Ready Capital Co. (NYSE:RC - Get Free Report)'s stock price reached a new 52-week low during trading on Thursday after UBS Group lowered their price target on the stock from $5.00 to $4.75. UBS Group currently has a neutral rating on the stock. Ready Capital traded as low as $4.19 and last traded at $4.21, with a volume of 3525273 shares. The stock had previously closed at $4.45.
Several other equities research analysts have also recently commented on the company. Citizens Jmp cut Ready Capital from an "outperform" rating to a "market perform" rating in a report on Monday, March 3rd. Wedbush reiterated a "neutral" rating and set a $6.00 price objective (down from $8.00) on shares of Ready Capital in a research report on Tuesday, March 4th. Keefe, Bruyette & Woods reduced their price target on shares of Ready Capital from $6.25 to $4.00 and set an "underperform" rating for the company in a research report on Wednesday, March 5th. Finally, B. Riley reissued a "neutral" rating and set a $10.00 price objective (down previously from $12.00) on shares of Ready Capital in a research report on Tuesday, January 7th. One 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. According to MarketBeat.com, Ready Capital currently has a consensus rating of "Hold" and a consensus price target of $7.04.
Read Our Latest Research Report on RC
Insider Activity at Ready Capital
In related news, insider Adam Zausmer purchased 10,000 shares of the business's stock in a transaction that occurred on Friday, March 7th. The stock was acquired at an average cost of $5.42 per share, for a total transaction of $54,200.00. Following the completion of the purchase, the insider now owns 301,105 shares in the company, valued at approximately $1,631,989.10. This represents a 3.44 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.09% of the stock is owned by company insiders.
Institutional Investors Weigh In On Ready Capital
Several hedge funds have recently modified their holdings of RC. Charles Schwab Investment Management Inc. lifted its holdings in 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 worth $15,458,000 after buying an additional 398,005 shares during the period. Barclays PLC lifted its stake in shares of Ready Capital by 205.9% in the third quarter. Barclays PLC now owns 484,986 shares of the real estate investment trust's stock worth $3,699,000 after acquiring an additional 326,467 shares during the period. Vanguard Group Inc. boosted its holdings in Ready Capital by 7.3% in the fourth quarter. Vanguard Group Inc. now owns 11,366,828 shares of the real estate investment trust's stock valued at $77,522,000 after acquiring an additional 768,891 shares during the last quarter. GraniteShares Advisors LLC bought a new stake in Ready Capital in the fourth quarter valued at approximately $2,480,000. Finally, JPMorgan Chase & Co. increased its position in Ready Capital by 50.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 336,773 shares of the real estate investment trust's stock valued at $2,570,000 after purchasing an additional 112,934 shares during the period. Institutional investors and hedge funds own 55.87% of the company's stock.
Ready Capital Trading Up 4.6 %
The firm's fifty day simple moving average is $5.40 and its 200-day simple moving average is $6.49. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.67 and a current ratio of 1.67. The stock has a market cap of $755.18 million, a P/E ratio of -6.28 and a beta of 1.23.
Ready Capital Cuts Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 31st will be given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 11.38%. The ex-dividend date of this dividend is Monday, March 31st. Ready Capital's payout ratio is -18.94%.
About Ready Capital
(
Get Free Report)
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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