Patton Albertson Miller Group LLC Sells 32,941 Shares of Ready Capital Co. (NYSE:RC)

Patton Albertson Miller Group LLC cut its position in Ready Capital Co. (NYSE:RC) by 24.3% during the 4th quarter, HoldingsChannel.com reports. The firm owned 102,571 shares of the real estate investment trust’s stock after selling 32,941 shares during the quarter. Patton Albertson Miller Group LLC’s holdings in Ready Capital were worth $1,051,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in RC. Bear Mountain Capital Inc. bought a new stake in Ready Capital during the fourth quarter valued at approximately $30,000. EdgeRock Capital LLC purchased a new stake in shares of Ready Capital during the 4th quarter valued at $36,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Ready Capital by 112.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 7,645 shares of the real estate investment trust’s stock worth $77,000 after acquiring an additional 4,039 shares during the last quarter. Denali Advisors LLC purchased a new position in Ready Capital in the fourth quarter worth $102,000. Finally, Anfield Capital Management LLC bought a new position in Ready Capital in the third quarter valued at $103,000. 55.87% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on RC. Keefe, Bruyette & Woods reiterated an “underperform” rating and set a $8.00 price objective (down from $10.00) on shares of Ready Capital in a research report on Monday, March 4th. BTIG Research decreased their price target on shares of Ready Capital from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Wednesday, April 17th. B. Riley reaffirmed a “buy” rating and issued a $12.00 price objective (down previously from $13.00) on shares of Ready Capital in a research note on Monday, March 4th. StockNews.com cut shares of Ready Capital from a “buy” rating to a “hold” rating in a research report on Monday, March 4th. Finally, UBS Group lowered their price target on shares of Ready Capital from $10.50 to $9.50 and set a “neutral” rating for the company in a research note on Wednesday, March 20th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $10.93.

Ready Capital Trading Up 2.5 %

Ready Capital stock traded up $0.21 during trading hours on Thursday, reaching $8.66. The stock had a trading volume of 3,419,466 shares, compared to its average volume of 1,446,397. The company has a fifty day simple moving average of $8.74 and a 200-day simple moving average of $9.48. Ready Capital Co. has a 52 week low of $8.25 and a 52 week high of $11.97. The stock has a market cap of $1.46 billion, a PE ratio of 3.70 and a beta of 1.41. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.89 and a quick ratio of 1.89.

Ready Capital (NYSE:RC) last posted its earnings results on Wednesday, May 8th. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.01. Ready Capital had a return on equity of 7.99% and a net margin of 35.69%. The company had revenue of $232.35 million for the quarter, compared to analysts’ expectations of $64.34 million. During the same period last year, the firm earned $0.31 earnings per share. Analysts forecast that Ready Capital Co. will post 1.22 EPS for the current fiscal year.

Ready Capital Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 30th. Stockholders of record on Thursday, March 28th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.20 annualized dividend and a dividend yield of 13.86%. Ready Capital’s dividend payout ratio (DPR) is presently 51.28%.

Insider Activity at Ready Capital

In related news, Director Kevin M. Luebbers bought 5,000 shares of the company’s stock in a transaction dated Tuesday, March 5th. The stock was purchased at an average cost of $8.43 per share, with a total value of $42,150.00. Following the transaction, the director now owns 119,925 shares in the company, valued at approximately $1,010,967.75. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, Director Kevin M. Luebbers bought 5,000 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The stock was purchased at an average price of $8.43 per share, with a total value of $42,150.00. Following the transaction, the director now owns 119,925 shares of the company’s stock, valued at $1,010,967.75. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Gilbert E. Nathan bought 10,000 shares of the stock in a transaction dated Thursday, March 14th. The stock was purchased at an average price of $8.65 per share, with a total value of $86,500.00. Following the purchase, the director now owns 83,099 shares in the company, valued at $718,806.35. The disclosure for this purchase can be found here. Insiders acquired a total of 17,150 shares of company stock worth $148,280 over the last quarter. 0.95% of the stock is owned by corporate insiders.

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.