Ready Capital (NYSE:RC) Hits New 12-Month Low at $8.09

Ready Capital Co. (NYSE:RCGet Free Report)’s stock price hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $8.09 and last traded at $8.12, with a volume of 183571 shares changing hands. The stock had previously closed at $8.28.

Analyst Ratings Changes

Several brokerages recently issued reports on RC. BTIG Research cut their target price on Ready Capital from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Wednesday, April 17th. LADENBURG THALM/SH SH cut Ready Capital from a “buy” rating to a “neutral” rating in a research report on Friday, May 10th. StockNews.com cut Ready Capital from a “buy” rating to a “hold” rating in a research report on Monday, March 4th. B. Riley reiterated a “buy” rating and set a $12.00 price target (down from $13.00) on shares of Ready Capital in a report on Monday, March 4th. Finally, Keefe, Bruyette & Woods reiterated an “underperform” rating and set a $8.00 price target (down from $10.00) on shares of Ready Capital in a report on Monday, March 4th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $10.93.

Read Our Latest Research Report on RC

Ready Capital Stock Performance

The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.76 and a current ratio of 1.76. The company has a market capitalization of $1.37 billion, a P/E ratio of 5.04 and a beta of 1.41. The business has a 50 day moving average of $8.66 and a 200-day moving average of $9.37.

Ready Capital (NYSE:RCGet Free Report) last released its quarterly earnings data on Wednesday, May 8th. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. Ready Capital had a return on equity of 8.11% and a net margin of 23.81%. The company had revenue of $232.35 million for the quarter, compared to analyst estimates of $64.34 million. During the same period in the previous year, the company posted $0.31 EPS. On average, sell-side analysts predict that Ready Capital Co. will post 1.17 EPS for the current fiscal year.

Ready Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 30th. Investors of record on Thursday, March 28th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 14.80%. Ready Capital’s payout ratio is 74.53%.

Insider Activity at Ready Capital

In other Ready Capital news, Director Gilbert E. Nathan bought 10,000 shares of Ready Capital stock in a transaction that occurred on Thursday, March 14th. The stock was acquired at an average cost of $8.65 per share, for a total transaction of $86,500.00. Following the completion of the transaction, the director now directly owns 83,099 shares in the company, valued at $718,806.35. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Ready Capital news, Director Kevin M. Luebbers bought 5,000 shares of Ready Capital stock in a transaction that occurred on Tuesday, March 5th. The stock was acquired at an average cost of $8.43 per share, for a total transaction of $42,150.00. Following the completion of the transaction, the director now directly owns 119,925 shares in the company, valued at $1,010,967.75. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gilbert E. Nathan bought 10,000 shares of Ready Capital stock in a transaction that occurred on Thursday, March 14th. The shares were acquired at an average price of $8.65 per share, with a total value of $86,500.00. Following the completion of the transaction, the director now owns 83,099 shares of the company’s stock, valued at $718,806.35. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 27,150 shares of company stock worth $231,180. 0.95% of the stock is owned by company insiders.

Hedge Funds Weigh In On Ready Capital

Institutional investors have recently modified their holdings of the company. Bear Mountain Capital Inc. bought a new position in shares of Ready Capital during the 4th quarter valued at about $30,000. EdgeRock Capital LLC bought a new position in shares of Ready Capital during the 4th quarter valued at about $36,000. EntryPoint Capital LLC bought a new position in shares of Ready Capital during the 1st quarter valued at about $40,000. MCF Advisors LLC bought a new position in shares of Ready Capital during the 1st quarter valued at about $42,000. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Ready Capital by 112.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 7,645 shares of the real estate investment trust’s stock valued at $77,000 after purchasing an additional 4,039 shares during the last quarter. 55.87% of the stock is currently owned by institutional investors.

Ready Capital Company Profile

(Get Free Report)

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.

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