Ready Capital (NYSE:RC) Sets New 52-Week Low at $8.25

Shares of Ready Capital Co. (NYSE:RC) reached a new 52-week low during trading on Tuesday . The stock traded as low as $8.25 and last traded at $8.27, with a volume of 1249552 shares changing hands. The stock had previously closed at $8.39.

Wall Street Analysts Forecast Growth

RC has been the topic of several analyst reports. Keefe, Bruyette & Woods restated an “underperform” rating and set a $8.00 price target (down previously from $10.00) on shares of Ready Capital in a research report on Monday, March 4th. BTIG Research dropped their price target on shares of Ready Capital from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Wednesday. StockNews.com lowered shares of Ready Capital from a “buy” rating to a “hold” rating in a research report on Monday, March 4th. UBS Group decreased their price objective on shares of Ready Capital from $10.50 to $9.50 and set a “neutral” rating on the stock in a report on Wednesday, March 20th. Finally, B. Riley reaffirmed a “buy” rating and set a $12.00 price objective (down from $13.00) on shares of Ready Capital in a report on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $10.93.

Ready Capital Trading Up 1.7 %

The company’s 50 day moving average price is $8.85 and its two-hundred day moving average price is $9.63. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.89 and a quick ratio of 1.89. The stock has a market capitalization of $1.46 billion, a PE ratio of 3.62 and a beta of 1.40.

Ready Capital Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 30th. Investors of record on Thursday, March 28th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 14.17%. The ex-dividend date of this dividend is Wednesday, March 27th. Ready Capital’s payout ratio is currently 51.28%.

Insider Buying and Selling

In other news, Director Gilbert E. Nathan acquired 10,000 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The stock was purchased at an average cost of $8.65 per share, for a total transaction of $86,500.00. Following the completion of the transaction, the director now owns 83,099 shares in the company, valued at $718,806.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Kevin M. Luebbers purchased 5,000 shares of the company’s stock in a transaction on Tuesday, March 5th. The stock was acquired at an average cost of $8.43 per share, for a total transaction of $42,150.00. Following the completion of the transaction, the director now directly owns 119,925 shares in the company, valued at $1,010,967.75. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Gilbert E. Nathan purchased 10,000 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were bought at an average price of $8.65 per share, with a total value of $86,500.00. Following the completion of the transaction, the director now owns 83,099 shares of the company’s stock, valued at $718,806.35. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 17,150 shares of company stock worth $148,280. Insiders own 0.95% of the company’s stock.

Institutional Investors Weigh In On Ready Capital

A number of institutional investors have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio grew its holdings in shares of Ready Capital by 163.7% in the second quarter. Public Employees Retirement System of Ohio now owns 2,289 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 1,421 shares in the last quarter. Bear Mountain Capital Inc. acquired a new position in shares of Ready Capital in the fourth quarter valued at approximately $30,000. EdgeRock Capital LLC acquired a new position in shares of Ready Capital in the fourth quarter valued at approximately $36,000. MCF Advisors LLC acquired a new position in shares of Ready Capital in the first quarter valued at approximately $42,000. Finally, FMR LLC grew its holdings in shares of Ready Capital by 37.0% in the first quarter. FMR LLC now owns 4,710 shares of the real estate investment trust’s stock valued at $48,000 after purchasing an additional 1,272 shares in the last quarter. 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.