Ready Capital (NYSE:RC) Sets New 52-Week Low – What’s Next?

23 Oct 2024, 20:12 by Doug Wharley · The Cerbat Gem

Ready Capital Co. (NYSE:RC – Get Free Report) reached a new 52-week low during trading on Monday . The stock traded as low as $6.99 and last traded at $7.01, with a volume of 1384598 shares traded. The stock had previously closed at $7.25.

Analyst Upgrades and Downgrades

RC has been the topic of a number of recent analyst reports. Piper Sandler cut their price target on shares of Ready Capital from $9.50 to $8.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. BTIG Research initiated coverage on shares of Ready Capital in a research note on Friday, July 19th. They set a “neutral” rating on the stock. Keefe, Bruyette & Woods cut their price target on shares of Ready Capital from $8.00 to $7.75 and set an “underperform” rating on the stock in a research note on Monday, August 12th. Finally, Wedbush restated a “neutral” rating and set a $9.00 price target on shares of Ready Capital in a research note on Monday, August 12th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $9.38.

Read Our Latest Stock Analysis on Ready Capital

Ready Capital Price Performance

The company has a debt-to-equity ratio of 0.52, a current ratio of 1.69 and a quick ratio of 1.69. The stock has a market capitalization of $1.17 billion, a PE ratio of 4.32 and a beta of 1.41. The stock’s fifty day moving average is $7.82 and its 200-day moving average is $8.34.

Ready Capital (NYSE:RC – Get Free Report) last posted its quarterly earnings data on Wednesday, August 7th. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.19). The company had revenue of $234.12 million for the quarter, compared to analysts’ expectations of $61.77 million. Ready Capital had a negative net margin of 5.67% and a positive return on equity of 7.32%. During the same period in the previous year, the business earned $0.35 earnings per share. As a group, equities analysts predict that Ready Capital Co. will post 0.98 earnings per share for the current fiscal year.

Ready Capital Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 30th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 14.37%. The ex-dividend date is Monday, September 30th. Ready Capital’s dividend payout ratio (DPR) is 62.11%.

Institutional Investors Weigh In On Ready Capital

Hedge funds have recently modified their holdings of the business. HB Wealth Management LLC increased its position in Ready Capital by 3.4% during the second quarter. HB Wealth Management LLC now owns 33,216 shares of the real estate investment trust’s stock worth $272,000 after purchasing an additional 1,101 shares during the last quarter. Victory Capital Management Inc. increased its position in Ready Capital by 2.2% during the second quarter. Victory Capital Management Inc. now owns 63,699 shares of the real estate investment trust’s stock worth $521,000 after purchasing an additional 1,375 shares during the last quarter. B. Riley Wealth Advisors Inc. increased its position in Ready Capital by 12.6% during the first quarter. B. Riley Wealth Advisors Inc. now owns 12,970 shares of the real estate investment trust’s stock worth $118,000 after purchasing an additional 1,455 shares during the last quarter. CWM LLC increased its position in Ready Capital by 94.6% during the second quarter. CWM LLC now owns 3,361 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 1,634 shares during the last quarter. Finally, Texas Permanent School Fund Corp boosted its stake in Ready Capital by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 138,085 shares of the real estate investment trust’s stock worth $1,261,000 after buying an additional 1,718 shares during the period. 55.87% of the stock is currently owned by institutional investors and hedge funds.

Ready Capital Company Profile

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