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

Ready Capital Co. (NYSE:RC)’s stock price hit a new 52-week low on Tuesday . The stock traded as low as $6.65 and last traded at $6.74, with a volume of 294131 shares changing hands. The stock had previously closed at $6.62.

Wall Street Analyst Weigh In

Several research analysts have commented on RC shares. JMP Securities decreased their target price on shares of Ready Capital from $10.50 to $9.50 and set a “market outperform” rating for the company in a research report on Thursday, December 12th. Piper Sandler reduced their price objective on Ready Capital from $9.50 to $8.00 and set a “neutral” rating for the company in a research report on Monday, September 16th. Finally, UBS Group lowered their target price on Ready Capital from $8.50 to $7.50 and set a “neutral” rating on the stock in a research report on Friday, November 15th. One research analyst has rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $9.11.

Ready Capital Price Performance

The business has a 50-day simple moving average of $7.19 and a two-hundred day simple moving average of $7.87. The company has a quick ratio of 1.67, a current ratio of 1.67 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $1.15 billion, a price-to-earnings ratio of -9.74 and a beta of 1.43.

Ready Capital Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be paid a dividend of $0.25 per share. The ex-dividend date is Tuesday, December 31st. This represents a $1.00 annualized dividend and a yield of 14.66%. Ready Capital’s dividend payout ratio is currently -142.86%.

Hedge Funds Weigh In On Ready Capital

Several hedge funds have recently made changes to their positions in RC. State Street Corp boosted its holdings in Ready Capital by 4.8% during the third quarter. State Street Corp now owns 6,315,147 shares of the real estate investment trust’s stock worth $49,746,000 after buying an additional 287,068 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Ready Capital by 4.1% during the 3rd 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. Charles Schwab Investment Management Inc. lifted its position in shares of Ready Capital by 11.7% during the 3rd 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 acquiring an additional 195,663 shares during the last quarter. Clear Harbor Asset Management LLC boosted its stake in shares of Ready Capital by 84.0% during the 3rd 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 in the last quarter. Finally, Van ECK Associates Corp grew its holdings in shares of Ready Capital by 1.8% in the 3rd quarter. Van ECK Associates Corp now owns 1,366,040 shares of the real estate investment trust’s stock worth $9,508,000 after acquiring an additional 23,970 shares during the last quarter. Institutional investors and hedge funds own 55.87% of the company’s stock.

Ready Capital Company Profile

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.