West Family Investments Inc. cut its stake in Ready Capital Co. (NYSE:RC) by 7.8% in the first quarter, Holdings Channel reports. The fund owned 243,302 shares of the real estate investment trust’s stock after selling 20,485 shares during the period. Ready Capital accounts for about 1.2% of West Family Investments Inc.’s portfolio, making the stock its 23rd largest holding. West Family Investments Inc.’s holdings in Ready Capital were worth $3,265,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Hudock Inc. increased its holdings in shares of Ready Capital by 237.5% during the 1st quarter. Hudock Inc. now owns 2,700 shares of the real estate investment trust’s stock worth $36,000 after buying an additional 1,900 shares during the last quarter. Cedar Wealth Management LLC acquired a new stake in Ready Capital during the first quarter worth $45,000. Metropolitan Life Insurance Co NY acquired a new stake in Ready Capital during the first quarter worth $90,000. ProShare Advisors LLC purchased a new stake in Ready Capital in the fourth quarter valued at $125,000. Finally, HighTower Advisors LLC acquired a new position in shares of Ready Capital in the 1st quarter valued at $138,000. Institutional investors and hedge funds own 45.51% of the company’s stock.
In other Ready Capital news, Director Gilbert E. Nathan acquired 4,000 shares of the stock in a transaction dated Tuesday, May 11th. The stock was acquired at an average cost of $13.66 per share, with a total value of $54,640.00. Following the transaction, the director now owns 26,953 shares in the company, valued at approximately $368,177.98. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Andrea Petro acquired 4,750 shares of the company’s stock in a transaction dated Thursday, May 13th. The stock was acquired at an average price of $14.18 per share, for a total transaction of $67,355.00. Following the acquisition, the director now owns 4,750 shares in the company, valued at approximately $67,355. The disclosure for this purchase can be found here. 1.79% of the stock is owned by company insiders.
Ready Capital (NYSE:RC) last released its earnings results on Thursday, May 6th. The real estate investment trust reported $0.41 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.44 by ($0.03). Ready Capital had a net margin of 47.10% and a return on equity of 13.56%. On average, research analysts expect that Ready Capital Co. will post 1.72 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, April 30th. Investors of record on Monday, April 5th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, April 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.56%. Ready Capital’s payout ratio is 22.35%.
Several analysts recently issued reports on RC shares. BTIG Research boosted their price objective on shares of Ready Capital from $14.00 to $15.50 and gave the company a “buy” rating in a report on Friday, March 12th. B. Riley lifted their price target on shares of Ready Capital from $16.50 to $17.00 and gave the company a “buy” rating in a research report on Friday, May 28th. Zacks Investment Research lowered shares of Ready Capital from a “buy” rating to a “hold” rating in a report on Friday. Finally, Keefe, Bruyette & Woods upgraded shares of Ready Capital from a “market perform” rating to an “outperform” rating and set a $15.50 target price for the company in a report on Tuesday, April 27th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Ready Capital presently has a consensus rating of “Buy” and a consensus target price of $14.75.
Ready Capital Profile
Ready Capital Corporation, together with its subsidiaries, operates as a real estate finance company in the United States. The company originates, acquires, finances, and services small balance commercial (SBC) loans, small business administration (SBA) loans, and residential mortgage loans, as well as mortgage backed securities collateralized primarily by SBC loans, or other real estate-related investments.
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