TrueMark Investments LLC Decreases Stock Holdings in Ready Capital Co. (NYSE:RC)

TrueMark Investments LLC lowered its position in Ready Capital Co. (NYSE:RC) by 47.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 211,778 shares of the real estate investment trust’s stock after selling 188,281 shares during the period. TrueMark Investments LLC owned approximately 0.13% of Ready Capital worth $1,444,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of RC. Thrivent Financial for Lutherans grew its stake in Ready Capital by 2.4% during the 3rd quarter. Thrivent Financial for Lutherans now owns 132,098 shares of the real estate investment trust’s stock worth $1,008,000 after buying an additional 3,123 shares during the last quarter. Quest Partners LLC acquired a new position in shares of Ready Capital during the third quarter valued at about $160,000. Intech Investment Management LLC acquired a new position in shares of Ready Capital during the third quarter valued at about $730,000. Charles Schwab Investment Management Inc. raised its position in shares of Ready Capital by 11.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,868,580 shares of the real estate investment trust’s stock valued at $14,257,000 after purchasing an additional 195,663 shares during the last quarter. Finally, Penserra Capital Management LLC boosted its stake in Ready Capital by 22.9% in the 3rd quarter. Penserra Capital Management LLC now owns 117,132 shares of the real estate investment trust’s stock worth $893,000 after purchasing an additional 21,855 shares in the last quarter. Institutional investors own 55.87% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on RC shares. UBS Group cut their price target on shares of Ready Capital from $7.00 to $5.00 and set a “neutral” rating on the stock in a research note on Friday, March 14th. Citizens Jmp downgraded Ready Capital from an “outperform” rating to a “market perform” rating in a research report on Monday, March 3rd. JMP Securities lowered their price target 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. Keefe, Bruyette & Woods cut their price objective on Ready Capital from $6.25 to $4.00 and set an “underperform” rating on the stock in a report on Wednesday, March 5th. Finally, Wedbush restated a “neutral” rating and issued a $6.00 price objective (down from $8.00) on shares of Ready Capital in a research note on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, Ready Capital has an average rating of “Hold” and a consensus target price of $7.50.

Ready Capital Stock Down 2.2 %

Shares of RC opened at $4.89 on Wednesday. The stock’s 50-day moving average price is $6.22 and its 200-day moving average price is $6.91. The company has a quick ratio of 1.67, a current ratio of 1.67 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $797.81 million, a price-to-earnings ratio of -6.99 and a beta of 1.43. Ready Capital Co. has a 52 week low of $4.74 and a 52 week high of $9.54.

Ready Capital Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 31st will be paid 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 dividend yield of 10.22%. Ready Capital’s payout ratio is -18.94%.

Insider Activity

In other Ready Capital news, insider Adam Zausmer bought 10,000 shares of the company’s stock in a transaction dated Friday, March 7th. The shares were purchased at an average cost of $5.42 per share, for a total transaction of $54,200.00. Following the transaction, the insider now directly owns 301,105 shares of the company’s stock, valued at approximately $1,631,989.10. The trade was a 3.44 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 1.09% of the company’s stock.

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.