Covington Capital Management Makes New Investment in Ready Capital Co. (NYSE:RC)

Covington Capital Management purchased a new position in shares of Ready Capital Co. (NYSE:RCGet Rating) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 17,088 shares of the real estate investment trust’s stock, valued at approximately $204,000.

Several other institutional investors also recently added to or reduced their stakes in the company. Invesco Ltd. grew its holdings in Ready Capital by 168.9% during the fourth quarter. Invesco Ltd. now owns 1,831,228 shares of the real estate investment trust’s stock worth $28,622,000 after acquiring an additional 1,150,178 shares during the period. BlackRock Inc. boosted its position in Ready Capital by 10.1% during the first quarter. BlackRock Inc. now owns 11,901,911 shares of the real estate investment trust’s stock worth $179,243,000 after purchasing an additional 1,094,189 shares in the last quarter. Vanguard Group Inc. boosted its position in Ready Capital by 15.4% during 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 purchasing an additional 604,296 shares in the last quarter. First Trust Advisors LP purchased a new stake in Ready Capital during the first quarter worth $5,518,000. Finally, JPMorgan Chase & Co. boosted its position in Ready Capital by 48.4% during the fourth quarter. JPMorgan Chase & Co. now owns 670,029 shares of the real estate investment trust’s stock worth $10,473,000 after purchasing an additional 218,592 shares in the last quarter. Institutional investors and hedge funds own 56.17% of the company’s stock.

Wall Street Analyst Weigh In

RC has been the topic of a number of research analyst reports. B. Riley decreased their target price on Ready Capital from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Thursday, September 8th. Piper Sandler reduced their price objective on Ready Capital from $16.00 to $14.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 28th. TheStreet upgraded Ready Capital from a “c” rating to a “b-” rating in a research report on Monday, August 15th. Finally, JMP Securities reduced their price objective on Ready Capital from $18.00 to $16.00 and set a “market outperform” rating on the stock in a research report on Wednesday, August 31st. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Ready Capital has an average rating of “Moderate Buy” and an average target price of $16.00.

Ready Capital Stock Performance

Ready Capital stock opened at $12.83 on Monday. The firm has a market capitalization of $1.47 billion, a P/E ratio of 5.37 and a beta of 1.14. The stock has a fifty day moving average price of $13.32 and a 200 day moving average price of $13.93. Ready Capital Co. has a 52 week low of $11.05 and a 52 week high of $16.56. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 0.55.

Ready Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 31st. Investors of record on Friday, September 30th will be paid a $0.42 dividend. The ex-dividend date is Thursday, September 29th. This represents a $1.68 annualized dividend and a yield of 13.09%. Ready Capital’s payout ratio is currently 70.29%.

Insider Activity at Ready Capital

In other Ready Capital news, CFO Andrew Ahlborn sold 3,035 shares of the company’s stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $13.80, for a total transaction of $41,883.00. Following the completion of the sale, the chief financial officer now directly owns 51,430 shares in the company, valued at $709,734. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.64% of the company’s stock.

Ready Capital Profile

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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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Institutional Ownership by Quarter for Ready Capital (NYSE:RC)

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