Philadelphia Trust Co. Raises Stock Position in Ready Capital Co. (NYSE:RC)

Philadelphia Trust Co. grew its position in Ready Capital Co. (NYSE:RC) by 23.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 37,000 shares of the real estate investment trust’s stock after buying an additional 7,000 shares during the period. Philadelphia Trust Co.’s holdings in Ready Capital were worth $252,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Dorsey & Whitney Trust CO LLC raised its holdings in Ready Capital by 3.6% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 44,038 shares of the real estate investment trust’s stock valued at $300,000 after buying an additional 1,543 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of Ready Capital by 18.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 15,193 shares of the real estate investment trust’s stock valued at $104,000 after acquiring an additional 2,328 shares during the period. HighTower Advisors LLC lifted its holdings in shares of Ready Capital by 3.9% in the 4th quarter. HighTower Advisors LLC now owns 76,803 shares of the real estate investment trust’s stock worth $524,000 after acquiring an additional 2,917 shares during the last quarter. Sterling Capital Management LLC boosted its position in shares of Ready Capital by 822.8% during the 4th quarter. Sterling Capital Management LLC now owns 5,177 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 4,616 shares during the period. Finally, Mutual Advisors LLC increased its holdings in Ready Capital by 4.7% in the 4th quarter. Mutual Advisors LLC now owns 109,993 shares of the real estate investment trust’s stock valued at $742,000 after purchasing an additional 4,891 shares during the last quarter. Institutional investors and hedge funds own 55.87% of the company’s stock.

Insider Buying and Selling at Ready Capital

In related news, CEO Thomas E. Capasse purchased 10,000 shares of the company’s stock in a transaction on Wednesday, March 5th. The shares were bought at an average cost of $4.80 per share, for a total transaction of $48,000.00. Following the completion of the purchase, the chief executive officer now directly owns 319,925 shares of the company’s stock, valued at approximately $1,535,640. This trade represents a 3.23 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.09% of the stock is owned by insiders.

Ready Capital Trading Down 1.2 %

NYSE RC opened at $4.44 on Friday. Ready Capital Co. has a 52 week low of $4.28 and a 52 week high of $9.54. The firm has a 50 day moving average of $5.59 and a two-hundred day moving average of $6.58. The stock has a market capitalization of $762.06 million, a PE ratio of -6.34 and a beta of 1.23. The company has a quick ratio of 1.67, a current ratio of 1.67 and a debt-to-equity ratio of 0.54.

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 $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 11.27%. The ex-dividend date is Monday, March 31st. Ready Capital’s dividend payout ratio (DPR) is presently -18.94%.

Analyst Upgrades and Downgrades

RC has been the subject of several research analyst reports. Keefe, Bruyette & Woods lowered their price target 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. B. Riley reiterated a “neutral” rating and set a $10.00 price target (down from $12.00) on shares of Ready Capital in a research note on Tuesday, January 7th. Citizens Jmp lowered shares of Ready Capital from an “outperform” rating to a “market perform” rating in a research note on Monday, March 3rd. Wedbush reaffirmed a “neutral” rating and set a $6.00 target price (down from $8.00) on shares of Ready Capital in a research note on Tuesday, March 4th. Finally, UBS Group decreased their price target on shares of Ready Capital from $7.00 to $5.00 and set a “neutral” rating for the company in a research report on Friday, March 14th. One analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $7.50.

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.