Ready Capital (NYSE:RC) Reaches New 12-Month Low – Should You Sell?

Ready Capital Co. (NYSE:RC)’s stock price reached a new 52-week low on Monday . The stock traded as low as $6.41 and last traded at $6.54, with a volume of 462799 shares changing hands. The stock had previously closed at $6.65.

Wall Street Analysts Forecast Growth

RC has been the topic of several recent analyst reports. UBS Group reduced their target price on shares of Ready Capital from $8.50 to $7.50 and set a “neutral” rating for the company in a research note on Friday, November 15th. JMP Securities reduced their target price on Ready Capital from $10.50 to $9.50 and set a “market outperform” rating on the stock in a report on Thursday, December 12th. B. Riley reiterated 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. Finally, Keefe, Bruyette & Woods dropped their price objective on Ready Capital from $6.75 to $6.25 and set an “underperform” rating for the company in a report on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $8.61.

Ready Capital Trading Up 2.2 %

The stock has a 50 day moving average price of $7.04 and a 200-day moving average price of $7.55. The company has a current ratio of 1.67, a quick ratio of 1.67 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $1.13 billion, a PE ratio of -9.61 and a beta of 1.43.

Ready Capital Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, January 31st. Investors of record on Tuesday, December 31st were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 14.87%. The ex-dividend date of this dividend was Tuesday, December 31st. Ready Capital’s dividend payout ratio is presently -142.86%.

Hedge Funds Weigh In On Ready Capital

Hedge funds and other institutional investors have recently made changes to their positions in the company. Clear Harbor Asset Management LLC increased its holdings in Ready Capital by 84.0% in 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 buying an additional 657,465 shares during the period. Wolverine Asset Management LLC raised its position in shares of Ready Capital by 2,902.2% in the third quarter. Wolverine Asset Management LLC now owns 402,291 shares of the real estate investment trust’s stock valued at $3,069,000 after buying an additional 388,891 shares during the last quarter. GraniteShares Advisors LLC purchased a new position in Ready Capital during the fourth quarter worth approximately $2,480,000. Barclays PLC grew its position in Ready Capital by 205.9% in the third quarter. Barclays PLC now owns 484,986 shares of the real estate investment trust’s stock worth $3,699,000 after acquiring an additional 326,467 shares during the period. Finally, State Street Corp raised its stake in shares of Ready Capital by 4.8% in the 3rd quarter. State Street Corp now owns 6,315,147 shares of the real estate investment trust’s stock valued at $49,746,000 after acquiring an additional 287,068 shares during the period. Institutional investors 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.