MetLife Investment Management LLC increased its position in Ready Capital Co. (NYSE:RC – Get Rating) by 7.1% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 39,346 shares of the real estate investment trust’s stock after purchasing an additional 2,619 shares during the period. MetLife Investment Management LLC’s holdings in Ready Capital were worth $399,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Hsbc Holdings PLC boosted its stake in Ready Capital by 8.5% in the 3rd quarter. Hsbc Holdings PLC now owns 19,482 shares of the real estate investment trust’s stock worth $199,000 after purchasing an additional 1,532 shares during the period. Cipher Capital LP acquired a new stake in shares of Ready Capital during the 3rd quarter valued at $575,000. Envestnet Asset Management Inc. boosted its stake in shares of Ready Capital by 3.4% during the 3rd quarter. Envestnet Asset Management Inc. now owns 341,047 shares of the real estate investment trust’s stock valued at $3,458,000 after buying an additional 11,181 shares during the period. Credit Suisse AG boosted its stake in shares of Ready Capital by 13.7% during the 3rd quarter. Credit Suisse AG now owns 57,763 shares of the real estate investment trust’s stock valued at $586,000 after buying an additional 6,980 shares during the period. Finally, BBR Partners LLC acquired a new stake in shares of Ready Capital during the 3rd quarter valued at $1,260,000. Institutional investors and hedge funds own 62.84% of the company’s stock.
Wall Street Analyst Weigh In
A number of brokerages have issued reports on RC. Raymond James lifted their target price on shares of Ready Capital from $13.50 to $14.00 and gave the company an “outperform” rating in a research note on Thursday, November 17th. BTIG Research decreased their target price on shares of Ready Capital to $15.50 in a research note on Tuesday, November 15th. Piper Sandler reduced their price objective on shares of Ready Capital from $13.00 to $12.50 and set a “neutral” rating for the company in a research note on Tuesday. StockNews.com raised shares of Ready Capital from a “sell” rating to a “hold” rating in a research note on Thursday, November 17th. Finally, Keefe, Bruyette & Woods lowered shares of Ready Capital from an “outperform” rating to a “market perform” rating and set a $13.00 price objective for the company. in a research note on Thursday, December 15th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Ready Capital presently has a consensus rating of “Hold” and a consensus target price of $14.07.
Ready Capital Stock Performance
Ready Capital (NYSE:RC – Get Rating) last announced its earnings results on Monday, February 27th. The real estate investment trust reported $0.42 EPS for the quarter, topping the consensus estimate of $0.41 by $0.01. The firm had revenue of $249.49 million for the quarter, compared to the consensus estimate of $73.45 million. Ready Capital had a net margin of 27.22% and a return on equity of 11.52%. As a group, analysts expect that Ready Capital Co. will post 1.6 earnings per share for the current year.
Ready Capital Cuts Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, January 31st. Investors of record on Friday, December 30th were issued a $0.40 dividend. The ex-dividend date was Thursday, December 29th. This represents a $1.60 annualized dividend and a yield of 14.31%. Ready Capital’s dividend payout ratio (DPR) is presently 94.12%.
About Ready Capital
Ready Capital Corp. is a real estate finance company, which engages in acquiring, managing, and financing small balance commercial loans. It operates through the following segments: Acquisitions, SBC Originations, SBA Originations, Acquisitions & Servicing, and Residential Mortgage Banking. The Acquisitions segment acquires performing and non-performing SBC loans and intends to continue to acquire these loans as part of the company’s business strategy.
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