Ready Capital (NYSE:RC) Stock Price Passes Below 200 Day Moving Average – Here’s What Happened

Shares of Ready Capital Corp (NYSE:RC) passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $2.03 and traded as low as $1.7750. Ready Capital shares last traded at $1.8250, with a volume of 1,692,471 shares.

Analyst Ratings Changes

Separately, Piper Sandler dropped their target price on shares of Ready Capital from $2.50 to $2.00 and set a “neutral” rating on the stock in a report on Monday, March 2nd. Four equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Reduce” and an average price target of $2.81.

Ready Capital Stock Up 2.5%

The company has a market capitalization of $301.53 million, a P/E ratio of -0.57 and a beta of 1.47. The firm’s 50 day moving average price is $1.73 and its two-hundred day moving average price is $2.03. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 0.95.

Ready Capital (NYSE:RC) last issued its quarterly earnings results on Thursday, May 7th. The real estate investment trust reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.15) by ($0.18). The business had revenue of $130.55 million for the quarter, compared to the consensus estimate of $68.67 million. Ready Capital had a negative return on equity of 14.69% and a negative net margin of 102.10%. Equities research analysts forecast that Ready Capital Corp will post -1.4 EPS for the current year.

Ready Capital Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 30th. Stockholders of record on Tuesday, March 31st were paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Tuesday, March 31st. Ready Capital’s dividend payout ratio (DPR) is currently -1.26%.

Insider Buying and Selling at Ready Capital

In other Ready Capital news, Director Gilbert E. Nathan purchased 30,000 shares of the firm’s stock in a transaction dated Friday, March 6th. The stock was bought at an average cost of $1.95 per share, with a total value of $58,500.00. Following the purchase, the director directly owned 216,358 shares of the company’s stock, valued at $421,898.10. The trade was a 16.10% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. 1.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Ready Capital

Several hedge funds have recently made changes to their positions in the business. CW Advisors LLC grew its stake in shares of Ready Capital by 11.6% during the 2nd quarter. CW Advisors LLC now owns 27,590 shares of the real estate investment trust’s stock worth $121,000 after acquiring an additional 2,878 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Ready Capital by 3.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 84,372 shares of the real estate investment trust’s stock worth $369,000 after acquiring an additional 2,905 shares in the last quarter. Cerity Partners LLC grew its stake in shares of Ready Capital by 29.0% during the 2nd quarter. Cerity Partners LLC now owns 15,220 shares of the real estate investment trust’s stock worth $67,000 after acquiring an additional 3,419 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH grew its stake in shares of Ready Capital by 15.1% during the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 35,060 shares of the real estate investment trust’s stock worth $136,000 after acquiring an additional 4,600 shares in the last quarter. Finally, Huntington National Bank grew its stake in shares of Ready Capital by 234.6% during the 3rd quarter. Huntington National Bank now owns 8,749 shares of the real estate investment trust’s stock worth $34,000 after acquiring an additional 6,134 shares in the last quarter. 55.87% of the stock is owned by institutional investors.

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.