Clear Harbor Asset Management LLC Sells 499,300 Shares of Ready Capital Co. (NYSE:RC)

Clear Harbor Asset Management LLC trimmed its holdings in shares of Ready Capital Co. (NYSE:RC - Free Report) by 34.7% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 940,950 shares of the real estate investment trust's stock after selling 499,300 shares during the period. Clear Harbor Asset Management LLC owned about 0.56% of Ready Capital worth $6,417,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in RC. KBC Group NV raised its position in Ready Capital by 64.1% during the third quarter. KBC Group NV now owns 8,318 shares of the real estate investment trust's stock valued at $63,000 after buying an additional 3,248 shares during the period. Xponance Inc. acquired a new position in shares of Ready Capital in the 2nd quarter valued at about $84,000. Modera Wealth Management LLC purchased a new stake in shares of Ready Capital in the third quarter worth approximately $107,000. Fisher Asset Management LLC acquired a new stake in shares of Ready Capital during the third quarter worth approximately $116,000. Finally, Sanctuary Advisors LLC purchased a new position in Ready Capital during the second quarter valued at approximately $126,000. Institutional investors and hedge funds own 55.87% of the company's stock.

Analyst Ratings Changes

Several research firms have recently commented on RC. JMP Securities lowered 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. B. Riley reiterated a "neutral" rating and set a $10.00 price target (down from $12.00) on shares of Ready Capital in a report on Tuesday, January 7th. Keefe, Bruyette & Woods dropped their price objective on Ready Capital from $6.75 to $6.25 and set an "underperform" rating on the stock in a report on Tuesday, January 14th. Finally, UBS Group reduced their target price on shares of 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 equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $8.61.

Ready Capital Stock Performance

Ready Capital stock traded down $0.01 on Tuesday, reaching $7.05. 1,725,160 shares of the stock were exchanged, compared to its average volume of 1,950,285. The stock has a market cap of $1.19 billion, a PE ratio of -10.06 and a beta of 1.43. The firm has a fifty day moving average price of $7.14 and a two-hundred day moving average price of $7.72. Ready Capital Co. has a twelve month low of $6.45 and a twelve month high of $10.00. The company has a current ratio of 1.67, a quick ratio of 1.67 and a debt-to-equity ratio of 0.54.

Ready Capital Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 14.19%. The ex-dividend date is Tuesday, December 31st. Ready Capital's dividend payout ratio (DPR) is currently -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.