Ready Capital (NYSE:RC) Reaches New 1-Year Low on Analyst Downgrade
Ready Capital (NYSE:RC) shares reached a new 52-week low of $4.19 after UBS Group downgraded its price target from $5.00 to $4.75, maintaining a neutral rating. Other firms also lowered their price targets, with Keefe, Bruyette & Woods setting a target of $4.00. The stock has a consensus rating of "Hold" with an average target of $7.46. Insider Adam Zausmer purchased 10,000 shares at $5.42 each. Ready Capital declared a quarterly dividend of $0.125 per share, yielding 11.88%.
Ready Capital Co. (NYSE:RC - Get Free Report) shares hit a new 52-week low during mid-day 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 trading hands. The stock had previously closed at $4.45.
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Several other research firms also recently commented on RC. Keefe, Bruyette & Woods dropped their price objective on shares of Ready Capital from $6.25 to $4.00 and set an "underperform" rating on the stock in a report on Wednesday, March 5th. Citizens Jmp lowered shares of Ready Capital from an "outperform" rating to a "market perform" rating in a research note on Monday, March 3rd. B. Riley restated a "neutral" rating and set a $10.00 target price (down previously from $12.00) on shares of Ready Capital in a research report on Tuesday, January 7th. Finally, Wedbush reiterated a "neutral" rating and issued a $6.00 price target (down from $8.00) on shares of Ready Capital in a research report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $7.46.
Check Out Our Latest Research Report on Ready Capital
Insider Buying and Selling
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In related news, insider Adam Zausmer purchased 10,000 shares of the business's stock in a transaction on Friday, March 7th. The stock was acquired at an average price of $5.42 per share, with a total value of $54,200.00. Following the purchase, the insider now directly owns 301,105 shares in the company, valued at approximately $1,631,989.10. This represents a 3.44 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.09% of the stock is owned by company insiders.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Shorepoint Capital Partners LLC lifted its holdings in shares of Ready Capital by 2.4% in the 4th quarter. Shorepoint Capital Partners LLC now owns 64,500 shares of the real estate investment trust's stock worth $440,000 after acquiring an additional 1,500 shares during the last quarter. Dorsey & Whitney Trust CO LLC lifted its stake in Ready Capital by 3.6% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 44,038 shares of the real estate investment trust's stock worth $300,000 after purchasing an additional 1,543 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in Ready Capital by 18.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 15,193 shares of the real estate investment trust's stock worth $104,000 after purchasing an additional 2,328 shares during the last quarter. HighTower Advisors LLC boosted its position in Ready Capital by 3.9% during the fourth quarter. HighTower Advisors LLC now owns 76,803 shares of the real estate investment trust's stock valued at $524,000 after buying an additional 2,917 shares during the period. Finally, Squarepoint Ops LLC grew its stake in shares of Ready Capital by 11.7% during the fourth quarter. Squarepoint Ops LLC now owns 42,964 shares of the real estate investment trust's stock valued at $293,000 after buying an additional 4,486 shares during the last quarter. 55.87% of the stock is currently owned by hedge funds and other institutional investors.
Ready Capital Stock Performance
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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 company has a fifty day moving average price of $5.45 and a 200 day moving average price of $6.51. The stock has a market cap of $723.40 million, a PE ratio of -6.01 and a beta of 1.23.
Ready Capital Cuts Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Monday, March 31st will be given a dividend of $0.125 per share. The ex-dividend date is Monday, March 31st. This represents a $0.50 annualized dividend and a yield of 11.88%. Ready Capital's payout ratio is currently -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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