Ready Capital (NYSE:RC) Hits New 12-Month Low – Here’s Why

Shares of Ready Capital Co. (NYSE:RC) hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $4.44 and last traded at $4.65, with a volume of 1047099 shares traded. The stock had previously closed at $4.87.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on RC shares. B. Riley reiterated a “neutral” rating and set a $10.00 target price (down previously from $12.00) on shares of Ready Capital in a research note on Tuesday, January 7th. UBS Group lowered their price objective on Ready Capital from $7.00 to $5.00 and set a “neutral” rating on the stock in a research report on Friday, March 14th. Keefe, Bruyette & Woods reduced their target price on shares of Ready Capital from $6.25 to $4.00 and set an “underperform” rating for the company in a research report on Wednesday, March 5th. JMP Securities lowered their price target 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. Finally, Citizens Jmp lowered shares of Ready Capital from an “outperform” rating to a “market perform” rating in a research report on Monday, March 3rd. 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. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $7.50.

Ready Capital Trading Down 2.8 %

The business’s 50 day moving average price is $5.93 and its two-hundred day moving average price is $6.76. The company has a market capitalization of $813.61 million, a price-to-earnings ratio of -6.72 and a beta of 1.43. The company has a current ratio of 1.67, a quick ratio of 1.67 and a debt-to-equity ratio of 0.54.

Ready Capital Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.125 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.50 dividend on an annualized basis and a dividend yield of 10.56%. Ready Capital’s payout ratio is presently -18.94%.

Insider Activity

In other news, CEO Thomas E. Capasse acquired 10,000 shares of the stock in a transaction dated Wednesday, March 5th. The stock was bought at an average price of $4.80 per share, with a total value of $48,000.00. Following the completion of the purchase, the chief executive officer now directly owns 319,925 shares of the company’s stock, valued at $1,535,640. This represents a 3.23 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.09% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ready Capital

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of Ready Capital by 7.3% during the fourth quarter. Vanguard Group Inc. now owns 11,366,828 shares of the real estate investment trust’s stock worth $77,522,000 after purchasing an additional 768,891 shares during the period. State Street Corp grew its position in shares of Ready Capital by 4.8% in the 3rd quarter. State Street Corp now owns 6,315,147 shares of the real estate investment trust’s stock valued at $49,746,000 after buying an additional 287,068 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Ready Capital by 4.1% in the third quarter. Geode Capital Management LLC now owns 3,838,284 shares of the real estate investment trust’s stock valued at $29,292,000 after buying an additional 150,479 shares during the period. Invesco Ltd. raised its position in shares of Ready Capital by 6.8% during the fourth quarter. Invesco Ltd. now owns 3,116,019 shares of the real estate investment trust’s stock worth $21,251,000 after acquiring an additional 197,770 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Ready Capital by 21.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,266,585 shares of the real estate investment trust’s stock valued at $15,458,000 after acquiring an additional 398,005 shares during the last quarter. 55.87% of the stock is owned by institutional investors.

About Ready Capital

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.