Insider Buying: Ready Capital Co. (NYSE:RC) Insider Acquires 10,000 Shares of Stock

Ready Capital Co. (NYSE:RC) insider Adam Zausmer purchased 10,000 shares of Ready Capital stock in a transaction dated Friday, March 7th. The stock was acquired at an average cost of $5.42 per share, with a total value of $54,200.00. Following the completion of the acquisition, the insider now directly owns 301,105 shares in the company, valued at approximately $1,631,989.10. This trade represents a 3.44 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Ready Capital Price Performance

Shares of RC stock traded down $0.24 during trading hours on Monday, hitting $5.13. The company’s stock had a trading volume of 3,223,026 shares, compared to its average volume of 2,709,163. The business has a fifty day moving average of $6.60 and a 200-day moving average of $7.15. The stock has a market cap of $836.15 million, a price-to-earnings ratio of -7.32 and a beta of 1.43. Ready Capital Co. has a twelve month low of $4.74 and a twelve month high of $9.53. The company has a current ratio of 1.67, a quick ratio of 1.67 and a debt-to-equity ratio of 0.54.

Ready Capital Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 31st will be given a $0.125 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.50 annualized dividend and a dividend yield of 9.76%. Ready Capital’s dividend payout ratio is presently -18.94%.

Institutional Trading of Ready Capital

Large investors have recently modified their holdings of the business. Shorepoint Capital Partners LLC grew its holdings in shares of Ready Capital by 2.4% during the fourth quarter. Shorepoint Capital Partners LLC now owns 64,500 shares of the real estate investment trust’s stock worth $440,000 after buying an additional 1,500 shares in the last quarter. Dorsey & Whitney Trust CO LLC grew its holdings in shares of Ready Capital by 3.6% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 44,038 shares of the real estate investment trust’s stock worth $300,000 after buying an additional 1,543 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Ready Capital by 18.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 15,193 shares of the real estate investment trust’s stock worth $104,000 after buying an additional 2,328 shares in the last quarter. HighTower Advisors LLC increased its stake in shares of Ready Capital by 3.9% during the 4th quarter. HighTower Advisors LLC now owns 76,803 shares of the real estate investment trust’s stock valued at $524,000 after acquiring an additional 2,917 shares during the last quarter. Finally, Thrivent Financial for Lutherans increased its stake in shares of Ready Capital by 2.4% during the 3rd quarter. Thrivent Financial for Lutherans now owns 132,098 shares of the real estate investment trust’s stock valued at $1,008,000 after acquiring an additional 3,123 shares during the last quarter. 55.87% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently commented on RC shares. JMP Securities reduced their price target on Ready Capital from $10.50 to $9.50 and set a “market outperform” rating for the company in a report on Thursday, December 12th. B. Riley reissued a “neutral” rating and set a $10.00 price target (down previously from $12.00) on shares of Ready Capital in a research note on Tuesday, January 7th. Wedbush reissued a “neutral” rating and set a $6.00 price target (down previously from $8.00) on shares of Ready Capital in a research note on Tuesday, March 4th. Keefe, Bruyette & Woods decreased their price target on Ready Capital from $6.25 to $4.00 and set an “underperform” rating on the stock in a research note on Wednesday, March 5th. Finally, UBS Group decreased their price target on Ready Capital from $8.50 to $7.50 and set a “neutral” rating on the stock in a research note on Friday, November 15th. One 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. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $7.86.

About Ready Capital

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.