Ready Capital (NYSE:RC) Reaches New 1-Year Low at $7.52

Ready Capital Co. (NYSE:RC)’s stock price hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $7.52 and last traded at $7.63, with a volume of 181329 shares. The stock had previously closed at $7.58.

Analyst Ratings Changes

Several analysts recently commented on the company. Piper Sandler dropped their target price on Ready Capital from $9.50 to $8.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. BTIG Research assumed coverage on Ready Capital in a report on Friday, July 19th. They set a “neutral” rating on the stock. Wedbush reaffirmed a “neutral” rating and set a $9.00 target price on shares of Ready Capital in a report on Monday, August 12th. Finally, 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 report on Monday, August 12th. One 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 has an average rating of “Hold” and a consensus price target of $9.38.

Ready Capital Stock Performance

The company has a debt-to-equity ratio of 0.52, a current ratio of 1.69 and a quick ratio of 1.69. The firm has a fifty day simple moving average of $8.41 and a 200 day simple moving average of $8.55. The company has a market capitalization of $1.28 billion, a price-to-earnings ratio of 4.86 and a beta of 1.42.

Ready Capital (NYSE:RC) last issued its quarterly earnings data on Wednesday, August 7th. The real estate investment trust reported $0.07 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.19). The business had revenue of $234.12 million during the quarter, compared to analyst estimates of $61.77 million. Ready Capital had a negative net margin of 5.67% and a positive return on equity of 7.32%. During the same period in the previous year, the business posted $0.35 earnings per share. On average, analysts anticipate that Ready Capital Co. will post 0.98 earnings per share for the current fiscal year.

Ready Capital Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 30th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 13.11%. The ex-dividend date is Monday, September 30th. Ready Capital’s dividend payout ratio is presently 74.53%.

Institutional Trading of Ready Capital

Institutional investors have recently made changes to their positions in the company. CIBC Private Wealth Group LLC purchased a new position in Ready Capital during the fourth quarter worth approximately $667,000. Waterfall Asset Management LLC purchased a new position in Ready Capital during the fourth quarter worth approximately $40,067,000. Virtu Financial LLC purchased a new position in Ready Capital during the fourth quarter worth approximately $327,000. Centaurus Financial Inc. purchased a new position in Ready Capital during the fourth quarter worth approximately $111,000. Finally, Wellington Management Group LLP lifted its position in Ready Capital by 6.6% during the fourth quarter. Wellington Management Group LLP now owns 428,999 shares of the real estate investment trust’s stock worth $4,397,000 after buying an additional 26,515 shares in the last quarter. 55.87% of the stock is owned by institutional investors and hedge funds.

Ready Capital Company 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.