Ready Capital Co. (NYSE:RC) Shares Acquired by New York State Teachers Retirement System

New York State Teachers Retirement System increased its holdings in shares of Ready Capital Co. (NYSE:RCGet Rating) by 11.9% in the third quarter, Holdings Channel reports. The firm owned 123,541 shares of the real estate investment trust’s stock after buying an additional 13,159 shares during the period. New York State Teachers Retirement System’s holdings in Ready Capital were worth $1,253,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in RC. Soltis Investment Advisors LLC acquired a new position in Ready Capital during the 2nd quarter worth about $23,905,000. Mission Wealth Management LP acquired a new position in shares of Ready Capital in the second quarter valued at approximately $21,215,000. Parallel Advisors LLC increased its stake in Ready Capital by 137,841.1% during the 2nd quarter. Parallel Advisors LLC now owns 1,449,761 shares of the real estate investment trust’s stock worth $17,281,000 after buying an additional 1,448,710 shares during the period. BlackRock Inc. lifted its holdings in Ready Capital by 10.1% during the 1st quarter. BlackRock Inc. now owns 11,901,911 shares of the real estate investment trust’s stock worth $179,243,000 after buying an additional 1,094,189 shares in the last quarter. Finally, Creative Planning acquired a new position in shares of Ready Capital in the second quarter worth $12,649,000. 62.84% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RC has been the topic of several analyst reports. Keefe, Bruyette & Woods cut Ready Capital from an “outperform” rating to a “market perform” rating and set a $13.00 price objective on the stock. in a research note on Thursday, December 15th. BTIG Research decreased their price objective on Ready Capital to $15.50 in a research note on Tuesday, November 15th. Raymond James raised their target price on shares of Ready Capital from $13.50 to $14.00 and gave the company an “outperform” rating in a report on Thursday, November 17th. StockNews.com raised shares of Ready Capital from a “sell” rating to a “hold” rating in a research report on Thursday, November 17th. Finally, UBS Group raised their price objective on shares of Ready Capital from $11.00 to $11.50 and gave the company a “neutral” rating in a report on Wednesday, December 21st. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $14.00.

Ready Capital Stock Up 0.1 %

RC opened at $12.36 on Friday. The stock has a market capitalization of $1.37 billion, a P/E ratio of 5.40 and a beta of 1.28. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.41 and a current ratio of 1.41. Ready Capital Co. has a one year low of $9.69 and a one year high of $15.92. The business’s 50-day simple moving average is $12.41 and its 200-day simple moving average is $12.42.

Ready Capital Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 31st. Stockholders of record on Friday, December 30th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 12.94%. The ex-dividend date of this dividend is Thursday, December 29th. Ready Capital’s payout ratio is currently 69.87%.

Ready Capital Profile

(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.

Further Reading

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

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