Louisiana State Employees Retirement System Takes Position in Ready Capital Co. (NYSE:RC)

Louisiana State Employees Retirement System acquired a new stake in shares of Ready Capital Co. (NYSE:RC) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 79,200 shares of the real estate investment trust’s stock, valued at approximately $812,000.

Several other institutional investors also recently made changes to their positions in RC. Allspring Global Investments Holdings LLC lifted its holdings in shares of Ready Capital by 112.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 7,645 shares of the real estate investment trust’s stock valued at $77,000 after acquiring an additional 4,039 shares in the last quarter. Denali Advisors LLC acquired a new position in shares of Ready Capital during the 4th quarter valued at $102,000. Anfield Capital Management LLC acquired a new position in shares of Ready Capital during the 3rd quarter valued at $103,000. Wolverine Asset Management LLC lifted its holdings in shares of Ready Capital by 23.2% during the 3rd quarter. Wolverine Asset Management LLC now owns 10,605 shares of the real estate investment trust’s stock valued at $107,000 after acquiring an additional 2,000 shares in the last quarter. Finally, Jump Financial LLC acquired a new position in shares of Ready Capital during the 3rd quarter valued at $110,000. 55.87% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently weighed in on RC. B. Riley restated a “buy” rating and set a $12.00 target price (down previously from $13.00) on shares of Ready Capital in a report on Monday, March 4th. UBS Group cut their price objective on shares of Ready Capital from $10.50 to $9.50 and set a “neutral” rating on the stock in a report on Wednesday, March 20th. BTIG Research cut their price objective on shares of Ready Capital from $12.00 to $10.00 and set a “buy” rating on the stock in a report on Wednesday, April 17th. StockNews.com lowered shares of Ready Capital from a “buy” rating to a “hold” rating in a report on Monday, March 4th. Finally, Keefe, Bruyette & Woods reiterated an “underperform” rating and issued a $8.00 price objective (down previously from $10.00) on shares of Ready Capital in a report on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, Ready Capital has a consensus rating of “Hold” and a consensus price target of $10.93.

Insider Transactions at Ready Capital

In related news, Director Gilbert E. Nathan bought 10,000 shares of the company’s stock in a transaction dated Thursday, March 14th. The stock was bought at an average price of $8.65 per share, with a total value of $86,500.00. Following the transaction, the director now owns 83,099 shares of the company’s stock, valued at $718,806.35. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. In other Ready Capital news, Director Kevin M. Luebbers acquired 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The shares were purchased at an average price of $8.43 per share, for a total transaction of $42,150.00. Following the completion of the purchase, the director now directly owns 119,925 shares in the company, valued at $1,010,967.75. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Gilbert E. Nathan acquired 10,000 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The shares were acquired at an average price of $8.65 per share, for a total transaction of $86,500.00. Following the purchase, the director now owns 83,099 shares of the company’s stock, valued at $718,806.35. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 17,150 shares of company stock valued at $148,280. Insiders own 0.95% of the company’s stock.

Ready Capital Price Performance

RC opened at $8.86 on Friday. The company has a 50-day moving average of $8.81 and a 200-day moving average of $9.59. The company has a market capitalization of $1.53 billion, a P/E ratio of 3.72 and a beta of 1.40. Ready Capital Co. has a 1-year low of $8.25 and a 1-year high of $11.97. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.89 and a current ratio of 1.89.

Ready Capital Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Thursday, March 28th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 13.55%. The ex-dividend date is Wednesday, March 27th. Ready Capital’s payout ratio is currently 51.28%.

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.