Wolverine Asset Management LLC Cuts Holdings in Ready Capital Co. (NYSE:RC)

Wolverine Asset Management LLC decreased its position in Ready Capital Co. (NYSE:RC) by 45.3% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 220,054 shares of the real estate investment trust’s stock after selling 182,237 shares during the quarter. Wolverine Asset Management LLC’s holdings in Ready Capital were worth $1,501,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Avion Wealth bought a new stake in shares of Ready Capital in the 4th quarter worth approximately $47,000. KBC Group NV boosted its holdings in Ready Capital by 64.1% in the third quarter. KBC Group NV now owns 8,318 shares of the real estate investment trust’s stock valued at $63,000 after acquiring an additional 3,248 shares in the last quarter. Ieq Capital LLC purchased a new position in Ready Capital during the 4th quarter valued at $99,000. Modera Wealth Management LLC bought a new position in Ready Capital in the 3rd quarter worth $107,000. Finally, Fisher Asset Management LLC purchased a new stake in shares of Ready Capital in the 3rd quarter worth about $116,000. Institutional investors own 55.87% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on RC shares. UBS Group cut their price objective on Ready Capital from $8.50 to $7.50 and set a “neutral” rating on the stock in a research report on Friday, November 15th. B. Riley reaffirmed a “neutral” rating and set a $10.00 price objective (down previously from $12.00) on shares of Ready Capital in a research report on Tuesday, January 7th. Keefe, Bruyette & Woods dropped their target price on Ready Capital from $6.75 to $6.25 and set an “underperform” rating on the stock in a report on Tuesday, January 14th. Finally, JMP Securities reduced their price target on Ready Capital from $10.50 to $9.50 and set a “market outperform” rating for the company in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, Ready Capital has a consensus rating of “Hold” and an average price target of $8.61.

Ready Capital Stock Performance

Shares of NYSE:RC opened at $6.73 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.67 and a quick ratio of 1.67. The business has a 50-day simple moving average of $6.87 and a two-hundred day simple moving average of $7.35. Ready Capital Co. has a fifty-two week low of $6.39 and a fifty-two week high of $9.53.

Ready Capital Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st were paid a dividend of $0.25 per share. The ex-dividend date was Tuesday, December 31st. This represents a $1.00 dividend on an annualized basis and a yield of 14.87%. Ready Capital’s dividend payout ratio is presently -142.86%.

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.