Ready Capital (NYSE:RC) Stock Passes Below 200 Day Moving Average – What’s Next?

Ready Capital Corp (NYSE:RC)’s share price passed below its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $3.67 and traded as low as $2.15. Ready Capital shares last traded at $2.2250, with a volume of 3,906,821 shares traded.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Piper Sandler dropped their target price on shares of Ready Capital from $3.50 to $2.50 and set a “neutral” rating for the company in a research report on Monday. Weiss Ratings reissued a “sell (d)” rating on shares of Ready Capital in a research report on Wednesday, October 8th. UBS Group cut their target price on shares of Ready Capital from $3.50 to $2.75 and set a “neutral” rating on the stock in a research note on Friday, November 14th. Zacks Research raised shares of Ready Capital from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 14th. Finally, Keefe, Bruyette & Woods lowered their price target on Ready Capital from $3.50 to $2.50 and set an “underperform” rating for the company in a report on Wednesday, November 12th. Six research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of $3.55.

Ready Capital Stock Performance

The firm has a market capitalization of $360.74 million, a price-to-earnings ratio of -1.16 and a beta of 1.44. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.56 and a current ratio of 1.56. The stock’s fifty day moving average is $2.70 and its two-hundred day moving average is $3.67.

Ready Capital (NYSE:RC) last posted its quarterly earnings data on Tuesday, September 9th. The real estate investment trust reported ($0.10) earnings per share for the quarter. The firm had revenue of ($9.77) million during the quarter. Ready Capital had a negative net margin of 47.30% and a negative return on equity of 7.02%. Analysts forecast that Ready Capital Corp will post 0.93 earnings per share for the current year.

Ready Capital Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 30th. Shareholders of record on Wednesday, December 31st will be issued a dividend of $0.01 per share. The ex-dividend date is Wednesday, December 31st. This represents a $0.04 annualized dividend and a yield of 1.8%. Ready Capital’s payout ratio is currently -26.18%.

Institutional Trading of Ready Capital

A number of hedge funds have recently made changes to their positions in RC. Marshall Wace LLP bought a new position in Ready Capital during the 2nd quarter valued at $6,542,000. Nexpoint Asset Management L.P. bought a new position in shares of Ready Capital during the first quarter worth about $4,444,000. Invesco Ltd. lifted its position in shares of Ready Capital by 21.2% during the third quarter. Invesco Ltd. now owns 4,239,678 shares of the real estate investment trust’s stock worth $16,408,000 after purchasing an additional 742,226 shares during the last quarter. Voya Investment Management LLC grew its stake in Ready Capital by 773.7% in the first quarter. Voya Investment Management LLC now owns 443,692 shares of the real estate investment trust’s stock worth $2,258,000 after purchasing an additional 392,911 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in Ready Capital by 887.7% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 398,339 shares of the real estate investment trust’s stock valued at $1,741,000 after buying an additional 358,008 shares during the last quarter. Institutional investors and hedge funds own 55.87% of the company’s stock.

Ready Capital Company Profile

Ready Capital Corporation is a specialty finance real estate investment trust (REIT) that originates, acquires and manages commercial real estate loans and related assets. The company offers financing solutions across a variety of property types, including multifamily, office, retail, industrial, hospitality and mixed-use assets. Ready Capital focuses on delivering flexible loan structures to meet the diverse needs of borrowers in the small balance and middle-market sectors.

Through its small balance commercial real estate lending platform, Ready Capital provides loans typically ranging from $1 million to $15 million for acquisitions, refinancings, renovations and bridge financing.