Ready Capital (NYSE:RC) Reaches New 52-Week Low at $8.25

Ready Capital Co. (NYSE:RC)’s share price hit a new 52-week low on Thursday . The company traded as low as $8.25 and last traded at $8.27, with a volume of 1222840 shares changing hands. The stock had previously closed at $8.50.

Analyst Upgrades and Downgrades

RC has been the subject of several research reports. BTIG Research reduced their price target on shares of Ready Capital from $12.00 to $10.00 and set a “buy” rating for the company in a research report on Wednesday, April 17th. StockNews.com cut shares of Ready Capital from a “buy” rating to a “hold” rating in a research note on Monday, March 4th. Keefe, Bruyette & Woods restated an “underperform” rating and issued a $8.00 price objective (down from $10.00) on shares of Ready Capital in a research note on Monday, March 4th. LADENBURG THALM/SH SH downgraded Ready Capital from a “buy” rating to a “neutral” rating in a research report on Friday, May 10th. Finally, B. Riley restated a “buy” rating and issued a $12.00 price target (down previously from $13.00) on shares of Ready Capital in a research report on Monday, March 4th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $10.93.

Ready Capital Stock Performance

The business’s fifty day moving average is $8.71 and its two-hundred day moving average is $9.41. The stock has a market capitalization of $1.41 billion, a PE ratio of 5.19 and a beta of 1.41. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.47.

Ready Capital (NYSE:RC) last released its quarterly earnings results on Wednesday, May 8th. The real estate investment trust reported $0.29 EPS for the quarter, topping the consensus estimate of $0.28 by $0.01. The company had revenue of $232.35 million during the quarter, compared to analyst estimates of $64.34 million. Ready Capital had a return on equity of 8.11% and a net margin of 23.81%. During the same quarter last year, the business posted $0.31 earnings per share. As a group, research analysts anticipate that Ready Capital Co. will post 1.17 EPS for the current fiscal year.

Ready Capital Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 30th. Stockholders of record on Thursday, March 28th were issued a $0.30 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $1.20 annualized dividend and a dividend yield of 14.37%. Ready Capital’s payout ratio is 74.53%.

Insider Activity at Ready Capital

In related news, Director Gilbert E. Nathan purchased 10,000 shares of Ready Capital stock in a transaction that occurred on Thursday, March 14th. The shares were bought at an average price of $8.65 per share, with a total value of $86,500.00. Following the purchase, the director now directly owns 83,099 shares of the company’s stock, valued at approximately $718,806.35. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Kevin M. Luebbers acquired 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The stock was purchased at an average cost of $8.43 per share, for a total transaction of $42,150.00. Following the completion of the acquisition, the director now directly owns 119,925 shares of the company’s stock, valued at approximately $1,010,967.75. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gilbert E. Nathan bought 10,000 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were acquired at an average price of $8.65 per share, for a total transaction of $86,500.00. Following the completion of the acquisition, the director now owns 83,099 shares in the company, valued at $718,806.35. The disclosure for this purchase can be found here. Insiders acquired a total of 17,150 shares of company stock worth $148,280 in the last quarter. 0.95% of the stock is owned by company insiders.

Institutional Investors Weigh In On Ready Capital

Several hedge funds have recently modified their holdings of the business. Commonwealth Equity Services LLC grew its stake in Ready Capital by 78.9% in the third quarter. Commonwealth Equity Services LLC now owns 31,678 shares of the real estate investment trust’s stock valued at $320,000 after purchasing an additional 13,971 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Ready Capital by 112.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 7,645 shares of the real estate investment trust’s stock worth $77,000 after acquiring an additional 4,039 shares in the last quarter. Teacher Retirement System of Texas lifted its position in Ready Capital by 10.8% during the third quarter. Teacher Retirement System of Texas now owns 13,976 shares of the real estate investment trust’s stock valued at $141,000 after acquiring an additional 1,359 shares during the last quarter. Ieq Capital LLC acquired a new stake in Ready Capital in the third quarter valued at approximately $229,000. Finally, Victory Capital Management Inc. grew its holdings in Ready Capital by 194.6% in the third quarter. Victory Capital Management Inc. now owns 54,055 shares of the real estate investment trust’s stock worth $546,000 after purchasing an additional 35,708 shares during the last quarter. Hedge funds and other institutional investors own 55.87% of the company’s stock.

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.