Spire Wealth Management Trims Stock Position in Ready Capital Co. (NYSE:RC)

Spire Wealth Management cut its holdings in shares of Ready Capital Co. (NYSE:RC) by 10.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 196,722 shares of the real estate investment trust’s stock after selling 22,378 shares during the period. Spire Wealth Management owned about 0.11% of Ready Capital worth $1,936,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Bear Mountain Capital Inc. acquired a new position in shares of Ready Capital in the 4th quarter valued at $30,000. Allspring Global Investments Holdings LLC boosted its stake in shares of Ready Capital by 112.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 7,645 shares of the real estate investment trust’s stock worth $77,000 after acquiring an additional 4,039 shares in the last quarter. Denali Advisors LLC acquired a new stake in shares of Ready Capital during the 4th quarter valued at about $102,000. Anfield Capital Management LLC purchased a new position in shares of Ready Capital in the 3rd quarter valued at about $103,000. Finally, Wolverine Asset Management LLC increased its stake in shares of Ready Capital by 23.2% in the 3rd quarter. Wolverine Asset Management LLC now owns 10,605 shares of the real estate investment trust’s stock valued at $107,000 after purchasing an additional 2,000 shares in the last quarter. 55.87% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RC has been the subject of a number of recent analyst reports. B. Riley restated a “buy” rating and issued a $12.00 price objective (down from $13.00) on shares of Ready Capital in a research report on Monday, March 4th. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and set a $8.00 price objective (down from $10.00) on shares of Ready Capital in a report on Monday, March 4th. StockNews.com lowered shares of Ready Capital from a “buy” rating to a “hold” rating in a research report on Monday, March 4th. BTIG Research reduced their price target on shares of Ready Capital from $12.00 to $10.00 and set a “buy” rating for the company in a research report on Wednesday, April 17th. Finally, UBS Group lowered their price objective on Ready Capital from $10.50 to $9.50 and set a “neutral” rating on the stock in a report on Wednesday, March 20th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $10.93.

Insider Buying and Selling

In other news, Director Gilbert E. Nathan bought 10,000 shares of Ready Capital stock in a transaction on Thursday, March 14th. The shares were bought at an average cost of $8.65 per share, with a total value of $86,500.00. Following the completion of the purchase, the director now directly owns 83,099 shares of the company’s stock, valued at $718,806.35. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Ready Capital news, Director Gilbert E. Nathan bought 10,000 shares of the business’s stock in a transaction on Thursday, March 14th. The stock was bought at an average price of $8.65 per share, with a total value of $86,500.00. Following the completion of the purchase, the director now directly owns 83,099 shares in the company, valued at $718,806.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kevin M. Luebbers purchased 5,000 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The stock was acquired at an average cost of $8.43 per share, for a total transaction of $42,150.00. Following the purchase, the director now owns 119,925 shares in the company, valued at $1,010,967.75. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 17,150 shares of company stock worth $148,280. 0.95% of the stock is owned by corporate insiders.

Ready Capital Price Performance

RC traded up $0.04 on Tuesday, reaching $8.78. 141,127 shares of the company’s stock were exchanged, compared to its average volume of 1,391,986. The stock has a market cap of $1.48 billion, a PE ratio of 3.74 and a beta of 1.41. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.89 and a quick ratio of 1.89. Ready Capital Co. has a twelve month low of $8.25 and a twelve month high of $11.97. The stock’s fifty day moving average price is $8.75 and its 200-day moving average price is $9.50.

Ready Capital Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 30th. Investors of record on Thursday, March 28th were issued a $0.30 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.20 annualized dividend and a dividend yield of 13.67%. Ready Capital’s dividend payout ratio is presently 51.28%.

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.