Wellington Management Group LLP Sells 5,874 Shares of Ready Capital Co. (NYSE:RC)

Wellington Management Group LLP lessened its holdings in Ready Capital Co. (NYSE:RC) by 1.5% during the third quarter, Holdings Channel.com reports. The firm owned 386,368 shares of the real estate investment trust’s stock after selling 5,874 shares during the quarter. Wellington Management Group LLP’s holdings in Ready Capital were worth $2,948,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in RC. CWM LLC lifted its stake in shares of Ready Capital by 94.6% in the 2nd quarter. CWM LLC now owns 3,361 shares of the real estate investment trust’s stock valued at $27,000 after acquiring an additional 1,634 shares during the last quarter. KBC Group NV lifted its position in Ready Capital by 64.1% in the third quarter. KBC Group NV now owns 8,318 shares of the real estate investment trust’s stock valued at $63,000 after purchasing an additional 3,248 shares during the last quarter. Xponance Inc. purchased a new stake in shares of Ready Capital during the second quarter valued at approximately $84,000. Choreo LLC bought a new position in shares of Ready Capital in the second quarter worth approximately $91,000. Finally, Modera Wealth Management LLC purchased a new position in shares of Ready Capital in the third quarter worth $107,000. 55.87% of the stock is owned by institutional investors.

Ready Capital Trading Down 0.3 %

NYSE RC opened at $7.49 on Wednesday. The firm has a market capitalization of $1.26 billion, a PE ratio of -10.64 and a beta of 1.43. The stock’s 50 day moving average is $7.18 and its 200 day moving average is $7.97. Ready Capital Co. has a twelve month low of $6.65 and a twelve month high of $11.11. The company has a quick ratio of 1.67, a current ratio of 1.67 and a debt-to-equity ratio of 0.54.

Ready Capital Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be paid a $0.25 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.00 annualized dividend and a dividend yield of 13.35%. Ready Capital’s payout ratio is -142.86%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on RC shares. JMP Securities cut their price target on shares of Ready Capital from $10.50 to $9.50 and set a “market outperform” rating on the stock in a report on Thursday, December 12th. Piper Sandler reduced their target price on Ready Capital from $9.50 to $8.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. Finally, UBS Group dropped their price target on Ready Capital from $8.50 to $7.50 and set a “neutral” rating for the company in a research note on Friday, November 15th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Ready Capital currently has a consensus rating of “Hold” and a consensus price target of $9.11.

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.