Municipal Employees Retirement System of Michigan Acquires Shares of 9,380 Ready Capital Corp (NYSE:RC)

Municipal Employees Retirement System of Michigan acquired a new stake in Ready Capital Corp (NYSE:RC) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 9,380 shares of the real estate investment trust’s stock, valued at approximately $145,000.

A number of other large investors have also recently bought and sold shares of the business. Bailard Inc. purchased a new position in Ready Capital in the 4th quarter valued at about $819,000. SG Americas Securities LLC boosted its position in Ready Capital by 9.6% in the 4th quarter. SG Americas Securities LLC now owns 47,325 shares of the real estate investment trust’s stock valued at $730,000 after buying an additional 4,147 shares during the last quarter. California Public Employees Retirement System boosted its position in Ready Capital by 87.0% in the 4th quarter. California Public Employees Retirement System now owns 101,514 shares of the real estate investment trust’s stock valued at $1,565,000 after buying an additional 47,221 shares during the last quarter. Arizona State Retirement System purchased a new position in Ready Capital in the 4th quarter valued at about $363,000. Finally, New York State Teachers Retirement System purchased a new position in Ready Capital in the 4th quarter valued at about $1,088,000. 35.58% of the stock is owned by institutional investors.

Several brokerages have recently commented on RC. B. Riley reaffirmed a “buy” rating on shares of Ready Capital in a research report on Monday, January 13th. Sandler O’Neill raised shares of Ready Capital from a “hold” rating to a “buy” rating and set a $17.50 price target on the stock in a research report on Monday, December 23rd. Compass Point cut shares of Ready Capital from a “buy” rating to a “neutral” rating and set a $16.50 price target on the stock. in a research report on Friday, November 8th. Finally, Zacks Investment Research raised shares of Ready Capital from a “sell” rating to a “hold” rating in a research report on Saturday, January 11th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $17.10.

RC opened at $16.36 on Friday. The firm has a market cap of $850.69 million, a price-to-earnings ratio of 9.51 and a beta of 0.67. Ready Capital Corp has a fifty-two week low of $14.30 and a fifty-two week high of $16.90. The company’s 50-day moving average price is $15.90 and its 200 day moving average price is $15.61. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.53.

The company also recently declared a quarterly dividend, which was paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st were paid a $0.40 dividend. The ex-dividend date of this dividend was Monday, December 30th. This represents a $1.60 annualized dividend and a dividend yield of 9.78%. Ready Capital’s payout ratio is currently 90.91%.

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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Institutional Ownership by Quarter for Ready Capital (NYSE:RC)

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