EdgeRock Capital LLC Purchases New Position in Ready Capital Co. (NYSE:RC)

EdgeRock Capital LLC acquired a new stake in Ready Capital Co. (NYSE:RC) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 3,514 shares of the real estate investment trust’s stock, valued at approximately $36,000.

A number of other institutional investors and hedge funds have also made changes to their positions in RC. Ramsey Quantitative Systems purchased a new stake in shares of Ready Capital during the third quarter worth approximately $12,473,000. Melia Wealth LLC acquired a new position in Ready Capital during the fourth quarter worth $7,825,000. Wellington Management Group LLP acquired a new position in Ready Capital during the third quarter worth $4,069,000. Barclays PLC boosted its stake in Ready Capital by 221.3% during the third quarter. Barclays PLC now owns 301,938 shares of the real estate investment trust’s stock worth $3,054,000 after buying an additional 207,953 shares during the last quarter. Finally, Van ECK Associates Corp boosted its stake in Ready Capital by 11.9% during the fourth quarter. Van ECK Associates Corp now owns 1,013,596 shares of the real estate investment trust’s stock worth $10,389,000 after buying an additional 107,501 shares during the last quarter. 55.87% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

Wall Street Analysts Forecast Growth

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

Ready Capital Stock Down 2.6 %

NYSE RC traded down $0.23 during trading hours on Wednesday, hitting $8.45. 3,007,267 shares of the company were exchanged, compared to its average volume of 1,423,542. The company has a 50 day moving average of $8.75 and a two-hundred day moving average of $9.49. The company has a quick ratio of 1.89, a current ratio of 1.89 and a debt-to-equity ratio of 0.44. Ready Capital Co. has a 52-week low of $8.25 and a 52-week high of $11.97. The firm has a market cap of $1.43 billion, a price-to-earnings ratio of 3.61 and a beta of 1.41.

Ready Capital Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 30th. Shareholders of record on Thursday, March 28th were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.20 annualized dividend and a yield of 14.20%. Ready Capital’s dividend payout ratio (DPR) is 51.28%.

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.