Ready Capital Co. (NYSE:RC) Shares Sold by HighTower Advisors LLC

HighTower Advisors LLC cut its holdings in Ready Capital Co. (NYSE:RC) by 12.7% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 73,886 shares of the real estate investment trust’s stock after selling 10,720 shares during the period. HighTower Advisors LLC’s holdings in Ready Capital were worth $562,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. CWM LLC raised its stake in shares of Ready Capital by 94.6% during the second quarter. CWM LLC now owns 3,361 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 1,634 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Ready Capital by 3.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,189,988 shares of the real estate investment trust’s stock valued at $9,734,000 after acquiring an additional 38,371 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in Ready Capital during the 2nd quarter worth about $151,000. HB Wealth Management LLC raised its stake in Ready Capital by 3.4% during the 2nd quarter. HB Wealth Management LLC now owns 33,216 shares of the real estate investment trust’s stock valued at $272,000 after purchasing an additional 1,101 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Ready Capital by 32.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 37,953 shares of the real estate investment trust’s stock worth $310,000 after acquiring an additional 9,235 shares in the last quarter. 55.87% of the stock is currently owned by institutional investors and hedge funds.

Ready Capital Trading Up 2.3 %

Ready Capital stock opened at $7.26 on Friday. Ready Capital Co. has a one year low of $6.65 and a one year high of $11.11. The company’s fifty day moving average price is $7.19 and its two-hundred day moving average price is $7.94. 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 company has a market capitalization of $1.22 billion, a price-to-earnings ratio of -10.37 and a beta of 1.43.

Ready Capital Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be issued a $0.25 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.00 annualized dividend and a yield of 13.77%. Ready Capital’s dividend payout ratio (DPR) is currently -142.86%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. JMP Securities lowered their price objective on shares of Ready Capital from $10.50 to $9.50 and set a “market outperform” rating on the stock in a research report on Thursday, December 12th. UBS Group lowered their price target on shares of Ready Capital from $8.50 to $7.50 and set a “neutral” rating on the stock in a report on Friday, November 15th. Finally, Piper Sandler reduced their price objective on Ready Capital from $9.50 to $8.00 and set a “neutral” rating for the company in a research report on Monday, September 16th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $9.11.

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.