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

Ready Capital Corp (NYSE:RC)’s stock price passed below its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $3.58 and traded as low as $2.15. Ready Capital shares last traded at $2.18, with a volume of 5,482,973 shares.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on RC shares. Weiss Ratings restated a “sell (d)” rating on shares of Ready Capital in a report on Wednesday, October 8th. Keefe, Bruyette & Woods lowered their price objective on shares of Ready Capital from $3.50 to $2.50 and set an “underperform” rating on the stock in a research note on Wednesday, November 12th. Zacks Research raised shares of Ready Capital from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Piper Sandler reduced their price target on Ready Capital from $3.50 to $2.50 and set a “neutral” rating for the company in a report on Monday, December 22nd. Finally, UBS Group lowered their price target on Ready Capital from $3.50 to $2.75 and set a “neutral” rating on the stock in a research report on Friday, November 14th. Six investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Ready Capital currently has a consensus rating of “Reduce” and a consensus target price of $3.55.

Ready Capital Trading Up 0.5%

The company has a debt-to-equity ratio of 0.79, a current ratio of 1.56 and a quick ratio of 1.56. The firm’s fifty day moving average is $2.56 and its two-hundred day moving average is $3.57. The firm has a market capitalization of $353.44 million, a PE ratio of -1.14 and a beta of 1.46.

Ready Capital (NYSE:RC) last posted its earnings results on Tuesday, September 9th. The real estate investment trust reported ($0.10) EPS for the quarter. The firm had revenue of ($9.77) million for the quarter. Ready Capital had a negative return on equity of 7.02% and a negative net margin of 47.30%. On average, equities analysts predict that Ready Capital Corp will post 0.93 EPS for the current fiscal 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 of this dividend is Wednesday, December 31st. This represents a $0.04 annualized dividend and a yield of 1.8%. Ready Capital’s dividend payout ratio is -2.09%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Nomura Asset Management Co. Ltd. grew its stake in Ready Capital by 163.6% in the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 5,800 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 3,600 shares in the last quarter. Bogart Wealth LLC purchased a new position in shares of Ready Capital in the second quarter valued at $31,000. Northwestern Mutual Wealth Management Co. bought a new stake in shares of Ready Capital during the 1st quarter valued at $32,000. Huntington National Bank raised 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 valued at $34,000 after purchasing an additional 6,134 shares during the period. Finally, Quarry LP lifted its holdings in Ready Capital by 4,494.6% during the 3rd quarter. Quarry LP now owns 9,373 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 9,169 shares in the last quarter. 55.87% of the stock is owned by institutional investors.

About Ready Capital

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.