Advisors Asset Management Inc. Purchases 199,202 Shares of Ready Capital Co. (NYSE:RC)

Advisors Asset Management Inc. lifted its holdings in Ready Capital Co. (NYSE:RC) by 99.5% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 399,401 shares of the real estate investment trust’s stock after purchasing an additional 199,202 shares during the period. Advisors Asset Management Inc. owned 0.24% of Ready Capital worth $3,047,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in RC. Clear Harbor Asset Management LLC lifted its holdings in shares of Ready Capital by 84.0% during the 3rd quarter. Clear Harbor Asset Management LLC now owns 1,440,250 shares of the real estate investment trust’s stock worth $10,989,000 after acquiring an additional 657,465 shares during the period. Wolverine Asset Management LLC raised its position in Ready Capital by 2,902.2% in the third quarter. Wolverine Asset Management LLC now owns 402,291 shares of the real estate investment trust’s stock worth $3,069,000 after purchasing an additional 388,891 shares in the last quarter. TrueMark Investments LLC bought a new position in Ready Capital during the second quarter worth about $3,082,000. Van ECK Associates Corp boosted its holdings in Ready Capital by 29.4% during the second quarter. Van ECK Associates Corp now owns 1,342,070 shares of the real estate investment trust’s stock valued at $10,978,000 after purchasing an additional 304,750 shares in the last quarter. Finally, Spire Wealth Management grew its stake in shares of Ready Capital by 1,115.6% in the 2nd quarter. Spire Wealth Management now owns 168,261 shares of the real estate investment trust’s stock valued at $1,376,000 after purchasing an additional 154,419 shares during the period. Institutional investors and hedge funds own 55.87% of the company’s stock.

Ready Capital Stock Performance

Shares of Ready Capital stock opened at $7.39 on Friday. The firm has a fifty day moving average of $7.29 and a two-hundred day moving average of $8.09. 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 stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of -10.56 and a beta of 1.42. Ready Capital Co. has a 52 week low of $6.65 and a 52 week high of $11.67.

Ready Capital Cuts Dividend

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

Wall Street Analysts Forecast Growth

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