Parallel Advisors LLC Lowers Stake in Ready Capital Co. (NYSE:RC)

Parallel Advisors LLC cut its stake in Ready Capital Co. (NYSE:RC) by 24.8% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 250,506 shares of the real estate investment trust’s stock after selling 82,600 shares during the period. Parallel Advisors LLC’s holdings in Ready Capital were worth $1,708,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in RC. Barclays PLC boosted 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 worth $3,699,000 after purchasing an additional 326,467 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Ready Capital by 11.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,868,580 shares of the real estate investment trust’s stock worth $14,257,000 after buying an additional 195,663 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Ready Capital by 50.5% in the third quarter. JPMorgan Chase & Co. now owns 336,773 shares of the real estate investment trust’s stock worth $2,570,000 after buying an additional 112,934 shares in the last quarter. GraniteShares Advisors LLC bought a new position in Ready Capital during the fourth quarter valued at approximately $2,480,000. Finally, Geode Capital Management LLC raised its stake in shares of Ready Capital by 4.1% during the third quarter. Geode Capital Management LLC now owns 3,838,284 shares of the real estate investment trust’s stock worth $29,292,000 after acquiring an additional 150,479 shares in the last quarter. Institutional investors own 55.87% of the company’s stock.

Ready Capital Stock Up 1.7 %

Shares of NYSE:RC opened at $5.08 on Wednesday. Ready Capital Co. has a 1 year low of $4.74 and a 1 year high of $9.54. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.67 and a quick ratio of 1.67. The stock’s 50-day moving average is $6.35 and its 200 day moving average is $6.99. The company has a market cap of $828.15 million, a PE ratio of -7.25 and a beta of 1.43.

Ready Capital Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Monday, March 31st will be issued a dividend of $0.125 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.50 dividend on an annualized basis and a dividend yield of 9.85%. Ready Capital’s dividend payout ratio is presently -18.94%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. B. Riley reaffirmed a “neutral” rating and issued a $10.00 price objective (down previously from $12.00) on shares of Ready Capital in a research note on Tuesday, January 7th. Keefe, Bruyette & Woods cut their price target on shares of Ready Capital from $6.25 to $4.00 and set an “underperform” rating for the company in a research report on Wednesday, March 5th. JMP Securities decreased their price objective on Ready Capital from $10.50 to $9.50 and set a “market outperform” rating on the stock in a report on Thursday, December 12th. UBS Group dropped their target price on Ready Capital from $7.00 to $5.00 and set a “neutral” rating for the company in a report on Friday, March 14th. Finally, Wedbush reaffirmed a “neutral” rating and issued a $6.00 price target (down from $8.00) on shares of Ready Capital in a research note on Tuesday, March 4th. One equities 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. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $7.50.

Insider Buying and Selling

In related news, insider Adam Zausmer purchased 10,000 shares of Ready Capital stock in a transaction that occurred on Friday, March 7th. The shares were bought at an average price of $5.42 per share, for a total transaction of $54,200.00. Following the completion of the transaction, the insider now directly owns 301,105 shares of the company’s stock, valued at $1,631,989.10. This represents a 3.44 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.09% of the stock is currently owned by insiders.

Ready Capital 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.