Ready Capital Co. (NYSE:RC) Shares Acquired by Wolverine Asset Management LLC

Wolverine Asset Management LLC boosted its stake in Ready Capital Co. (NYSE:RC - Free Report) by 2,902.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 402,291 shares of the real estate investment trust's stock after purchasing an additional 388,891 shares during the quarter. Wolverine Asset Management LLC owned about 0.24% of Ready Capital worth $3,069,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. CWM LLC lifted its stake in shares of 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 acquiring an additional 1,634 shares during the period. EntryPoint Capital LLC bought a new stake in Ready Capital in the 1st quarter valued at about $40,000. Xponance Inc. acquired a new stake in shares of Ready Capital during the second quarter worth $84,000. Cadence Bank purchased a new stake in Ready Capital during the first quarter worth about $91,000. Finally, Choreo LLC bought a new stake in shares of Ready Capital in the 2nd quarter worth approximately $91,000. 55.87% of the stock is owned by institutional investors and hedge funds.

Ready Capital Trading Down 2.6 %

RC traded down $0.19 on Tuesday, hitting $7.19. The company had a trading volume of 1,275,126 shares, compared to its average volume of 1,557,107. The firm has a market cap of $1.21 billion, a P/E ratio of -10.53 and a beta of 1.42. Ready Capital Co. has a 1 year low of $6.65 and a 1 year high of $11.67. The company's fifty day moving average price is $7.42 and its 200 day moving average price is $8.18. The company has a current ratio of 1.69, a quick ratio of 1.69 and a debt-to-equity ratio of 0.52.

Ready Capital Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Monday, September 30th were given a $0.25 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a yield of 13.91%. Ready Capital's payout ratio is -142.86%.

Analyst Ratings Changes

Several brokerages have recently commented on RC. Piper Sandler cut their price target on Ready Capital from $9.50 to $8.00 and set a "neutral" rating on the stock in a research note on Monday, September 16th. Wedbush reaffirmed a "neutral" rating and issued a $9.00 target price on shares of Ready Capital in a research report on Monday, August 12th. Keefe, Bruyette & Woods reduced their target price on shares of Ready Capital from $8.00 to $7.75 and set an "underperform" rating for the company in a research note on Monday, August 12th. Finally, BTIG Research initiated coverage on shares of Ready Capital in a report on Friday, July 19th. They set a "neutral" rating on the stock. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Ready Capital currently has an average rating of "Hold" and an average price target of $9.38.

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.