Texas Permanent School Fund Purchases 777 Shares of Ready Capital Co. (NYSE:RC)

Texas Permanent School Fund grew its position in shares of Ready Capital Co. (NYSE:RCGet Rating) by 1.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 48,437 shares of the real estate investment trust’s stock after acquiring an additional 777 shares during the quarter. Texas Permanent School Fund owned about 0.06% of Ready Capital worth $577,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of RC. New York State Teachers Retirement System grew its holdings in Ready Capital by 1.0% during the second quarter. New York State Teachers Retirement System now owns 110,382 shares of the real estate investment trust’s stock worth $1,316,000 after buying an additional 1,071 shares in the last quarter. Teacher Retirement System of Texas grew its holdings in Ready Capital by 9.8% during the first quarter. Teacher Retirement System of Texas now owns 12,124 shares of the real estate investment trust’s stock worth $183,000 after buying an additional 1,078 shares in the last quarter. Victory Capital Management Inc. grew its holdings in Ready Capital by 2.9% during the second quarter. Victory Capital Management Inc. now owns 39,183 shares of the real estate investment trust’s stock worth $467,000 after buying an additional 1,110 shares in the last quarter. Meeder Asset Management Inc. grew its holdings in Ready Capital by 86.7% during the second quarter. Meeder Asset Management Inc. now owns 2,533 shares of the real estate investment trust’s stock worth $30,000 after buying an additional 1,176 shares in the last quarter. Finally, Strs Ohio grew its holdings in Ready Capital by 8.1% during the second quarter. Strs Ohio now owns 17,300 shares of the real estate investment trust’s stock worth $206,000 after buying an additional 1,300 shares in the last quarter. Institutional investors own 56.17% of the company’s stock.

Wall Street Analyst Weigh In

RC has been the subject of several recent research reports. UBS Group initiated coverage on Ready Capital in a report on Thursday, October 20th. They set a “neutral” rating and a $11.00 price target for the company. B. Riley cut their price objective 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. Raymond James boosted their price objective on Ready Capital from $13.50 to $14.00 and gave the stock an “outperform” rating in a research report on Thursday, November 17th. TheStreet cut Ready Capital from a “b-” rating to a “c+” rating in a research report on Thursday, October 6th. Finally, JMP Securities cut 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. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Ready Capital currently has a consensus rating of “Moderate Buy” and an average target price of $14.08.

Ready Capital Stock Down 0.7 %

Shares of NYSE RC opened at $12.98 on Tuesday. Ready Capital Co. has a one year low of $9.69 and a one year high of $16.56. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.41 and a quick ratio of 1.41. The business’s fifty day moving average price is $11.68 and its 200-day moving average price is $12.77. The stock has a market capitalization of $1.43 billion, a PE ratio of 5.67 and a beta of 1.24.

Ready Capital Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, October 31st. Stockholders of record on Friday, September 30th were given a dividend of $0.42 per share. The ex-dividend date of this dividend was Thursday, September 29th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 12.94%. Ready Capital’s dividend payout ratio is presently 73.36%.

Insider Activity

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

Ready Capital Company 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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