Ready Capital (NYSE:RC) Hits New 12-Month Low – Time to Sell?

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

Analysts Set New Price Targets

RC has been the subject of several recent research reports. UBS Group dropped 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 report on Friday, November 15th. JMP Securities cut their target price on Ready Capital from $10.50 to $9.50 and set a “market outperform” rating on the stock in a research note on Thursday, December 12th. Finally, Piper Sandler decreased their target price 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. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $9.11.

Ready Capital Trading Up 2.4 %

The business’s 50 day simple moving average is $7.19 and its two-hundred day simple moving average is $7.89. 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 cap of $1.14 billion, a P/E ratio of -9.69 and a beta of 1.43.

Ready Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 14.75%. The ex-dividend date of this dividend is Tuesday, December 31st. Ready Capital’s dividend payout ratio is currently -142.86%.

Hedge Funds Weigh In On Ready Capital

Several hedge funds and other institutional investors have recently bought and sold shares of RC. Victory Capital Management Inc. boosted its stake in Ready Capital by 2.2% during the second quarter. Victory Capital Management Inc. now owns 63,699 shares of the real estate investment trust’s stock worth $521,000 after acquiring an additional 1,375 shares in the last quarter. Louisiana State Employees Retirement System increased its position in Ready Capital by 4.0% in the 3rd quarter. Louisiana State Employees Retirement System now owns 81,300 shares of the real estate investment trust’s stock valued at $620,000 after buying an additional 3,100 shares in the last quarter. Thrivent Financial for Lutherans raised its stake in Ready Capital by 2.4% during the 3rd quarter. Thrivent Financial for Lutherans now owns 132,098 shares of the real estate investment trust’s stock worth $1,008,000 after buying an additional 3,123 shares during the period. KBC Group NV boosted its holdings in Ready Capital by 64.1% in the third quarter. KBC Group NV now owns 8,318 shares of the real estate investment trust’s stock worth $63,000 after acquiring an additional 3,248 shares in the last quarter. Finally, Naviter Wealth LLC increased its holdings in shares of Ready Capital by 35.0% during the second quarter. Naviter Wealth LLC now owns 13,500 shares of the real estate investment trust’s stock valued at $114,000 after acquiring an additional 3,500 shares in the last quarter. Institutional investors and hedge funds own 55.87% of the company’s stock.

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.