Ready Capital (NYSE:RC) Stock Passes Below 200-Day Moving Average – Here’s What Happened

Ready Capital Corp (NYSE:RC)’s stock price passed below its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $3.67 and traded as low as $2.15. Ready Capital shares last traded at $2.2250, with a volume of 3,906,821 shares changing hands.

Analyst Ratings Changes

Several analysts have recently commented on RC shares. Zacks Research upgraded shares of Ready Capital from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 14th. Piper Sandler reduced their price objective on shares of Ready Capital from $3.50 to $2.50 and set a “neutral” rating for the company in a research report on Monday. UBS Group lowered their price objective on Ready Capital from $3.50 to $2.75 and set a “neutral” rating on the stock in a report on Friday, November 14th. Keefe, Bruyette & Woods cut their target price on Ready Capital from $3.50 to $2.50 and set an “underperform” rating for the company in a research note on Wednesday, November 12th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Ready Capital in a report on Wednesday, October 8th. Six equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus price target of $3.55.

Ready Capital Stock Performance

The stock’s fifty day simple moving average is $2.70 and its 200-day simple moving average is $3.67. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.79. The company has a market capitalization of $360.74 million, a PE ratio of -1.16 and a beta of 1.44.

Ready Capital (NYSE:RC) last released its quarterly earnings results on Tuesday, September 9th. The real estate investment trust reported ($0.10) earnings per share for the quarter. The firm had revenue of ($9.77) million during the quarter. Ready Capital had a negative return on equity of 7.02% and a negative net margin of 47.30%. On average, research analysts predict that Ready Capital Corp will post 0.93 earnings per share for the current fiscal year.

Ready Capital Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 30th. Stockholders of record on Wednesday, December 31st will be paid a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Wednesday, December 31st. Ready Capital’s dividend payout ratio (DPR) is -26.18%.

Institutional Trading of Ready Capital

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RC. Nomura Asset Management Co. Ltd. grew its holdings in shares of Ready Capital by 163.6% during the second quarter. Nomura Asset Management Co. Ltd. now owns 5,800 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 3,600 shares in the last quarter. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Ready Capital in the 1st quarter worth $32,000. Bogart Wealth LLC acquired a new position in Ready Capital in the second quarter valued at $31,000. Huntington National Bank boosted its holdings in Ready Capital by 234.6% in the third quarter. Huntington National Bank now owns 8,749 shares of the real estate investment trust’s stock valued at $34,000 after acquiring an additional 6,134 shares during the last quarter. Finally, Quarry LP grew its position in Ready Capital by 4,494.6% during the third quarter. Quarry LP now owns 9,373 shares of the real estate investment trust’s stock valued at $36,000 after acquiring an additional 9,169 shares during the period. Hedge funds and other institutional investors own 55.87% of the company’s stock.

About Ready Capital

Ready Capital Corporation is a specialty finance real estate investment trust (REIT) that originates, acquires and manages commercial real estate loans and related assets. The company offers financing solutions across a variety of property types, including multifamily, office, retail, industrial, hospitality and mixed-use assets. Ready Capital focuses on delivering flexible loan structures to meet the diverse needs of borrowers in the small balance and middle-market sectors.

Through its small balance commercial real estate lending platform, Ready Capital provides loans typically ranging from $1 million to $15 million for acquisitions, refinancings, renovations and bridge financing.