Ready Capital Co. (NYSE:RC) Shares Sold by Spire Wealth Management

Spire Wealth Management decreased its stake in Ready Capital Co. (NYSE:RC) by 10.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 196,722 shares of the real estate investment trust’s stock after selling 22,378 shares during the period. Spire Wealth Management’s holdings in Ready Capital were worth $1,936,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new position in shares of Ready Capital during the third quarter valued at $510,000. Commonwealth Equity Services LLC grew its holdings in Ready Capital by 78.9% in the 3rd quarter. Commonwealth Equity Services LLC now owns 31,678 shares of the real estate investment trust’s stock worth $320,000 after buying an additional 13,971 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in shares of Ready Capital by 6.6% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 75,904 shares of the real estate investment trust’s stock valued at $767,000 after purchasing an additional 4,679 shares in the last quarter. New York State Teachers Retirement System grew its stake in shares of Ready Capital by 35.2% in the 3rd quarter. New York State Teachers Retirement System now owns 209,500 shares of the real estate investment trust’s stock worth $2,118,000 after purchasing an additional 54,516 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Ready Capital by 16.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 39,242 shares of the real estate investment trust’s stock worth $397,000 after purchasing an additional 5,675 shares in the last quarter. Institutional investors and hedge funds own 55.87% of the company’s stock.

Insider Buying and Selling

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

Ready Capital Stock Up 0.5 %

RC traded up $0.04 on Tuesday, reaching $8.78. 141,127 shares of the company traded hands, compared to its average volume of 1,391,986. Ready Capital Co. has a 52-week low of $8.25 and a 52-week high of $11.97. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.89 and a quick ratio of 1.89. The company has a market cap of $1.48 billion, a price-to-earnings ratio of 3.74 and a beta of 1.41. The stock’s 50 day moving average price is $8.75 and its 200-day moving average price is $9.50.

Ready Capital Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 30th. Stockholders of record on Thursday, March 28th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 13.67%. The ex-dividend date of this dividend was Wednesday, March 27th. Ready Capital’s dividend payout ratio (DPR) is presently 51.28%.

Analyst Ratings Changes

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

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.