Balyasny Asset Management L.P. Cuts Stake in Ready Capital Co. (NYSE:RC)

Balyasny Asset Management L.P. lessened its holdings in shares of Ready Capital Co. (NYSE:RC) by 23.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,032,851 shares of the real estate investment trust’s stock after selling 944,003 shares during the period. Balyasny Asset Management L.P.’s holdings in Ready Capital were worth $20,684,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in RC. Vanguard Group Inc. boosted its holdings in Ready Capital by 7.3% in the fourth quarter. Vanguard Group Inc. now owns 11,366,828 shares of the real estate investment trust’s stock worth $77,522,000 after acquiring an additional 768,891 shares in the last quarter. Invesco Ltd. boosted its holdings in Ready Capital by 6.8% in the fourth quarter. Invesco Ltd. now owns 3,116,019 shares of the real estate investment trust’s stock valued at $21,251,000 after purchasing an additional 197,770 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Ready Capital by 21.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,266,585 shares of the real estate investment trust’s stock worth $15,458,000 after purchasing an additional 398,005 shares during the period. Northern Trust Corp raised its stake in shares of Ready Capital by 6.3% during the 4th quarter. Northern Trust Corp now owns 1,833,044 shares of the real estate investment trust’s stock valued at $12,501,000 after buying an additional 108,519 shares during the last quarter. Finally, Van ECK Associates Corp lifted its holdings in shares of Ready Capital by 12.8% in the 4th quarter. Van ECK Associates Corp now owns 1,540,765 shares of the real estate investment trust’s stock valued at $10,508,000 after buying an additional 174,725 shares during the period. Institutional investors and hedge funds own 55.87% of the company’s stock.

Wall Street Analysts Forecast Growth

RC has been the subject of several recent research reports. UBS Group reduced their price target on Ready Capital from $5.00 to $4.75 and set a “neutral” rating for the company in a research report on Wednesday, April 16th. Keefe, Bruyette & Woods cut their target price on shares of Ready Capital from $6.25 to $4.00 and set an “underperform” rating for the company in a report on Wednesday, March 5th. Wedbush reissued a “neutral” rating and set a $6.00 price target (down from $8.00) on shares of Ready Capital in a report on Tuesday, March 4th. Finally, Citizens Jmp downgraded shares of Ready Capital from an “outperform” rating to a “market perform” rating in a research report on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, Ready Capital currently has a consensus rating of “Hold” and an average target price of $7.04.

Ready Capital Price Performance

Shares of NYSE RC opened at $4.42 on Thursday. 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 firm has a fifty day moving average of $4.75 and a 200 day moving average of $6.22. The firm has a market cap of $760.64 million, a PE ratio of -6.31 and a beta of 1.45. Ready Capital Co. has a one year low of $4.16 and a one year high of $9.54.

Ready Capital Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 30th. Investors of record on Monday, March 31st were given a dividend of $0.125 per share. The ex-dividend date was Monday, March 31st. This represents a $0.50 annualized dividend and a dividend yield of 11.33%. Ready Capital’s dividend payout ratio (DPR) is presently -18.94%.

Insider Activity at Ready Capital

In other Ready Capital news, CEO Thomas E. Capasse bought 10,000 shares of Ready Capital stock in a transaction dated Wednesday, March 5th. The stock was acquired at an average cost of $4.80 per share, for a total transaction of $48,000.00. Following the completion of the transaction, the chief executive officer now directly owns 319,925 shares of the company’s stock, valued at approximately $1,535,640. This represents a 3.23 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.09% of the stock is currently owned by corporate insiders.

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.