Mission Wealth Management LP Sells 413,069 Shares of Ready Capital Co. (NYSE:RC)

Mission Wealth Management LP lowered its stake in shares of Ready Capital Co. (NYSE:RC) by 35.5% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 749,236 shares of the real estate investment trust’s stock after selling 413,069 shares during the quarter. Mission Wealth Management LP’s holdings in Ready Capital were worth $7,680,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Bear Mountain Capital Inc. acquired a new position in shares of Ready Capital in the fourth quarter valued at $30,000. Allspring Global Investments Holdings LLC raised its stake in shares of Ready Capital by 112.0% in the third quarter. Allspring Global Investments Holdings LLC now owns 7,645 shares of the real estate investment trust’s stock valued at $77,000 after purchasing an additional 4,039 shares in the last quarter. Denali Advisors LLC acquired a new position in shares of Ready Capital in the fourth quarter valued at $102,000. Anfield Capital Management LLC acquired a new position in shares of Ready Capital in the third quarter valued at $103,000. Finally, Wolverine Asset Management LLC raised its stake in shares of Ready Capital by 23.2% in the third 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 institutional investors.

Insider Transactions at Ready Capital

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

Ready Capital Stock Down 3.3 %

Shares of NYSE RC traded down $0.29 during mid-day trading on Tuesday, reaching $8.52. 1,706,643 shares of the company’s stock were exchanged, compared to its average volume of 1,414,525. The firm has a market capitalization of $1.47 billion, a price-to-earnings ratio of 3.76 and a beta of 1.40. The company has a current ratio of 1.89, a quick ratio of 1.89 and a debt-to-equity ratio of 0.44. The business has a fifty day simple moving average of $8.79 and a 200 day simple moving average of $9.56. Ready Capital Co. has a twelve month low of $8.25 and a twelve month high of $11.97.

Ready Capital Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Thursday, March 28th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 14.08%. The ex-dividend date is Wednesday, March 27th. Ready Capital’s dividend payout ratio is currently 51.28%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on RC shares. BTIG Research cut their target price on Ready Capital from $12.00 to $10.00 and set a “buy” rating for the company in a research note on Wednesday, April 17th. B. Riley reiterated a “buy” rating and set a $12.00 price objective (down from $13.00) on shares of Ready Capital in a research note on Monday, March 4th. StockNews.com lowered Ready Capital from a “buy” rating to a “hold” rating in a research note on Monday, March 4th. Keefe, Bruyette & Woods reiterated an “underperform” rating and set a $8.00 price objective (down from $10.00) on shares of Ready Capital in a research note on Monday, March 4th. Finally, UBS Group dropped their price objective on Ready Capital from $10.50 to $9.50 and set a “neutral” rating for the company in a research note on Wednesday, March 20th. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. According to MarketBeat, Ready Capital has a consensus rating of “Hold” and an average price target of $10.93.

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.