Comerica Bank grew its holdings in shares of Ready Capital Co. (NYSE:RC – Get Rating) by 36.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 77,766 shares of the real estate investment trust’s stock after purchasing an additional 20,640 shares during the quarter. Comerica Bank owned approximately 0.07% of Ready Capital worth $857,000 at the end of the most recent quarter.
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Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Meeder Asset Management Inc. raised its holdings in Ready Capital by 86.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 2,533 shares of the real estate investment trust’s stock valued at $30,000 after buying an additional 1,176 shares during the period. KBC Group NV acquired a new position in Ready Capital in the second quarter valued at approximately $65,000. Kayne Anderson Rudnick Investment Management LLC acquired a new position in Ready Capital in the second quarter valued at approximately $67,000. Venture Visionary Partners LLC acquired a new position in Ready Capital in the second quarter valued at approximately $72,000. Finally, Advanced Research Investment Solutions LLC acquired a new position in Ready Capital in the second quarter valued at approximately $87,000. Institutional investors and hedge funds own 62.84% of the company’s stock.
Ready Capital Trading Up 0.5 %
Shares of RC stock opened at $12.96 on Thursday. The business’s fifty day moving average price is $12.38 and its 200 day moving average price is $12.44. Ready Capital Co. has a 1-year low of $9.69 and a 1-year high of $15.92. The firm has a market capitalization of $1.43 billion, a PE ratio of 5.66 and a beta of 1.28. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.41 and a quick ratio of 1.41.
Ready Capital Cuts Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 31st. Shareholders of record on Friday, December 30th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 12.35%. The ex-dividend date of this dividend is Thursday, December 29th. Ready Capital’s dividend payout ratio (DPR) is 69.87%.
Analysts Set New Price Targets
A number of equities research analysts have weighed in on RC shares. BTIG Research reduced their price objective on Ready Capital to $15.50 in a research note on Tuesday, November 15th. Raymond James boosted their price objective on Ready Capital from $13.50 to $14.00 and gave the company an “outperform” rating in a research note on Thursday, November 17th. Piper Sandler cut their price target on Ready Capital from $15.00 to $12.00 and set a “neutral” rating for the company in a research note on Monday, October 3rd. StockNews.com upgraded Ready Capital from a “sell” rating to a “hold” rating in a research note on Thursday, November 17th. Finally, Keefe, Bruyette & Woods cut Ready Capital from an “outperform” rating to a “market perform” rating and set a $13.00 price target for the company. in a research note on Thursday, December 15th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Ready Capital has an average rating of “Hold” and a consensus target price of $14.00.
About Ready Capital
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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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