HBK Sorce Advisory LLC Trims Stock Position in Ready Capital Co. (NYSE:RC)

HBK Sorce Advisory LLC lessened its stake in shares of Ready Capital Co. (NYSE:RC) by 6.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 65,429 shares of the real estate investment trust’s stock after selling 4,318 shares during the quarter. HBK Sorce Advisory LLC’s holdings in Ready Capital were worth $446,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of RC. Barclays PLC increased its holdings in shares of Ready Capital by 205.9% in the 3rd quarter. Barclays PLC now owns 484,986 shares of the real estate investment trust’s stock valued at $3,699,000 after acquiring an additional 326,467 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Ready Capital by 11.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,868,580 shares of the real estate investment trust’s stock valued at $14,257,000 after acquiring an additional 195,663 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Ready Capital by 50.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 336,773 shares of the real estate investment trust’s stock valued at $2,570,000 after acquiring an additional 112,934 shares during the period. GraniteShares Advisors LLC acquired a new position in shares of Ready Capital in the 4th quarter valued at $2,480,000. Finally, Geode Capital Management LLC increased its holdings in shares of Ready Capital by 4.1% in the 3rd quarter. Geode Capital Management LLC now owns 3,838,284 shares of the real estate investment trust’s stock valued at $29,292,000 after acquiring an additional 150,479 shares during the period. Hedge funds and other institutional investors own 55.87% of the company’s stock.

Insider Transactions at Ready Capital

In other Ready Capital news, insider Adam Zausmer acquired 10,000 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The shares were acquired at an average cost of $5.42 per share, for a total transaction of $54,200.00. Following the transaction, the insider now directly owns 301,105 shares of the company’s stock, valued at approximately $1,631,989.10. This 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 through this link. Corporate insiders own 1.09% of the company’s stock.

Ready Capital Stock Performance

NYSE:RC opened at $5.02 on Friday. The company has a quick ratio of 1.67, a current ratio of 1.67 and a debt-to-equity ratio of 0.54. Ready Capital Co. has a fifty-two week low of $4.74 and a fifty-two week high of $9.53. The stock has a market cap of $818.20 million, a PE ratio of -7.16 and a beta of 1.43. The firm’s fifty day simple moving average is $6.46 and its 200-day simple moving average is $7.08.

Ready Capital Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 31st will be paid a dividend of $0.125 per share. The ex-dividend date is Monday, March 31st. This represents a $0.50 dividend on an annualized basis and a dividend yield of 9.97%. Ready Capital’s dividend payout ratio (DPR) is presently -18.94%.

Analyst Ratings Changes

RC has been the topic of a number of recent research reports. B. Riley reaffirmed a “neutral” rating and issued a $10.00 target price (down from $12.00) on shares of Ready Capital in a report on Tuesday, January 7th. Citizens Jmp cut shares of Ready Capital from an “outperform” rating to a “market perform” rating in a research note on Monday, March 3rd. JMP Securities dropped their price objective on shares of Ready Capital from $10.50 to $9.50 and set a “market outperform” rating on the stock in a research note on Thursday, December 12th. Keefe, Bruyette & Woods dropped their price objective on shares of 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 dropped their price objective on shares of Ready Capital from $7.00 to $5.00 and set a “neutral” rating on the stock in a research note on Friday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $7.50.

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.