Cascade Financial Partners LLC Decreases Position in Ready Capital Co. (NYSE:RC)

Cascade Financial Partners LLC cut its stake in Ready Capital Co. (NYSE:RC) by 64.7% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 40,352 shares of the real estate investment trust’s stock after selling 73,973 shares during the quarter. Cascade Financial Partners LLC’s holdings in Ready Capital were worth $275,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. State Street Corp raised its holdings in Ready Capital by 4.8% in the 3rd quarter. State Street Corp now owns 6,315,147 shares of the real estate investment trust’s stock valued at $49,746,000 after acquiring an additional 287,068 shares during the last quarter. Geode Capital Management LLC raised its holdings in Ready Capital by 4.1% in the 3rd quarter. Geode Capital Management LLC now owns 3,838,284 shares of the real estate investment trust’s stock valued at $29,292,000 after acquiring an additional 150,479 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Ready Capital by 21.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,266,585 shares of the real estate investment trust’s stock valued at $15,458,000 after acquiring an additional 398,005 shares during the last quarter. Van ECK Associates Corp raised its holdings in Ready Capital by 12.8% in the 4th quarter. Van ECK Associates Corp now owns 1,540,765 shares of the real estate investment trust’s stock valued at $10,508,000 after acquiring an additional 174,725 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Ready Capital by 7.0% in the 4th quarter. Bank of New York Mellon Corp now owns 1,166,296 shares of the real estate investment trust’s stock valued at $7,954,000 after acquiring an additional 76,788 shares during the last quarter. 55.87% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on RC shares. Wedbush restated a “neutral” rating and set a $6.00 price target (down previously from $8.00) on shares of Ready Capital in a report on Tuesday, March 4th. B. Riley reiterated a “neutral” rating and issued a $10.00 target price (down previously from $12.00) on shares of Ready Capital in a report on Tuesday, January 7th. Citizens Jmp downgraded shares of Ready Capital from an “outperform” rating to a “market perform” rating in a report on Monday, March 3rd. Keefe, Bruyette & Woods dropped their target price on shares of Ready Capital from $6.25 to $4.00 and set an “underperform” rating for the company in a report on Wednesday, March 5th. Finally, JMP Securities decreased their price target on shares of 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. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $7.86.

Insider Buying and Selling

In related news, insider Adam Zausmer acquired 10,000 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The shares were purchased at an average price of $5.42 per share, with a total value of $54,200.00. Following the completion of the acquisition, the insider now owns 301,105 shares in the company, valued at approximately $1,631,989.10. This represents a 3.44 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.09% of the stock is owned by insiders.

Ready Capital Trading Down 2.4 %

Shares of Ready Capital stock opened at $5.01 on Wednesday. Ready Capital Co. has a 52-week low of $4.74 and a 52-week high of $9.53. 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’s 50-day simple moving average is $6.57 and its 200-day simple moving average is $7.13. The firm has a market cap of $816.57 million, a price-to-earnings ratio of -7.15 and a beta of 1.43.

Ready Capital Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Monday, March 31st will be issued a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 9.99%. The ex-dividend date of this dividend is Monday, March 31st. Ready Capital’s dividend payout ratio is currently -18.94%.

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.