Proficio Capital Partners LLC Acquires New Stake in Ready Capital Co. (NYSE:RC)

Proficio Capital Partners LLC bought a new position in Ready Capital Co. (NYSE:RC) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund bought 10,114 shares of the real estate investment trust’s stock, valued at approximately $69,000.

Other institutional investors have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its stake in Ready Capital by 21.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,266,585 shares of the real estate investment trust’s stock worth $15,458,000 after purchasing an additional 398,005 shares during the last quarter. GraniteShares Advisors LLC purchased a new stake in shares of Ready Capital during the 4th quarter worth about $2,480,000. Barclays PLC raised its position in shares of Ready Capital by 205.9% during the 3rd quarter. Barclays PLC now owns 484,986 shares of the real estate investment trust’s stock worth $3,699,000 after purchasing an additional 326,467 shares during the last quarter. State Street Corp raised its position in shares of Ready Capital by 4.8% in the third quarter. State Street Corp now owns 6,315,147 shares of the real estate investment trust’s stock valued at $49,746,000 after buying an additional 287,068 shares during the last quarter. Finally, SVB Wealth LLC purchased a new position in shares of Ready Capital during the 4th quarter worth $1,684,000. 55.87% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

RC has been the topic of several recent research reports. B. Riley restated a “neutral” rating and set a $10.00 price target (down previously from $12.00) on shares of Ready Capital in a report on Tuesday, January 7th. Wedbush reaffirmed a “neutral” rating and issued a $6.00 target price (down from $8.00) on shares of Ready Capital in a report on Tuesday, March 4th. Citizens Jmp downgraded shares of Ready Capital from an “outperform” rating to a “market perform” rating in a research note on Monday, March 3rd. JMP Securities lowered their price target on Ready Capital from $10.50 to $9.50 and set a “market outperform” rating for the company in a research report on Thursday, December 12th. Finally, Keefe, Bruyette & Woods dropped their price target 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. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, Ready Capital currently has an average rating of “Hold” and an average price target of $7.50.

Insider Transactions at Ready Capital

In other Ready Capital news, CEO Thomas E. Capasse acquired 10,000 shares of Ready Capital stock in a transaction that occurred on Wednesday, March 5th. The shares were bought at an average price of $4.80 per share, with a total value of $48,000.00. Following the completion of the purchase, the chief executive officer now directly owns 319,925 shares in the company, valued at $1,535,640. This trade represents a 3.23 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 1.09% of the company’s stock.

Ready Capital Stock Performance

Shares of RC stock opened at $4.97 on Friday. The company has a market capitalization of $853.13 million, a P/E ratio of -7.09 and a beta of 1.43. The company’s 50 day moving average price is $6.08 and its two-hundred day moving average price is $6.84. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.67 and a current ratio of 1.67. Ready Capital Co. has a 52 week low of $4.74 and a 52 week high of $9.54.

Ready Capital Cuts Dividend

The company also recently announced 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. This represents a $0.50 annualized dividend and a dividend yield of 10.07%. The ex-dividend date is Monday, March 31st. Ready Capital’s payout ratio is -18.94%.

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.