363,701 Shares in Ready Capital Co. (NYSE:RC) Purchased by GraniteShares Advisors LLC

GraniteShares Advisors LLC acquired a new position in Ready Capital Co. (NYSE:RC) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 363,701 shares of the real estate investment trust’s stock, valued at approximately $2,480,000. Ready Capital accounts for approximately 1.6% of GraniteShares Advisors LLC’s investment portfolio, making the stock its 13th biggest position. GraniteShares Advisors LLC owned approximately 0.22% of Ready Capital as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RC. Avion Wealth acquired a new stake in Ready Capital in the fourth quarter worth about $47,000. KBC Group NV grew its position in shares of Ready Capital by 64.1% during the 3rd quarter. KBC Group NV now owns 8,318 shares of the real estate investment trust’s stock worth $63,000 after buying an additional 3,248 shares during the period. Ieq Capital LLC acquired a new position in shares of Ready Capital during the 4th quarter worth about $99,000. Modera Wealth Management LLC acquired a new position in shares of Ready Capital during the 3rd quarter worth about $107,000. Finally, Fisher Asset Management LLC acquired a new position in shares of Ready Capital during the 3rd quarter worth about $116,000. 55.87% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently issued reports on RC. Keefe, Bruyette & Woods decreased their target price on Ready Capital from $6.75 to $6.25 and set an “underperform” rating for the company in a research report on Tuesday, January 14th. UBS Group decreased their target price on Ready Capital from $8.50 to $7.50 and set a “neutral” rating for the company in a research report on Friday, November 15th. JMP Securities decreased their target price on Ready Capital from $10.50 to $9.50 and set a “market outperform” rating for the company in a research report on Thursday, December 12th. Finally, B. Riley restated a “neutral” rating and set a $10.00 target price (down from $12.00) on shares of Ready Capital in a research report on Tuesday, January 7th. One research 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. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $8.61.

Ready Capital Price Performance

Shares of RC opened at $6.85 on Wednesday. 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 50 day simple moving average of $6.84 and a 200 day simple moving average of $7.31. Ready Capital Co. has a 52-week low of $6.39 and a 52-week high of $9.53. The firm has a market capitalization of $1.15 billion, a PE ratio of -9.78 and a beta of 1.43.

Ready Capital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 31st. Investors of record on Tuesday, December 31st were given a $0.25 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $1.00 annualized dividend and a dividend yield of 14.61%. 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.