Ready Capital Co. (NYSE:RC – Get Rating) announced a quarterly dividend on Thursday, June 16th, Wall Street Journal reports. Stockholders of record on Thursday, June 30th will be paid a dividend of 0.42 per share by the real estate investment trust on Friday, July 29th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 14.95%. The ex-dividend date is Wednesday, June 29th.
Ready Capital has raised its dividend payment by an average of 1.9% annually over the last three years. Ready Capital has a payout ratio of 94.4% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Analysts expect Ready Capital to earn $1.81 per share next year, which means the company should continue to be able to cover its $1.68 annual dividend with an expected future payout ratio of 92.8%.
Shares of NYSE:RC opened at $11.24 on Friday. Ready Capital has a one year low of $11.12 and a one year high of $16.78. The stock has a fifty day moving average of $14.45 and a 200-day moving average of $14.94. The company has a market capitalization of $945.40 million, a PE ratio of 4.84 and a beta of 1.05. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.47 and a current ratio of 1.47.
Several institutional investors and hedge funds have recently added to or reduced their stakes in RC. BlackRock Inc. increased its stake in shares of Ready Capital by 10.1% in the first quarter. BlackRock Inc. now owns 11,901,911 shares of the real estate investment trust’s stock worth $179,243,000 after acquiring an additional 1,094,189 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Ready Capital by 15.4% in the first quarter. Vanguard Group Inc. now owns 4,519,937 shares of the real estate investment trust’s stock worth $68,071,000 after acquiring an additional 604,296 shares during the last quarter. Invesco Ltd. increased its stake in shares of Ready Capital by 42.2% in the first quarter. Invesco Ltd. now owns 2,603,750 shares of the real estate investment trust’s stock worth $39,211,000 after acquiring an additional 772,522 shares during the last quarter. State Street Corp increased its stake in shares of Ready Capital by 8.9% in the first quarter. State Street Corp now owns 2,474,935 shares of the real estate investment trust’s stock worth $38,311,000 after acquiring an additional 201,691 shares during the last quarter. Finally, Northern Trust Corp increased its stake in shares of Ready Capital by 2.7% in the first quarter. Northern Trust Corp now owns 1,109,330 shares of the real estate investment trust’s stock worth $16,707,000 after acquiring an additional 29,490 shares during the last quarter. Institutional investors own 41.03% of the company’s stock.
About Ready Capital (Get Rating)
Ready Capital Corporation operates as a real estate finance company in the United States. The company acquires, originates, manages, services, and finances small to medium balance commercial (SBC) loans, small business administration (SBA) loans, residential mortgage loans, and mortgage backed securities collateralized primarily by SBC loans, or other real estate-related investments.
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