Advisors Asset Management Inc. Has $3.05 Million Stock Holdings in Ready Capital Co. (NYSE:RC)

Advisors Asset Management Inc. boosted its stake in shares of Ready Capital Co. (NYSE:RC) by 99.5% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 399,401 shares of the real estate investment trust’s stock after buying an additional 199,202 shares during the period. Advisors Asset Management Inc.’s holdings in Ready Capital were worth $3,047,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of RC. ProShare Advisors LLC lifted its holdings in shares of Ready Capital by 7.4% in the first quarter. ProShare Advisors LLC now owns 32,261 shares of the real estate investment trust’s stock valued at $295,000 after purchasing an additional 2,209 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its stake in Ready Capital by 42.3% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 179,273 shares of the real estate investment trust’s stock valued at $1,639,000 after acquiring an additional 53,328 shares in the last quarter. EntryPoint Capital LLC acquired a new position in Ready Capital during the 1st quarter worth approximately $40,000. Price T Rowe Associates Inc. MD grew its stake in shares of Ready Capital by 6.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 98,156 shares of the real estate investment trust’s stock worth $897,000 after acquiring an additional 5,874 shares in the last quarter. Finally, Janus Henderson Group PLC raised its holdings in shares of Ready Capital by 131.0% in the first quarter. Janus Henderson Group PLC now owns 168,496 shares of the real estate investment trust’s stock valued at $1,539,000 after purchasing an additional 95,562 shares during the last quarter. Institutional investors own 55.87% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on RC. Piper Sandler lowered their price target on shares of Ready Capital from $9.50 to $8.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. Keefe, Bruyette & Woods lowered their target price on Ready Capital from $8.00 to $7.75 and set an “underperform” rating on the stock in a research report on Monday, August 12th. Wedbush reissued a “neutral” rating and set a $9.00 price target on shares of Ready Capital in a research report on Monday, August 12th. Finally, UBS Group lowered their price target on Ready Capital from $8.50 to $7.50 and set a “neutral” rating on the stock in a research report on Friday, November 15th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Ready Capital has a consensus rating of “Hold” and an average target price of $9.04.

Ready Capital Stock Performance

NYSE RC opened at $7.39 on Friday. The stock has a market cap of $1.25 billion, a PE ratio of -10.56 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. The firm has a 50-day moving average of $7.29 and a 200-day moving average of $8.09. Ready Capital Co. has a 52-week low of $6.65 and a 52-week high of $11.67.

Ready Capital Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Monday, September 30th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 13.53%. The ex-dividend date of this dividend was Monday, September 30th. Ready Capital’s payout ratio is -142.86%.

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.