Ready Capital Co. (NYSE:RC) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. lowered its holdings in Ready Capital Co. (NYSE:RC) by 6.3% in the third quarter, HoldingsChannel reports. The firm owned 59,676 shares of the real estate investment trust’s stock after selling 4,023 shares during the quarter. Victory Capital Management Inc.’s holdings in Ready Capital were worth $455,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Wolverine Asset Management LLC grew its holdings in Ready Capital by 2,902.2% during the 3rd quarter. Wolverine Asset Management LLC now owns 402,291 shares of the real estate investment trust’s stock worth $3,069,000 after acquiring an additional 388,891 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Ready Capital by 3.3% during the 3rd quarter. Principal Financial Group Inc. now owns 792,536 shares of the real estate investment trust’s stock worth $6,047,000 after acquiring an additional 25,545 shares in the last quarter. United Advisor Group LLC acquired a new position in Ready Capital during the 3rd quarter worth approximately $151,000. Van ECK Associates Corp grew its holdings in Ready Capital by 1.8% during the 3rd quarter. Van ECK Associates Corp now owns 1,366,040 shares of the real estate investment trust’s stock worth $9,508,000 after acquiring an additional 23,970 shares in the last quarter. Finally, State of Alaska Department of Revenue lifted its position in shares of Ready Capital by 5.2% during the 3rd quarter. State of Alaska Department of Revenue now owns 95,992 shares of the real estate investment trust’s stock worth $732,000 after buying an additional 4,775 shares during the last quarter. Institutional investors and hedge funds own 55.87% of the company’s stock.

Ready Capital Stock Down 0.7 %

Shares of Ready Capital stock opened at $7.37 on Friday. The company has a market cap of $1.24 billion, a P/E ratio of -10.53 and a beta of 1.42. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.67 and a current ratio of 1.67. Ready Capital Co. has a one year low of $6.65 and a one year high of $11.67. The firm has a fifty day moving average of $7.23 and a two-hundred day moving average of $8.05.

Ready Capital Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Monday, September 30th were given a dividend of $0.25 per share. The ex-dividend date was Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a yield of 13.57%. Ready Capital’s payout ratio is currently -142.86%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Piper Sandler reduced their price objective on shares of Ready Capital from $9.50 to $8.00 and set a “neutral” rating for the company in a research report on Monday, September 16th. Keefe, Bruyette & Woods reduced their price objective on shares of Ready Capital from $8.00 to $7.75 and set an “underperform” rating for the company in a research report on Monday, August 12th. UBS Group reduced their price objective on shares of Ready Capital from $8.50 to $7.50 and set a “neutral” rating for the company in a research report on Friday, November 15th. Finally, Wedbush reiterated a “neutral” rating and issued a $9.00 price target on shares of Ready Capital in a research report on Monday, August 12th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $9.04.

Ready Capital Profile

Ready Capital Corporation operates as a real estate finance company in the United States. It operates through two segments: LMM Commercial Real Estate and Small Business Lending. The company originates, acquires, finances, and services lower-to-middle-market (LLM) commercial real estate loans, small business administration (SBA) loans, residential mortgage loans, construction loans, and mortgage-backed securities collateralized primarily by LLM loans, or other real estate-related investments.