Ready Capital (NYSE:RC) Hits New 1-Year Low at $7.89

Ready Capital Co. (NYSE:RC) reached a new 52-week low during trading on Friday . The company traded as low as $7.89 and last traded at $7.93, with a volume of 2250744 shares trading hands. The stock had previously closed at $8.11.

Analyst Ratings Changes

Several brokerages have issued reports on RC. Keefe, Bruyette & Woods lowered their target price on Ready Capital from $8.00 to $7.75 and set an “underperform” rating on the stock in a research note on Monday, August 12th. BTIG Research initiated coverage on shares of Ready Capital in a research report on Friday, July 19th. They set a “neutral” rating for the company. Wedbush reissued a “neutral” rating and issued a $9.00 price target on shares of Ready Capital in a research report on Monday, August 12th. Finally, LADENBURG THALM/SH SH downgraded shares of Ready Capital from a “buy” rating to a “neutral” rating in a report on Friday, May 10th. One research analyst has rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, Ready Capital presently has a consensus rating of “Hold” and a consensus price target of $9.65.

Ready Capital Stock Down 2.2 %

The company has a quick ratio of 1.69, a current ratio of 1.69 and a debt-to-equity ratio of 0.52. The stock has a 50-day simple moving average of $8.68 and a two-hundred day simple moving average of $8.66. The firm has a market cap of $1.33 billion, a PE ratio of 5.04 and a beta of 1.42.

Ready Capital (NYSE:RC) last issued its quarterly earnings results on Wednesday, August 7th. The real estate investment trust reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.19). Ready Capital had a negative net margin of 5.67% and a positive return on equity of 7.32%. The business had revenue of $234.12 million for the quarter, compared to the consensus estimate of $61.77 million. During the same quarter in the previous year, the business earned $0.35 earnings per share. Analysts expect that Ready Capital Co. will post 1.03 earnings per share for the current year.

Ready Capital Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 31st. Investors of record on Friday, June 28th were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $1.20 dividend on an annualized basis and a yield of 15.13%. Ready Capital’s dividend payout ratio is currently 74.53%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. CWM LLC increased its position in shares of Ready Capital by 94.6% during the second quarter. CWM LLC now owns 3,361 shares of the real estate investment trust’s stock valued at $27,000 after buying an additional 1,634 shares during the period. EntryPoint Capital LLC purchased a new position in shares of Ready Capital during the 1st quarter worth approximately $40,000. MCF Advisors LLC bought a new position in shares of Ready Capital in the 1st quarter worth approximately $42,000. Naviter Wealth LLC purchased a new position in shares of Ready Capital in the 1st quarter valued at approximately $94,000. Finally, Cadence Bank bought a new stake in shares of Ready Capital during the first quarter valued at approximately $91,000. 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.