Ready Capital (NYSE:RC) Reaches New 52-Week Low – Should You Sell?

Ready Capital Co. (NYSE:RC) shares hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $6.64 and last traded at $6.66, with a volume of 1302319 shares changing hands. The stock had previously closed at $6.86.

Analysts Set New Price Targets

Several analysts have recently commented on RC shares. JMP Securities reduced their target price on shares of 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. Piper Sandler reduced their price objective 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. UBS Group dropped their target price 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, B. Riley reissued a “neutral” rating and issued a $10.00 price target (down from $12.00) on shares of Ready Capital in a report on Tuesday. 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 data from MarketBeat.com, Ready Capital currently has a consensus rating of “Hold” and an average price target of $8.82.

Ready Capital Stock Down 1.7 %

The firm’s 50-day moving average price is $7.17 and its 200-day moving average price is $7.81. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.67 and a quick ratio of 1.67. The company has a market cap of $1.10 billion, a price-to-earnings ratio of -9.36 and a beta of 1.43.

Ready Capital Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be paid a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 15.27%. Ready Capital’s dividend payout ratio (DPR) is currently -142.86%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. increased its stake in shares of Ready Capital by 50.5% in the third quarter. JPMorgan Chase & Co. now owns 336,773 shares of the real estate investment trust’s stock worth $2,570,000 after buying an additional 112,934 shares during the last quarter. Principal Financial Group Inc. grew its holdings in Ready Capital by 3.3% during the 3rd quarter. Principal Financial Group Inc. now owns 792,536 shares of the real estate investment trust’s stock worth $6,047,000 after acquiring an additional 25,545 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Ready Capital by 4.1% in the 3rd quarter. Geode Capital Management LLC now owns 3,838,284 shares of the real estate investment trust’s stock worth $29,292,000 after purchasing an additional 150,479 shares during the last quarter. Barclays PLC lifted its position in shares of Ready Capital by 205.9% during the third quarter. Barclays PLC now owns 484,986 shares of the real estate investment trust’s stock worth $3,699,000 after purchasing an additional 326,467 shares during the last quarter. Finally, State Street Corp lifted its position in shares of Ready Capital by 4.8% during the third quarter. State Street Corp now owns 6,315,147 shares of the real estate investment trust’s stock worth $49,746,000 after purchasing an additional 287,068 shares during the last quarter. 55.87% of the stock is currently owned by hedge funds and other institutional investors.

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.