Ready Capital (NYSE:RC) Hits New 52-Week Low – Should You Sell?

Shares of Ready Capital Co. (NYSE:RC) hit a new 52-week low during trading on Monday . The company traded as low as $6.41 and last traded at $6.54, with a volume of 462799 shares trading hands. The stock had previously closed at $6.65.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. UBS Group reduced their price objective 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. JMP Securities lowered their price objective on Ready Capital from $10.50 to $9.50 and set a “market outperform” rating for the company in a research report on Thursday, December 12th. B. Riley reissued a “neutral” rating and issued a $10.00 target price (down from $12.00) on shares of Ready Capital in a research note on Tuesday, January 7th. Finally, Keefe, Bruyette & Woods lowered their price target on Ready Capital from $6.75 to $6.25 and set an “underperform” rating on the stock in a report on Tuesday, January 14th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $8.61.

Ready Capital Stock Performance

The stock has a 50-day simple moving average of $7.07 and a 200 day simple moving average of $7.59. The company has a market capitalization of $1.11 billion, a PE ratio of -9.38 and a beta of 1.43. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.67 and a quick ratio of 1.67.

Ready Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 31st. Investors of record on Tuesday, December 31st were given a dividend of $0.25 per share. The ex-dividend date was Tuesday, December 31st. This represents a $1.00 dividend on an annualized basis and a yield of 15.23%. Ready Capital’s dividend payout ratio is currently -142.86%.

Institutional Trading of Ready Capital

Hedge funds and other institutional investors have recently made changes to their positions in the business. State Street Corp boosted its holdings in Ready Capital by 4.8% during the third quarter. State Street Corp now owns 6,315,147 shares of the real estate investment trust’s stock valued at $49,746,000 after acquiring an additional 287,068 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Ready Capital by 4.1% during 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 acquiring an additional 150,479 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Ready Capital by 11.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,868,580 shares of the real estate investment trust’s stock worth $14,257,000 after buying an additional 195,663 shares in the last quarter. Van ECK Associates Corp raised its position in Ready Capital by 12.8% in the 4th quarter. Van ECK Associates Corp now owns 1,540,765 shares of the real estate investment trust’s stock valued at $10,508,000 after purchasing an additional 174,725 shares during the last quarter. Finally, Clear Harbor Asset Management LLC lifted its position in 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 buying an additional 657,465 shares in the last quarter. 55.87% of the stock is currently 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.