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

Mission Wealth Management LP cut its position in shares of Ready Capital Co. (NYSE:RC - Free Report) by 35.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 749,236 shares of the real estate investment trust's stock after selling 413,069 shares during the period. Mission Wealth Management LP owned approximately 0.44% of Ready Capital worth $7,680,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Northern Trust Corp raised its holdings in shares of Ready Capital by 0.4% in the third quarter. Northern Trust Corp now owns 2,037,068 shares of the real estate investment trust's stock worth $20,595,000 after buying an additional 7,610 shares during the period. Invesco Ltd. increased its holdings in Ready Capital by 4.2% during the 3rd quarter. Invesco Ltd. now owns 1,756,701 shares of the real estate investment trust's stock worth $17,760,000 after purchasing an additional 70,476 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in Ready Capital by 0.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,593,919 shares of the real estate investment trust's stock worth $16,115,000 after purchasing an additional 7,769 shares during the period. Ramsey Quantitative Systems bought a new stake in Ready Capital during the 3rd quarter valued at $12,473,000. Finally, Washington Trust Bank boosted its position in Ready Capital by 1.2% during the 3rd quarter. Washington Trust Bank now owns 1,228,607 shares of the real estate investment trust's stock valued at $12,421,000 after acquiring an additional 14,992 shares in the last quarter. 55.87% of the stock is owned by institutional investors.

Ready Capital Stock Performance

Shares of NYSE RC traded down $0.29 during trading on Tuesday, reaching $8.52. 1,706,643 shares of the company traded hands, compared to its average volume of 1,414,525. The firm's fifty day simple moving average is $8.79 and its 200 day simple moving average is $9.56. The stock has a market cap of $1.47 billion, a P/E ratio of 3.76 and a beta of 1.40. Ready Capital Co. has a 12-month low of $8.25 and a 12-month high of $11.97. The company has a current ratio of 1.89, a quick ratio of 1.89 and a debt-to-equity ratio of 0.44.

Ready Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Thursday, March 28th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 14.08%. The ex-dividend date is Wednesday, March 27th. Ready Capital's payout ratio is 51.28%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. UBS Group dropped their target price on Ready Capital from $10.50 to $9.50 and set a "neutral" rating on the stock in a research report on Wednesday, March 20th. StockNews.com cut Ready Capital from a "buy" rating to a "hold" rating in a research report on Monday, March 4th. Keefe, Bruyette & Woods reaffirmed an "underperform" rating and set a $8.00 price target (down previously from $10.00) on shares of Ready Capital in a research report on Monday, March 4th. BTIG Research lowered their price target on 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, B. Riley reaffirmed a "buy" rating and set a $12.00 price target (down previously from $13.00) on shares of Ready Capital in a research report on Monday, March 4th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $10.93.

Insider Buying and Selling at Ready Capital

In related news, Director Gilbert E. Nathan acquired 10,000 shares of the firm's stock in a transaction on 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 completion of the acquisition, the director now directly owns 83,099 shares in the company, valued at approximately $718,806.35. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Kevin M. Luebbers purchased 5,000 shares of the company's stock in a transaction on 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 completion of the transaction, the director now directly owns 119,925 shares in the company, valued at $1,010,967.75. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Gilbert E. Nathan purchased 10,000 shares of the company's stock in a transaction on Thursday, March 14th. The shares were bought at an average price of $8.65 per share, with a total value of $86,500.00. Following the completion of the transaction, the director now owns 83,099 shares of the company's stock, valued at $718,806.35. The disclosure for this purchase can be found here. Insiders have purchased a total of 17,150 shares of company stock valued at $148,280 over the last ninety days. Corporate insiders own 0.95% 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.

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