Ready Capital (NYSE:RC) Reaches New 12-Month Low – What’s Next?

Ready Capital Co. (NYSE:RC) reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $6.65 and last traded at $6.74, with a volume of 294131 shares. The stock had previously closed at $6.62.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. JMP Securities lowered 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 note on Thursday, December 12th. Piper Sandler dropped their price objective on Ready Capital from $9.50 to $8.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. Finally, UBS Group cut their price objective on Ready Capital from $8.50 to $7.50 and set a “neutral” rating for the company in a research report on Friday, November 15th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $9.11.

Ready Capital Trading Down 0.7 %

The firm has a market cap of $1.15 billion, a P/E ratio of -9.74 and a beta of 1.43. The company’s 50 day moving average is $7.19 and its two-hundred day moving average is $7.87. 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 company also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 14.66%. The ex-dividend date is Tuesday, December 31st. Ready Capital’s payout ratio is presently -142.86%.

Institutional Investors Weigh In On Ready Capital

Institutional investors and hedge funds have recently bought and sold shares of the business. KBC Group NV grew its stake in shares of Ready Capital by 64.1% in the 3rd quarter. KBC Group NV now owns 8,318 shares of the real estate investment trust’s stock valued at $63,000 after purchasing an additional 3,248 shares during the period. Xponance Inc. bought a new stake in Ready Capital in the second quarter valued at $84,000. Choreo LLC acquired a new position in Ready Capital during the second quarter worth $91,000. Modera Wealth Management LLC bought a new position in shares of Ready Capital during the third quarter valued at $107,000. Finally, Naviter Wealth LLC boosted its stake in shares of Ready Capital by 35.0% in the 2nd quarter. Naviter Wealth LLC now owns 13,500 shares of the real estate investment trust’s stock valued at $114,000 after purchasing an additional 3,500 shares in the last quarter. Institutional investors own 55.87% of the company’s stock.

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.