HighTower Advisors LLC Acquires 2,917 Shares of Ready Capital Co. (NYSE:RC)

HighTower Advisors LLC boosted its stake in shares of Ready Capital Co. (NYSE:RC) by 3.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 76,803 shares of the real estate investment trust’s stock after buying an additional 2,917 shares during the period. HighTower Advisors LLC’s holdings in Ready Capital were worth $524,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Steward Partners Investment Advisory LLC grew its position in shares of Ready Capital by 3,075.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 6,350 shares of the real estate investment trust’s stock worth $43,000 after buying an additional 6,150 shares during the last quarter. Avion Wealth acquired a new stake in Ready Capital in the fourth quarter valued at approximately $47,000. Proficio Capital Partners LLC purchased a new position in Ready Capital in the fourth quarter worth $69,000. Ieq Capital LLC purchased a new position in Ready Capital in the fourth quarter worth $99,000. Finally, PNC Financial Services Group Inc. increased its position 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 purchasing an additional 2,328 shares in the last quarter. Institutional investors own 55.87% of the company’s stock.

Ready Capital Stock Down 1.7 %

Shares of RC stock opened at $4.97 on Monday. Ready Capital Co. has a fifty-two week low of $4.74 and a fifty-two week high of $9.54. The firm has a market capitalization of $853.13 million, a PE ratio of -7.09 and a beta of 1.43. 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’s 50-day simple moving average is $6.08 and its 200-day simple moving average is $6.83.

Ready Capital Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Monday, March 31st will be issued a $0.125 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.50 annualized dividend and a yield of 10.07%. Ready Capital’s dividend payout ratio (DPR) is presently -18.94%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Keefe, Bruyette & Woods lowered their price objective on Ready Capital from $6.25 to $4.00 and set an “underperform” rating for the company in a research report on Wednesday, March 5th. Citizens Jmp downgraded Ready Capital from an “outperform” rating to a “market perform” rating in a report on Monday, March 3rd. UBS Group dropped their price target on Ready Capital from $7.00 to $5.00 and set a “neutral” rating on the stock in a research note on Friday, March 14th. Wedbush reaffirmed a “neutral” rating and issued a $6.00 price objective (down from $8.00) on shares of Ready Capital in a research report on Tuesday, March 4th. Finally, JMP Securities lowered their target price on shares of Ready Capital from $10.50 to $9.50 and set a “market outperform” rating for the company in a research note on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $7.50.

Insiders Place Their Bets

In related news, insider Adam Zausmer acquired 10,000 shares of the firm’s stock in a transaction dated Friday, March 7th. The stock was acquired at an average price of $5.42 per share, with a total value of $54,200.00. Following the acquisition, the insider now directly owns 301,105 shares in the company, valued at $1,631,989.10. This represents a 3.44 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.09% of the stock is currently owned by insiders.

Ready Capital Company 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.