Ready Capital (NYSE:RC) Share Price Passes Below Two Hundred Day Moving Average – Time to Sell?

Ready Capital Corp (NYSE:RC) shares passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $2.03 and traded as low as $1.7750. Ready Capital shares last traded at $1.8250, with a volume of 1,692,471 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler cut their price objective on shares of Ready Capital from $2.50 to $2.00 and set a “neutral” rating on the stock in a research report on Monday, March 2nd. Four research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $2.81.

Ready Capital Price Performance

The stock has a market cap of $293.27 million, a P/E ratio of -0.56 and a beta of 1.47. The company has a 50 day simple moving average of $1.74 and a 200 day simple moving average of $2.02. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 0.95.

Ready Capital (NYSE:RC) last released its earnings results on Thursday, May 7th. The real estate investment trust reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.18). The firm had revenue of $130.55 million during the quarter, compared to the consensus estimate of $68.67 million. Ready Capital had a negative net margin of 102.10% and a negative return on equity of 14.69%. Sell-side analysts forecast that Ready Capital Corp will post -1.4 earnings per share for the current fiscal year.

Ready Capital Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 30th. Shareholders of record on Tuesday, March 31st were paid a $0.01 dividend. The ex-dividend date was Tuesday, March 31st. This represents a $0.04 annualized dividend and a yield of 2.3%. Ready Capital’s payout ratio is presently -1.26%.

Insider Buying and Selling

In other news, Director Gilbert E. Nathan bought 30,000 shares of the business’s stock in a transaction on Friday, March 6th. The shares were purchased at an average price of $1.95 per share, for a total transaction of $58,500.00. Following the purchase, the director owned 216,358 shares of the company’s stock, valued at approximately $421,898.10. The trade was a 16.10% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in RC. Sequoia Financial Advisors LLC acquired a new position in Ready Capital during the fourth quarter worth $27,000. Eurizon Capital SGR S.p.A. bought a new position in shares of Ready Capital in the 4th quarter valued at about $28,000. Austin Wealth Management LLC bought a new position in shares of Ready Capital in the 4th quarter valued at about $29,000. Green Ridge Wealth Planning LLC acquired a new position in shares of Ready Capital during the 4th quarter worth about $32,000. Finally, Huntington National Bank increased its stake in shares of Ready Capital by 234.6% during the 3rd quarter. Huntington National Bank now owns 8,749 shares of the real estate investment trust’s stock worth $34,000 after purchasing an additional 6,134 shares during the last quarter. Institutional investors and hedge funds own 55.87% of the company’s stock.

About Ready Capital

Ready Capital Corporation is a specialty finance real estate investment trust (REIT) that originates, acquires and manages commercial real estate loans and related assets. The company offers financing solutions across a variety of property types, including multifamily, office, retail, industrial, hospitality and mixed-use assets. Ready Capital focuses on delivering flexible loan structures to meet the diverse needs of borrowers in the small balance and middle-market sectors.

Through its small balance commercial real estate lending platform, Ready Capital provides loans typically ranging from $1 million to $15 million for acquisitions, refinancings, renovations and bridge financing.