of -9.74 and a beta of 1.43. The company has a fifty day moving average price of $7.19 and a 200 day moving average price of $7.87. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.67 and a quick ratio of 1.67. Ready Capital Co. has a 12 month low of $6.65 and a 12 month high of $10.36.

Ready Capital Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.25 per share. The ex-dividend date is Tuesday, December 31st. This represents a $1.00 annualized dividend and a dividend yield of 14.66%. Ready Capital’s dividend payout ratio (DPR) is -142.86%.

Analyst Upgrades and Downgrades

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

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.