Ready Capital Co. (NYSE:RC) Shares Acquired by Penserra Capital Management LLC

Penserra Capital Management LLC lifted its position in Ready Capital Co. (NYSE:RC) by 22.9% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 117,132 shares of the real estate investment trust’s stock after purchasing an additional 21,855 shares during the quarter. Penserra Capital Management LLC owned approximately 0.07% of Ready Capital worth $893,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in RC. Charles Schwab Investment Management Inc. increased 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 valued at $14,257,000 after purchasing an additional 195,663 shares during the period. Clear Harbor Asset Management LLC grew its holdings in shares of Ready Capital by 84.0% during the third quarter. Clear Harbor Asset Management LLC now owns 1,440,250 shares of the real estate investment trust’s stock worth $10,989,000 after buying an additional 657,465 shares during the last quarter. Van ECK Associates Corp increased its position in Ready Capital by 1.8% in the 3rd quarter. Van ECK Associates Corp now owns 1,366,040 shares of the real estate investment trust’s stock valued at $9,508,000 after acquiring an additional 23,970 shares during the period. Bank of New York Mellon Corp raised its stake in Ready Capital by 3.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,189,988 shares of the real estate investment trust’s stock valued at $9,734,000 after acquiring an additional 38,371 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its position in Ready Capital by 3.3% during the 3rd quarter. Principal Financial Group Inc. now owns 792,536 shares of the real estate investment trust’s stock worth $6,047,000 after acquiring an additional 25,545 shares during the period. Hedge funds and other institutional investors own 55.87% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on RC shares. Wedbush restated a “neutral” rating and set a $9.00 price objective on shares of Ready Capital in a research report on Monday, August 12th. UBS Group decreased their price target on Ready Capital from $8.50 to $7.50 and set a “neutral” rating on the stock in a research note on Friday, November 15th. Keefe, Bruyette & Woods cut their price objective on Ready Capital from $8.00 to $7.75 and set an “underperform” rating for the company in a research report on Monday, August 12th. Finally, Piper Sandler decreased their target price on shares of Ready Capital from $9.50 to $8.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $9.04.

Ready Capital Stock Performance

Shares of RC stock opened at $7.42 on Thursday. The stock has a fifty day moving average price of $7.27 and a 200 day moving average price of $8.07. 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 has a market cap of $1.25 billion, a PE ratio of -10.54 and a beta of 1.42. Ready Capital Co. has a 1 year low of $6.65 and a 1 year high of $11.67.

Ready Capital Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Monday, September 30th were given a $0.25 dividend. The ex-dividend date was Monday, September 30th. This represents a $1.00 annualized dividend and a dividend yield of 13.48%. Ready Capital’s dividend payout ratio is presently -142.86%.

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.