Ready Capital (NYSE:RC) Hits New 1-Year Low – Here’s What Happened

Ready Capital Co. (NYSE:RC) shares reached a new 52-week low on Wednesday . The stock traded as low as $6.64 and last traded at $6.66, with a volume of 1302319 shares trading hands. The stock had previously closed at $6.86.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on RC shares. JMP Securities dropped their target price on shares of Ready Capital from $10.50 to $9.50 and set a “market outperform” rating on the stock in a research report on Thursday, December 12th. B. Riley restated a “neutral” rating and set a $10.00 price objective (down previously from $12.00) on shares of Ready Capital in a report on Tuesday. Piper Sandler reduced their target price on shares of 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, UBS Group lowered their price target 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. 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’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $8.82.

Ready Capital Stock Down 3.1 %

The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.67 and a current ratio of 1.67. The company has a market cap of $1.12 billion, a P/E ratio of -9.50 and a beta of 1.43. The firm’s 50-day simple moving average is $7.18 and its 200 day simple moving average is $7.82.

Ready Capital Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 15.04%. The ex-dividend date is Tuesday, December 31st. Ready Capital’s dividend payout ratio (DPR) is currently -142.86%.

Hedge Funds Weigh In On Ready Capital

Hedge funds and other institutional investors have recently made changes to their positions in the company. Clear Harbor Asset Management LLC grew its stake in shares of Ready Capital by 84.0% during the 3rd quarter. Clear Harbor Asset Management LLC now owns 1,440,250 shares of the real estate investment trust’s stock worth $10,989,000 after acquiring an additional 657,465 shares in the last quarter. Wolverine Asset Management LLC grew its stake in Ready Capital by 2,902.2% in the third quarter. Wolverine Asset Management LLC now owns 402,291 shares of the real estate investment trust’s stock valued at $3,069,000 after purchasing an additional 388,891 shares in the last quarter. Barclays PLC increased its position in shares of Ready Capital by 205.9% during the 3rd quarter. Barclays PLC now owns 484,986 shares of the real estate investment trust’s stock worth $3,699,000 after purchasing an additional 326,467 shares during the last quarter. State Street Corp raised its stake in shares of Ready Capital by 4.8% during the 3rd quarter. State Street Corp now owns 6,315,147 shares of the real estate investment trust’s stock worth $49,746,000 after purchasing an additional 287,068 shares in the last quarter. Finally, Advisors Asset Management Inc. lifted its stake in Ready Capital by 99.5% in the third quarter. Advisors Asset Management Inc. now owns 399,401 shares of the real estate investment trust’s stock valued at $3,047,000 after acquiring an additional 199,202 shares during the last quarter. 55.87% of the stock is owned by institutional investors.

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.