West Family Investments Inc. lowered its position in Ready Capital Co. (NYSE:RC) by 7.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 243,302 shares of the real estate investment trust’s stock after selling 20,485 shares during the quarter. Ready Capital comprises about 1.2% of West Family Investments Inc.’s portfolio, making the stock its 23rd largest position. West Family Investments Inc. owned 0.45% of Ready Capital worth $3,265,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in RC. UBS Group AG raised its position in Ready Capital by 38.4% in the 1st quarter. UBS Group AG now owns 86,687 shares of the real estate investment trust’s stock worth $1,164,000 after purchasing an additional 24,053 shares during the period. Aigen Investment Management LP lifted its stake in shares of Ready Capital by 163.5% during the 1st quarter. Aigen Investment Management LP now owns 27,067 shares of the real estate investment trust’s stock worth $363,000 after acquiring an additional 16,796 shares during the last quarter. New York State Common Retirement Fund boosted its holdings in Ready Capital by 36.1% during the 1st quarter. New York State Common Retirement Fund now owns 52,749 shares of the real estate investment trust’s stock valued at $708,000 after acquiring an additional 13,993 shares during the period. Cedar Wealth Management LLC bought a new position in Ready Capital in the 1st quarter valued at $45,000. Finally, State of Tennessee Treasury Department grew its position in Ready Capital by 26.4% in the 1st quarter. State of Tennessee Treasury Department now owns 29,442 shares of the real estate investment trust’s stock valued at $395,000 after acquiring an additional 6,150 shares during the last quarter. 45.51% of the stock is owned by hedge funds and other institutional investors.
RC has been the topic of several recent analyst reports. BTIG Research raised their price target on shares of Ready Capital from $14.00 to $15.50 and gave the stock a “buy” rating in a research note on Friday, March 12th. B. Riley boosted their price target on Ready Capital from $16.50 to $17.00 and gave the company a “buy” rating in a report on Friday, May 28th. Zacks Investment Research lowered Ready Capital from a “buy” rating to a “hold” rating in a research report on Friday. Finally, Keefe, Bruyette & Woods upgraded Ready Capital from a “market perform” rating to an “outperform” rating and set a $15.50 target price for the company in a report on Tuesday, April 27th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Ready Capital presently has an average rating of “Buy” and an average target price of $14.75.
Shares of NYSE:RC traded up $0.04 on Friday, reaching $15.65. The company had a trading volume of 3,780 shares, compared to its average volume of 562,305. The firm has a market capitalization of $1.11 billion, a price-to-earnings ratio of 7.01 and a beta of 1.10. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.58. Ready Capital Co. has a 52-week low of $7.17 and a 52-week high of $16.15. The business has a 50 day moving average of $14.44.
Ready Capital (NYSE:RC) last issued its quarterly earnings data on Thursday, May 6th. The real estate investment trust reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.03). Ready Capital had a net margin of 47.10% and a return on equity of 13.56%. As a group, equities analysts expect that Ready Capital Co. will post 1.72 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, April 30th. Investors of record on Monday, April 5th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, April 1st. This represents a $0.40 annualized dividend and a dividend yield of 2.56%. Ready Capital’s dividend payout ratio (DPR) is presently 22.35%.
About Ready Capital
Ready Capital Corporation, together with its subsidiaries, operates as a real estate finance company in the United States. The company originates, acquires, finances, and services small balance commercial (SBC) loans, small business administration (SBA) loans, and residential mortgage loans, as well as mortgage backed securities collateralized primarily by SBC loans, or other real estate-related investments.
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