Ready Capital Co. (NYSE:RC) Shares Sold by Patton Albertson Miller Group LLC

Patton Albertson Miller Group LLC decreased its holdings in Ready Capital Co. (NYSE:RC) by 18.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 79,391 shares of the real estate investment trust’s stock after selling 17,388 shares during the quarter. Patton Albertson Miller Group LLC’s holdings in Ready Capital were worth $606,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Janus Henderson Group PLC boosted its stake in Ready Capital by 131.0% in the 1st quarter. Janus Henderson Group PLC now owns 168,496 shares of the real estate investment trust’s stock worth $1,539,000 after purchasing an additional 95,562 shares during the period. Clear Harbor Asset Management LLC lifted its stake in Ready Capital by 84.0% in the 3rd quarter. Clear Harbor Asset Management LLC now owns 1,440,250 shares of the real estate investment trust’s stock worth $10,989,000 after acquiring an additional 657,465 shares in the last quarter. Wolverine Asset Management LLC boosted its position in Ready Capital by 2,902.2% during the 3rd quarter. Wolverine Asset Management LLC now owns 402,291 shares of the real estate investment trust’s stock worth $3,069,000 after acquiring an additional 388,891 shares during the period. Spire Wealth Management grew its stake in Ready Capital by 1,115.6% during the 2nd quarter. Spire Wealth Management now owns 168,261 shares of the real estate investment trust’s stock valued at $1,376,000 after acquiring an additional 154,419 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of Ready Capital by 6.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 98,156 shares of the real estate investment trust’s stock valued at $897,000 after purchasing an additional 5,874 shares during the period. Institutional investors and hedge funds own 55.87% of the company’s stock.

Ready Capital Price Performance

Shares of Ready Capital stock opened at $7.38 on Tuesday. Ready Capital Co. has a twelve month low of $6.65 and a twelve month high of $11.67. The company has a current ratio of 1.67, a quick ratio of 1.67 and a debt-to-equity ratio of 0.54. The firm’s 50-day simple moving average is $7.29 and its 200-day simple moving average is $8.09.

Ready Capital Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Monday, September 30th were paid a $0.25 dividend. The ex-dividend date was Monday, September 30th. This represents a $1.00 annualized dividend and a dividend yield of 13.55%. Ready Capital’s dividend payout ratio is presently -142.86%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on RC shares. Keefe, Bruyette & Woods cut their price objective on Ready Capital from $8.00 to $7.75 and set an “underperform” rating for the company in a report on Monday, August 12th. Piper Sandler reduced their price target on Ready Capital from $9.50 to $8.00 and set a “neutral” rating for the company in a report on Monday, September 16th. UBS Group cut their price objective on shares of Ready Capital from $8.50 to $7.50 and set a “neutral” rating on the stock in a research report on Friday, November 15th. Finally, Wedbush reiterated a “neutral” rating and issued a $9.00 target price on shares of Ready Capital in a research note on Monday, August 12th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, Ready Capital presently has a consensus rating of “Hold” and an average price target of $9.04.

Ready Capital 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.