TrueMark Investments LLC Decreases Holdings in Ready Capital Co. (NYSE:RC)

TrueMark Investments LLC lowered its stake in shares of Ready Capital Co. (NYSE:RC) by 47.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 211,778 shares of the real estate investment trust’s stock after selling 188,281 shares during the period. TrueMark Investments LLC’s holdings in Ready Capital were worth $1,444,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of RC. Steward Partners Investment Advisory LLC increased its stake in Ready Capital by 3,075.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 6,350 shares of the real estate investment trust’s stock worth $43,000 after buying an additional 6,150 shares in the last quarter. Avion Wealth purchased a new stake in shares of Ready Capital during the fourth quarter worth approximately $47,000. Proficio Capital Partners LLC acquired a new position in Ready Capital in the 4th quarter valued at $69,000. Sequoia Financial Advisors LLC purchased a new position in Ready Capital in the 4th quarter valued at $73,000. Finally, Ieq Capital LLC purchased a new position in Ready Capital in the 4th quarter valued at $99,000. Institutional investors and hedge funds own 55.87% of the company’s stock.

Insider Activity at Ready Capital

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

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on RC. UBS Group dropped their target price on shares of Ready Capital from $7.00 to $5.00 and set a “neutral” rating for the company in a report on Friday, March 14th. B. Riley reiterated a “neutral” rating and issued a $10.00 price objective (down previously from $12.00) on shares of Ready Capital in a report on Tuesday, January 7th. JMP Securities decreased their target price on shares of Ready Capital from $10.50 to $9.50 and set a “market outperform” rating on the stock in a research note on Thursday, December 12th. Keefe, Bruyette & Woods dropped their price target on Ready Capital from $6.25 to $4.00 and set an “underperform” rating for the company in a research report on Wednesday, March 5th. Finally, Citizens Jmp downgraded Ready Capital from an “outperform” rating to a “market perform” rating in a research report on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $7.50.

Ready Capital Price Performance

RC stock opened at $4.89 on Wednesday. Ready Capital Co. has a 52-week low of $4.74 and a 52-week high of $9.54. 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 $797.81 million, a price-to-earnings ratio of -6.99 and a beta of 1.43. The business has a fifty day moving average of $6.22 and a two-hundred day moving average of $6.91.

Ready Capital Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Monday, March 31st will be given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 10.22%. The ex-dividend date of this dividend is Monday, March 31st. Ready Capital’s payout ratio is -18.94%.

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.