Ready Capital (NYSE:RC) Reaches New 1-Year Low – Time to Sell?

Ready Capital Co. (NYSE:RC)’s share price hit a new 52-week low during trading on Tuesday . The company traded as low as $6.45 and last traded at $6.61, with a volume of 1253510 shares trading hands. The stock had previously closed at $6.56.

Analyst Ratings Changes

Several brokerages have issued reports on RC. Piper Sandler cut their price target on Ready Capital from $9.50 to $8.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. UBS Group reduced their price target on shares of Ready Capital from $8.50 to $7.50 and set a “neutral” rating for the company in a research report on Friday, November 15th. JMP Securities lowered their price objective on shares of Ready Capital from $10.50 to $9.50 and set a “market outperform” rating on the stock in a report on Thursday, December 12th. Finally, B. Riley reissued a “neutral” rating and set a $10.00 target price (down from $12.00) on shares of Ready Capital in a research report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, Ready Capital presently has an average rating of “Hold” and a consensus price target of $8.82.

Ready Capital Stock Performance

The stock has a market cap of $1.11 billion, a P/E ratio of -9.44 and a beta of 1.43. The company’s 50 day moving average price is $7.17 and its 200-day moving average price is $7.78. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.67 and a current ratio of 1.67.

Ready Capital Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be paid a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 15.13%. Ready Capital’s payout ratio is presently -142.86%.

Hedge Funds Weigh In On Ready Capital

Several institutional investors have recently modified their holdings of RC. Barclays PLC increased its position in shares of Ready Capital by 205.9% during the 3rd quarter. Barclays PLC now owns 484,986 shares of the real estate investment trust’s stock valued at $3,699,000 after purchasing an additional 326,467 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in 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 valued at $14,257,000 after buying an additional 195,663 shares during the period. Clear Harbor Asset Management LLC raised its position in Ready Capital by 84.0% in the third 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 acquiring an additional 657,465 shares during the period. Geode Capital Management LLC boosted its stake in 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 acquiring an additional 150,479 shares during the last quarter. Finally, Wolverine Asset Management LLC grew its position in shares of Ready Capital by 2,902.2% during the 3rd quarter. Wolverine Asset Management LLC now owns 402,291 shares of the real estate investment trust’s stock valued at $3,069,000 after acquiring an additional 388,891 shares during the period. 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.