Spire Wealth Management Decreases Stake in Ready Capital Co. (NYSE:RC)

Spire Wealth Management lowered its position in Ready Capital Co. (NYSE:RC) by 45.9% during the fourth quarter, HoldingsChannel.com reports. The fund owned 91,126 shares of the real estate investment trust’s stock after selling 77,355 shares during the quarter. Spire Wealth Management’s holdings in Ready Capital were worth $621,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of RC. Louisiana State Employees Retirement System lifted its holdings in shares of Ready Capital by 4.0% in the third quarter. Louisiana State Employees Retirement System now owns 81,300 shares of the real estate investment trust’s stock valued at $620,000 after purchasing an additional 3,100 shares in the last quarter. Thrivent Financial for Lutherans lifted its position in Ready Capital by 2.4% during the third 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 period. KBC Group NV boosted its stake in Ready Capital by 64.1% in the 3rd quarter. KBC Group NV now owns 8,318 shares of the real estate investment trust’s stock worth $63,000 after buying an additional 3,248 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Ready Capital by 12.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 42,682 shares of the real estate investment trust’s stock valued at $326,000 after buying an additional 4,729 shares during the period. Finally, State of Alaska Department of Revenue increased its stake in shares of Ready Capital by 5.2% during the 3rd quarter. State of Alaska Department of Revenue now owns 95,992 shares of the real estate investment trust’s stock valued at $732,000 after acquiring an additional 4,775 shares during the last quarter. Institutional investors and hedge funds own 55.87% of the company’s stock.

Ready Capital Price Performance

RC opened at $6.73 on Thursday. Ready Capital Co. has a twelve month low of $6.39 and a twelve month high of $9.53. 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 has a market cap of $1.13 billion, a price-to-earnings ratio of -9.61 and a beta of 1.43. The company has a fifty day simple moving average of $7.03 and a 200 day simple moving average of $7.55.

Ready Capital Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, January 31st. Investors of record on Tuesday, December 31st were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 14.87%. The ex-dividend date of this dividend was Tuesday, December 31st. Ready Capital’s dividend payout ratio is currently -142.86%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on RC shares. UBS Group decreased their target price 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. Keefe, Bruyette & Woods lowered their price objective on shares of Ready Capital from $6.75 to $6.25 and set an “underperform” rating for the company in a research note on Tuesday, January 14th. JMP Securities cut their target price on 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. Finally, B. Riley reaffirmed a “neutral” rating and set a $10.00 price target (down from $12.00) on shares of Ready Capital in a research report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Ready Capital presently has a consensus rating of “Hold” and an average target price of $8.61.

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.