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

Shares of Ready Capital Co. (NYSE:RC) reached a new 52-week low on Wednesday . The company traded as low as $6.64 and last traded at $6.66, with a volume of 1302319 shares. The stock had previously closed at $6.86.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on RC shares. JMP Securities cut their price target on Ready Capital from $10.50 to $9.50 and set a “market outperform” rating for the company in a report on Thursday, December 12th. B. Riley restated a “neutral” rating and set a $10.00 price objective (down from $12.00) on shares of Ready Capital in a research report on Tuesday. UBS Group lowered their price objective 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. Finally, Piper Sandler reduced their target price on shares of 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, seven have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $8.82.

Ready Capital Stock Down 3.1 %

The company has a market cap of $1.12 billion, a P/E ratio of -9.50 and a beta of 1.43. The stock has a 50-day moving average of $7.18 and a 200 day moving average of $7.82. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.67 and a quick ratio of 1.67.

Ready Capital Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 15.04%. The ex-dividend date of this dividend is Tuesday, December 31st. Ready Capital’s dividend payout ratio is currently -142.86%.

Institutional Trading of Ready Capital

Several large investors have recently made changes to their positions in RC. Bank of New York Mellon Corp boosted its holdings in shares of Ready Capital by 3.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,189,988 shares of the real estate investment trust’s stock valued at $9,734,000 after purchasing an additional 38,371 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Ready Capital by 2.2% during the 2nd quarter. Victory Capital Management Inc. now owns 63,699 shares of the real estate investment trust’s stock worth $521,000 after buying an additional 1,375 shares during the last quarter. Norden Group LLC boosted its stake in Ready Capital by 25.6% in the second quarter. Norden Group LLC now owns 23,002 shares of the real estate investment trust’s stock valued at $188,000 after buying an additional 4,693 shares in the last quarter. Choreo LLC bought a new position in Ready Capital in the second quarter valued at about $91,000. Finally, Public Sector Pension Investment Board raised its stake in Ready Capital by 5.3% during the second quarter. Public Sector Pension Investment Board now owns 341,865 shares of the real estate investment trust’s stock worth $2,796,000 after acquiring an additional 17,279 shares in 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.