Ready Capital (NYSE:RC) Sets New 1-Year Low at $7.62

Ready Capital Co. (NYSE:RC)’s stock price hit a new 52-week low during trading on Thursday . The company traded as low as $7.62 and last traded at $7.63, with a volume of 1894418 shares. The stock had previously closed at $7.79.

Wall Street Analysts Forecast Growth

RC has been the topic of a number of analyst reports. Keefe, Bruyette & Woods cut their price target on Ready Capital from $8.00 to $7.75 and set an “underperform” rating on the stock in a report on Monday, August 12th. Wedbush restated a “neutral” rating and issued a $9.00 price target on shares of Ready Capital in a report on Monday, August 12th. Finally, BTIG Research assumed coverage on shares of Ready Capital in a research note on Friday, July 19th. They set a “neutral” rating for the company. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, Ready Capital has a consensus rating of “Hold” and an average price target of $9.65.

Ready Capital Stock Down 2.1 %

The stock has a market capitalization of $1.28 billion, a PE ratio of 4.74 and a beta of 1.42. The company has a current ratio of 1.69, a quick ratio of 1.69 and a debt-to-equity ratio of 0.52. The company’s 50-day moving average is $8.65 and its 200 day moving average is $8.62.

Ready Capital (NYSE:RC) last posted its quarterly earnings data on Wednesday, August 7th. The real estate investment trust reported $0.07 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.19). The company had revenue of $234.12 million for the quarter, compared to analyst estimates of $61.77 million. Ready Capital had a positive return on equity of 7.32% and a negative net margin of 5.67%. During the same quarter in the previous year, the firm posted $0.35 earnings per share. As a group, analysts anticipate that Ready Capital Co. will post 1.03 EPS for the current year.

Ready Capital Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Friday, June 28th were given a $0.30 dividend. The ex-dividend date was Friday, June 28th. This represents a $1.20 annualized dividend and a dividend yield of 15.73%. Ready Capital’s dividend payout ratio (DPR) is presently 74.53%.

Institutional Investors Weigh In On Ready Capital

Hedge funds have recently modified their holdings of the business. HB Wealth Management LLC lifted its position in Ready Capital by 3.4% during the second quarter. HB Wealth Management LLC now owns 33,216 shares of the real estate investment trust’s stock worth $272,000 after buying an additional 1,101 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of Ready Capital by 2.2% in the second quarter. Victory Capital Management Inc. now owns 63,699 shares of the real estate investment trust’s stock valued at $521,000 after purchasing an additional 1,375 shares during the period. B. Riley Wealth Advisors Inc. increased its position in Ready Capital by 12.6% during the first quarter. B. Riley Wealth Advisors Inc. now owns 12,970 shares of the real estate investment trust’s stock worth $118,000 after purchasing an additional 1,455 shares during the last quarter. CWM LLC boosted its holdings in Ready Capital by 94.6% in the 2nd quarter. CWM LLC now owns 3,361 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 1,634 shares during the last quarter. Finally, Texas Permanent School Fund Corp grew its stake in shares of Ready Capital by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 138,085 shares of the real estate investment trust’s stock valued at $1,261,000 after buying an additional 1,718 shares during the period. 55.87% of the stock is currently owned by institutional investors and hedge funds.

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.