Summit Global Investments Has $1.70 Million Holdings in Ready Capital Co. (NYSE:RC)

Summit Global Investments trimmed its position in shares of Ready Capital Co. (NYSE:RC) by 2.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 165,932 shares of the real estate investment trust’s stock after selling 4,300 shares during the quarter. Summit Global Investments owned approximately 0.10% of Ready Capital worth $1,701,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Teacher Retirement System of Texas boosted its position in shares of Ready Capital by 10.8% during the third quarter. Teacher Retirement System of Texas now owns 13,976 shares of the real estate investment trust’s stock worth $141,000 after buying an additional 1,359 shares during the period. Jennison Associates LLC lifted its holdings in Ready Capital by 2.1% in the third quarter. Jennison Associates LLC now owns 72,406 shares of the real estate investment trust’s stock valued at $732,000 after buying an additional 1,455 shares during the period. Vanguard Personalized Indexing Management LLC increased its holdings in shares of Ready Capital by 15.2% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 11,553 shares of the real estate investment trust’s stock valued at $117,000 after acquiring an additional 1,527 shares in the last quarter. HBK Sorce Advisory LLC boosted its holdings in Ready Capital by 3.4% during the 3rd quarter. HBK Sorce Advisory LLC now owns 60,863 shares of the real estate investment trust’s stock worth $615,000 after acquiring an additional 1,990 shares during the last quarter. Finally, Wolverine Asset Management LLC boosted its stake in Ready Capital by 23.2% in the third quarter. Wolverine Asset Management LLC now owns 10,605 shares of the real estate investment trust’s stock valued at $107,000 after acquiring an additional 2,000 shares during the last quarter. Institutional investors and hedge funds own 55.87% of the company’s stock.

Insider Transactions at Ready Capital

In other Ready Capital news, Director Gilbert E. Nathan purchased 10,000 shares of the firm’s stock in a transaction dated Thursday, March 14th. The stock was acquired at an average cost of $8.65 per share, with a total value of $86,500.00. Following the acquisition, the director now owns 83,099 shares of the company’s stock, valued at approximately $718,806.35. The purchase was disclosed in a filing with the SEC, which is accessible through this link. In other Ready Capital news, Director Kevin M. Luebbers bought 5,000 shares of the stock in a transaction that occurred on Tuesday, March 5th. The shares were purchased at an average cost of $8.43 per share, for a total transaction of $42,150.00. Following the transaction, the director now directly owns 119,925 shares in the company, valued at $1,010,967.75. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gilbert E. Nathan purchased 10,000 shares of the firm’s stock in a transaction dated Thursday, March 14th. The stock was acquired at an average cost of $8.65 per share, with a total value of $86,500.00. Following the purchase, the director now owns 83,099 shares of the company’s stock, valued at approximately $718,806.35. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 17,150 shares of company stock valued at $148,280. Insiders own 0.95% of the company’s stock.

Ready Capital Trading Up 0.5 %

Shares of RC traded up $0.04 during trading hours on Friday, hitting $8.66. The stock had a trading volume of 1,382,168 shares, compared to its average volume of 1,410,400. The firm has a market cap of $1.46 billion, a P/E ratio of 3.70 and a beta of 1.41. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.89 and a current ratio of 1.89. The company’s fifty day simple moving average is $8.76 and its 200 day simple moving average is $9.52. Ready Capital Co. has a 12-month low of $8.25 and a 12-month high of $11.97.

Ready Capital Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 30th. Investors of record on Thursday, March 28th were paid a $0.30 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 13.86%. Ready Capital’s dividend payout ratio (DPR) is presently 51.28%.

Wall Street Analysts Forecast Growth

RC has been the topic of a number of recent research reports. UBS Group reduced their price target on shares of Ready Capital from $10.50 to $9.50 and set a “neutral” rating on the stock in a research report on Wednesday, March 20th. BTIG Research reduced their price target on Ready Capital from $12.00 to $10.00 and set a “buy” rating for the company in a research report on Wednesday, April 17th. StockNews.com lowered shares of Ready Capital from a “buy” rating to a “hold” rating in a report on Monday, March 4th. B. Riley restated a “buy” rating and issued a $12.00 target price (down from $13.00) on shares of Ready Capital in a research note on Monday, March 4th. Finally, Keefe, Bruyette & Woods restated an “underperform” rating and issued a $8.00 target price (down from $10.00) on shares of Ready Capital in a research note on Monday, March 4th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $10.93.

Ready Capital Company 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.