Spire Wealth Management Has $621,000 Stock Holdings in Ready Capital Co. (NYSE:RC)

Spire Wealth Management decreased its stake in Ready Capital Co. (NYSE:RC - Free Report) by 45.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 91,126 shares of the real estate investment trust's stock after selling 77,355 shares during the period. Spire Wealth Management owned 0.05% of Ready Capital worth $621,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. Mutual Advisors LLC lifted its holdings in shares of Ready Capital by 4.7% in the 4th quarter. Mutual Advisors LLC now owns 109,993 shares of the real estate investment trust's stock worth $742,000 after purchasing an additional 4,891 shares during the last quarter. Seed Wealth Management Inc. raised its stake in Ready Capital by 93.8% during the 4th quarter. Seed Wealth Management Inc. now owns 24,800 shares of the real estate investment trust's stock valued at $169,000 after acquiring an additional 12,000 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Ready Capital by 50.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 336,773 shares of the real estate investment trust's stock valued at $2,570,000 after acquiring an additional 112,934 shares in the last quarter. Principal Financial Group Inc. raised its stake in Ready Capital by 3.3% during the 3rd quarter. Principal Financial Group Inc. now owns 792,536 shares of the real estate investment trust's stock valued at $6,047,000 after acquiring an additional 25,545 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in Ready Capital by 4.1% during the 3rd quarter. Geode Capital Management LLC now owns 3,838,284 shares of the real estate investment trust's stock valued at $29,292,000 after acquiring an additional 150,479 shares in the last quarter. Institutional investors own 55.87% of the company's stock.

Ready Capital Price Performance

Shares of RC stock traded down $0.06 during mid-day trading on Friday, hitting $6.68. 1,736,945 shares of the stock traded hands, compared to its average volume of 1,798,923. Ready Capital Co. has a twelve month low of $6.39 and a twelve month high of $9.53. The firm has a market cap of $1.12 billion, a price-to-earnings ratio of -9.54 and a beta of 1.43. The company's 50-day simple moving average is $7.00 and its 200-day simple moving average is $7.52. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.67 and a current ratio of 1.67.

Ready Capital Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, January 31st. Investors of record on Tuesday, December 31st were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 14.98%. The ex-dividend date was Tuesday, December 31st. Ready Capital's payout ratio is -142.86%.

Analyst Ratings Changes

Several brokerages have weighed in on RC. UBS Group cut their target price on Ready Capital from $8.50 to $7.50 and set a "neutral" rating on the stock in a research note on Friday, November 15th. Keefe, Bruyette & Woods cut their target price on Ready Capital from $6.75 to $6.25 and set an "underperform" rating on the stock in a research note on Tuesday, January 14th. B. Riley reaffirmed a "neutral" rating and set a $10.00 target price (down previously from $12.00) on shares of Ready Capital in a research note on Tuesday, January 7th. Finally, JMP Securities cut their target price on 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. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $8.61.

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.