Cascade Financial Partners LLC Trims Holdings in Ready Capital Co. (NYSE:RC)

Cascade Financial Partners LLC cut its stake in Ready Capital Co. (NYSE:RC) by 64.7% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 40,352 shares of the real estate investment trust’s stock after selling 73,973 shares during the quarter. Cascade Financial Partners LLC’s holdings in Ready Capital were worth $275,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in RC. Steward Partners Investment Advisory LLC lifted its stake in Ready Capital by 3,075.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 6,350 shares of the real estate investment trust’s stock worth $43,000 after purchasing an additional 6,150 shares during the last quarter. Avion Wealth bought a new stake in Ready Capital during the fourth quarter worth about $47,000. KBC Group NV lifted its stake in Ready Capital by 64.1% during the third quarter. KBC Group NV now owns 8,318 shares of the real estate investment trust’s stock worth $63,000 after purchasing an additional 3,248 shares during the last quarter. Proficio Capital Partners LLC bought a new stake in Ready Capital during the fourth quarter worth about $69,000. Finally, Ieq Capital LLC purchased a new stake in Ready Capital during the 4th quarter valued at about $99,000. 55.87% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on RC shares. 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. Citizens Jmp lowered Ready Capital from an “outperform” rating to a “market perform” rating in a research report on Monday, March 3rd. JMP Securities reduced their price objective 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. Wedbush reaffirmed a “neutral” rating and set a $6.00 price objective (down previously from $8.00) on shares of Ready Capital in a research report on Tuesday, March 4th. Finally, Keefe, Bruyette & Woods reduced their price objective on Ready Capital from $6.25 to $4.00 and set an “underperform” rating for the company in a research report on Wednesday, March 5th. 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 stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $7.86.

Ready Capital Stock Down 2.4 %

Shares of NYSE RC opened at $5.01 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 firm has a market capitalization of $816.57 million, a price-to-earnings ratio of -7.15 and a beta of 1.43. The stock has a 50 day moving average price of $6.57 and a 200 day moving average price of $7.13. Ready Capital Co. has a 52-week low of $4.74 and a 52-week high of $9.53.

Ready Capital Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.125 per share. The ex-dividend date is Monday, March 31st. This represents a $0.50 dividend on an annualized basis and a yield of 9.99%. Ready Capital’s dividend payout ratio is currently -18.94%.

Insiders Place Their Bets

In other news, insider Adam Zausmer bought 10,000 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The shares were purchased at an average cost of $5.42 per share, with a total value of $54,200.00. Following the transaction, the insider now directly owns 301,105 shares in the company, valued at approximately $1,631,989.10. The trade was a 3.44 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.09% of the stock is owned by company insiders.

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.