Ready Capital Co. (NYSE:RC - Get Free Report) shares hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $4.44 and last traded at $4.65, with a volume of 1047099 shares changing hands. The stock had previously closed at $4.87.
Wall Street Analyst Weigh In
Several research firms have recently commented on RC. Keefe, Bruyette & Woods lowered their price target on Ready Capital from $6.25 to $4.00 and set an "underperform" rating for the company in a research report on Wednesday, March 5th. Wedbush reaffirmed a "neutral" rating and set a $6.00 price target (down from $8.00) on shares of Ready Capital in a report on Tuesday, March 4th. Citizens Jmp downgraded Ready Capital from an "outperform" rating to a "market perform" rating in a report on Monday, March 3rd. JMP Securities reduced their price objective on Ready Capital from $10.50 to $9.50 and set a "market outperform" rating for the company in a research note on Thursday, December 12th. Finally, B. Riley reaffirmed a "neutral" rating and issued a $10.00 target price (down previously from $12.00) on shares of Ready Capital in a report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $7.50.
Get Our Latest Research Report on RC
Ready Capital Stock Up 6.6 %
The firm has a market cap of $828.21 million, a price-to-earnings ratio of -6.89 and a beta of 1.23. The firm has a 50 day moving average price of $5.68 and a 200-day moving average price of $6.62. The company has a current ratio of 1.67, a quick ratio of 1.67 and a debt-to-equity ratio of 0.54.
Ready Capital Cuts Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Monday, March 31st will be given a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a yield of 10.37%. The ex-dividend date is Monday, March 31st. Ready Capital's payout ratio is -18.94%.
Insider Activity
In other news, insider Adam Zausmer bought 10,000 shares of Ready Capital stock in a transaction on Friday, March 7th. The shares were bought at an average cost of $5.42 per share, for a total transaction of $54,200.00. Following the acquisition, the insider now owns 301,105 shares in the company, valued at approximately $1,631,989.10. This trade represents a 3.44 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 1.09% of the company's stock.
Institutional Trading of Ready Capital
A number of hedge funds have recently bought and sold shares of RC. Vanguard Group Inc. boosted its holdings in shares of Ready Capital by 7.3% during the fourth quarter. Vanguard Group Inc. now owns 11,366,828 shares of the real estate investment trust's stock worth $77,522,000 after purchasing an additional 768,891 shares during the last quarter. Hudson Bay Capital Management LP acquired a new stake in Ready Capital in the 4th quarter worth about $4,393,000. Charles Schwab Investment Management Inc. increased its stake in shares of Ready Capital by 21.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,266,585 shares of the real estate investment trust's stock valued at $15,458,000 after acquiring an additional 398,005 shares during the last quarter. Marshall Wace LLP lifted its holdings in shares of Ready Capital by 3,049.5% during the 4th quarter. Marshall Wace LLP now owns 392,559 shares of the real estate investment trust's stock worth $2,677,000 after acquiring an additional 380,095 shares during the period. Finally, GraniteShares Advisors LLC acquired a new stake in shares of Ready Capital in the fourth quarter worth approximately $2,480,000. Institutional investors and hedge funds own 55.87% of the company's stock.
About Ready Capital
(
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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.
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