Prudential Financial Inc. grew its position in shares of Ready Capital Corp (NYSE:RC) by 66.6% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 72,361 shares of the real estate investment trust’s stock after purchasing an additional 28,930 shares during the quarter. Prudential Financial Inc. owned approximately 0.16% of Ready Capital worth $1,078,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently modified their holdings of RC. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Ready Capital by 561.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,094 shares of the real estate investment trust’s stock worth $46,000 after purchasing an additional 2,626 shares during the last quarter. Motco purchased a new position in shares of Ready Capital during the second quarter worth about $65,000. BNP Paribas Arbitrage SA purchased a new position in shares of Ready Capital during the second quarter worth about $68,000. Synovus Financial Corp purchased a new position in shares of Ready Capital during the first quarter worth about $77,000. Finally, Metropolitan Life Insurance Co NY purchased a new position in shares of Ready Capital during the first quarter worth about $90,000. 37.82% of the stock is currently owned by institutional investors.
Shares of NYSE RC traded down $0.06 during midday trading on Friday, reaching $16.32. 291,903 shares of the company were exchanged, compared to its average volume of 147,395. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.45. Ready Capital Corp has a 1 year low of $13.44 and a 1 year high of $17.15. The stock has a fifty day simple moving average of $15.00 and a 200 day simple moving average of $14.94. The stock has a market cap of $724.93 million, a P/E ratio of 9.27 and a beta of 0.70.
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Monday, September 30th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 9.80%. The ex-dividend date is Friday, September 27th. Ready Capital’s dividend payout ratio is currently 90.91%.
Several equities analysts have issued reports on RC shares. TheStreet raised Ready Capital from a “c” rating to a “b-” rating in a report on Wednesday, August 14th. Cantor Fitzgerald dropped their price objective on Ready Capital from $17.00 to $16.50 and set a “market outperform” rating on the stock in a report on Tuesday, September 3rd. Finally, Zacks Investment Research raised Ready Capital from a “sell” rating to a “hold” rating in a report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $16.50.
Ready Capital Profile
Ready Capital Corporation 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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