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

Wellington Management Group LLP reduced its holdings in shares of Ready Capital Co. (NYSE:RC) by 1.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 386,368 shares of the real estate investment trust’s stock after selling 5,874 shares during the quarter. Wellington Management Group LLP owned about 0.23% of Ready Capital worth $2,948,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of RC. CWM LLC boosted its holdings in shares of Ready Capital by 94.6% in the second quarter. CWM LLC now owns 3,361 shares of the real estate investment trust’s stock worth $27,000 after acquiring an additional 1,634 shares during the period. SG Americas Securities LLC grew its holdings in Ready Capital by 140.7% during the 2nd quarter. SG Americas Securities LLC now owns 44,576 shares of the real estate investment trust’s stock valued at $365,000 after buying an additional 26,056 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Ready Capital by 3.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,189,988 shares of the real estate investment trust’s stock valued at $9,734,000 after buying an additional 38,371 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new position in Ready Capital during the 2nd quarter valued at about $151,000. Finally, HB Wealth Management LLC lifted its holdings in shares of Ready Capital by 3.4% in the second quarter. HB Wealth Management LLC now owns 33,216 shares of the real estate investment trust’s stock worth $272,000 after buying an additional 1,101 shares in the last quarter. 55.87% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

Ready Capital Stock Down 0.3 %

RC opened at $7.49 on Wednesday. The business’s fifty day simple moving average is $7.18 and its 200 day simple moving average is $7.97. Ready Capital Co. has a 52 week low of $6.65 and a 52 week 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. The stock has a market cap of $1.26 billion, a PE ratio of -10.64 and a beta of 1.43.

Ready Capital Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.00 annualized dividend and a dividend yield of 13.35%. Ready Capital’s dividend payout ratio (DPR) is presently -142.86%.

Ready Capital 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.