Ready Capital (NYSE:RC) Reaches New 52-Week Low - Here's What Happened

Ready Capital Co. (NYSE:RC - Get Free Report) hit a new 52-week low during trading on Monday . The stock traded as low as $6.41 and last traded at $6.54, with a volume of 462799 shares trading hands. The stock had previously closed at $6.65.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on RC shares. JMP Securities cut their price objective on shares of 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. B. Riley reiterated a "neutral" rating and set a $10.00 price objective (down previously from $12.00) on shares of Ready Capital in a research note on Tuesday, January 7th. UBS Group lowered their target price on Ready Capital from $8.50 to $7.50 and set a "neutral" rating on the stock in a research note on Friday, November 15th. Finally, Keefe, Bruyette & Woods reduced their price target on Ready Capital from $6.75 to $6.25 and set an "underperform" rating for the company in a research report on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company's stock. According to MarketBeat.com, Ready Capital has a consensus rating of "Hold" and a consensus price target of $8.61.

Ready Capital Trading Up 0.1 %

The company's 50-day moving average price is $7.03 and its 200-day moving average price is $7.55. 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 firm has a market cap of $1.13 billion, a price-to-earnings ratio of -9.61 and a beta of 1.43.

Ready Capital Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 31st. Investors of record on Tuesday, December 31st were paid 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 currently -142.86%.

Hedge Funds Weigh In On Ready Capital

Several hedge funds and other institutional investors have recently modified their holdings of RC. Proficio Capital Partners LLC purchased a new stake in Ready Capital in the 4th quarter valued at $69,000. Charles Schwab Investment Management Inc. lifted its position in Ready Capital by 21.3% in the fourth 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 buying an additional 398,005 shares during the last quarter. Steward Partners Investment Advisory LLC boosted its stake in Ready Capital by 3,075.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 6,350 shares of the real estate investment trust's stock worth $43,000 after buying an additional 6,150 shares during the period. Norden Group LLC increased its position in shares of Ready Capital by 55.4% during the fourth quarter. Norden Group LLC now owns 26,038 shares of the real estate investment trust's stock valued at $178,000 after acquiring an additional 9,286 shares during the last quarter. Finally, SVB Wealth LLC purchased a new stake in shares of Ready Capital in the 4th quarter valued at approximately $1,684,000. 55.87% of the stock is owned by hedge funds and other institutional investors.

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.