Ready Capital (NYSE:RC) Sets New 1-Year Low at $7.62

Ready Capital Co. (NYSE:RCGet Free Report)’s stock price reached a new 52-week low on Thursday . The company traded as low as $7.62 and last traded at $7.63, with a volume of 1894418 shares. The stock had previously closed at $7.79.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Wedbush reissued a “neutral” rating and issued a $9.00 target price on shares of Ready Capital in a research report on Monday, August 12th. BTIG Research started coverage on Ready Capital in a research note on Friday, July 19th. They set a “neutral” rating on the stock. Finally, Keefe, Bruyette & Woods dropped their target price on Ready Capital from $8.00 to $7.75 and set an “underperform” rating for the company in a research report on Monday, August 12th. One analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, Ready Capital has a consensus rating of “Hold” and a consensus price target of $9.65.

Read Our Latest Stock Analysis on RC

Ready Capital Stock Performance

The firm has a market capitalization of $1.30 billion, a price-to-earnings ratio of 4.79 and a beta of 1.42. The firm has a 50 day moving average price of $8.62 and a 200-day moving average price of $8.60. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.69 and a quick ratio of 1.69.

Ready Capital (NYSE:RCGet Free Report) last posted its quarterly earnings results on Wednesday, August 7th. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.19). Ready Capital had a negative net margin of 5.67% and a positive return on equity of 7.32%. The company had revenue of $234.12 million during the quarter, compared to analyst estimates of $61.77 million. During the same period in the prior year, the business earned $0.35 EPS. As a group, sell-side analysts expect that Ready Capital Co. will post 1.03 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ready Capital

Several institutional investors have recently modified their holdings of RC. Vanguard Group Inc. boosted its holdings in Ready Capital by 7.1% in the fourth quarter. Vanguard Group Inc. now owns 11,163,763 shares of the real estate investment trust’s stock valued at $114,429,000 after purchasing an additional 735,949 shares in the last quarter. Waterfall Asset Management LLC acquired a new stake in Ready Capital during the 4th quarter worth $40,067,000. Van ECK Associates Corp grew its holdings in shares of Ready Capital by 29.4% during the second quarter. Van ECK Associates Corp now owns 1,342,070 shares of the real estate investment trust’s stock worth $10,978,000 after purchasing an additional 304,750 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Ready Capital by 2.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,300,267 shares of the real estate investment trust’s stock worth $13,328,000 after purchasing an additional 30,730 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Ready Capital by 3.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,189,988 shares of the real estate investment trust’s stock valued at $9,734,000 after purchasing an additional 38,371 shares during the last quarter. 55.87% of the stock is owned by hedge funds and other institutional investors.

Ready Capital Company Profile

(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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