Ready Capital (NYSE:RC) Trading Up 6.3% After Insider Buying Activity

Shares of Ready Capital Co. (NYSE:RC) were up 6.3% during mid-day trading on Friday after an insider bought additional shares in the company. The stock traded as high as $5.26 and last traded at $5.32. Approximately 323,887 shares were traded during trading, a decline of 88% from the average daily volume of 2,599,701 shares. The stock had previously closed at $5.00.

Specifically, CEO Thomas E. Capasse acquired 10,000 shares of the stock in a transaction dated Wednesday, March 5th. The stock was acquired at an average cost of $4.80 per share, with a total value of $48,000.00. Following the transaction, the chief executive officer now owns 319,925 shares in the company, valued at $1,535,640. The trade was a 3.23 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Analyst Upgrades and Downgrades

Several brokerages have commented on RC. Citizens Jmp lowered shares of Ready Capital from an “outperform” rating to a “market perform” rating in a research note on Monday. Keefe, Bruyette & Woods reduced their target price on Ready Capital from $6.25 to $4.00 and set an “underperform” rating for the company in a report on Wednesday. UBS Group cut their target price on shares of Ready Capital from $8.50 to $7.50 and set a “neutral” rating on the stock in a report on Friday, November 15th. Wedbush reiterated a “neutral” rating and set a $6.00 price target (down previously from $8.00) on shares of Ready Capital in a research note on Tuesday. Finally, JMP Securities reduced 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 report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $7.86.

Ready Capital Price Performance

The stock has a market cap of $874.51 million, a price-to-earnings ratio of -7.41 and a beta of 1.43. The company’s 50 day moving average is $6.64 and its 200 day moving average is $7.20. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.67 and a quick ratio of 1.67.

Ready Capital Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 31st will be paid a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 9.64%. The ex-dividend date of this dividend is Monday, March 31st. Ready Capital’s dividend payout ratio (DPR) is -142.86%.

Hedge Funds Weigh In On Ready Capital

Several hedge funds have recently bought and sold shares of the company. State of Alaska Department of Revenue increased its position in shares of Ready Capital by 5.2% in the third quarter. State of Alaska Department of Revenue now owns 95,992 shares of the real estate investment trust’s stock valued at $732,000 after buying an additional 4,775 shares in the last quarter. Van ECK Associates Corp increased its holdings in Ready Capital by 1.8% during 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 in the last quarter. United Advisor Group LLC purchased a new position in Ready Capital during the 3rd quarter valued at about $151,000. Principal Financial Group Inc. raised its position in Ready Capital by 3.3% during the third 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 last quarter. Finally, Wolverine Asset Management LLC grew its position in shares of Ready Capital by 2,902.2% in the third quarter. Wolverine Asset Management LLC now owns 402,291 shares of the real estate investment trust’s stock valued at $3,069,000 after purchasing an additional 388,891 shares during the last quarter. 55.87% of the stock is owned by hedge funds and other institutional investors.

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.