Wealth Enhancement Advisory Services LLC Cuts Holdings in Ready Capital Co. (NYSE:RC)

Wealth Enhancement Advisory Services LLC lowered its holdings in Ready Capital Co. (NYSE:RC) by 22.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,073 shares of the real estate investment trust’s stock after selling 4,385 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Ready Capital were worth $115,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. CWM LLC raised its position in Ready Capital by 94.6% in the 2nd quarter. CWM LLC now owns 3,361 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 1,634 shares during the last quarter. EntryPoint Capital LLC bought a new position in Ready Capital during the first quarter valued at approximately $40,000. Xponance Inc. bought a new position in Ready Capital during the second quarter valued at approximately $84,000. Cadence Bank purchased a new stake in Ready Capital in the first quarter worth approximately $91,000. Finally, Choreo LLC bought a new stake in Ready Capital in the 2nd quarter worth approximately $91,000. 55.87% of the stock is owned by institutional investors.

Ready Capital Stock Performance

Shares of RC opened at $7.21 on Wednesday. Ready Capital Co. has a 52 week low of $6.65 and a 52 week high of $11.67. The company has a quick ratio of 1.69, a current ratio of 1.69 and a debt-to-equity ratio of 0.52. The stock has a market cap of $1.21 billion, a price-to-earnings ratio of -10.30 and a beta of 1.42. The business has a 50-day simple moving average of $7.40 and a two-hundred day simple moving average of $8.17.

Ready Capital Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Monday, September 30th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 13.87%. The ex-dividend date was Monday, September 30th. Ready Capital’s payout ratio is -142.86%.

Analysts Set New Price Targets

RC has been the topic of several research analyst reports. BTIG Research started coverage on Ready Capital in a report on Friday, July 19th. They set a “neutral” rating on the stock. Keefe, Bruyette & Woods dropped their target price on Ready Capital from $8.00 to $7.75 and set an “underperform” rating on the stock in a research report on Monday, August 12th. Piper Sandler cut their price target on Ready Capital from $9.50 to $8.00 and set a “neutral” rating for the company in a research note on Monday, September 16th. Finally, Wedbush reiterated a “neutral” rating and issued a $9.00 price objective on shares of Ready Capital in a research note on Monday, August 12th. 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 company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $9.38.

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.