Ready Capital (NYSE:RC) Stock Price Down 5.7% - Here's What Happened

Ready Capital Co. (NYSE:RC - Get Free Report)'s stock price traded down 5.7% on Monday . The company traded as low as $4.23 and last traded at $4.22. 1,023,031 shares were traded during mid-day trading, a decline of 52% from the average session volume of 2,130,190 shares. The stock had previously closed at $4.47.

Analyst Upgrades and Downgrades

Several brokerages recently commented on RC. Keefe, Bruyette & Woods dropped their price objective on Ready Capital from $4.00 to $3.75 and set an "underperform" rating on the stock in a research note on Tuesday, May 13th. Citizens Jmp lowered shares of Ready Capital from an "outperform" rating to a "market perform" rating in a report on Monday, March 3rd. Wedbush reaffirmed a "neutral" rating and issued a $6.00 price objective (down from $8.00) on shares of Ready Capital in a research report on Tuesday, March 4th. Finally, UBS Group lowered their target price on Ready Capital from $4.75 to $4.50 and set a "neutral" rating for the company in a report on Wednesday, May 21st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, Ready Capital currently has an average rating of "Hold" and a consensus target price of $6.96.

Ready Capital Stock Up 2.5%

The firm's 50 day simple moving average is $4.44 and its 200-day simple moving average is $5.83. The company has a current ratio of 1.67, a quick ratio of 1.67 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $734.03 million, a price-to-earnings ratio of -6.15 and a beta of 1.45.

Ready Capital (NYSE:RC - Get Free Report) last released its earnings results on Thursday, May 8th. The real estate investment trust reported ($0.09) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.12 by ($0.21). Ready Capital had a negative net margin of 11.65% and a positive return on equity of 7.53%. The company had revenue of $40.24 million during the quarter, compared to analyst estimates of $212.33 million. Equities analysts expect that Ready Capital Co. will post 0.93 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ready Capital

A number of institutional investors and hedge funds have recently made changes to their positions in RC. Larson Financial Group LLC bought a new stake in Ready Capital during the first quarter worth $27,000. US Bancorp DE lifted its stake in Ready Capital by 404.7% in the 1st quarter. US Bancorp DE now owns 6,021 shares of the real estate investment trust's stock valued at $31,000 after purchasing an additional 4,828 shares during the last quarter. Northwestern Mutual Wealth Management Co. acquired a new stake in Ready Capital in the 1st quarter valued at about $32,000. Sterling Capital Management LLC grew its holdings in Ready Capital by 822.8% during the fourth quarter. Sterling Capital Management LLC now owns 5,177 shares of the real estate investment trust's stock worth $35,000 after purchasing an additional 4,616 shares during the period. Finally, IFP Advisors Inc raised its stake in Ready Capital by 1,410.5% in the first quarter. IFP Advisors Inc now owns 7,326 shares of the real estate investment trust's stock valued at $37,000 after buying an additional 6,841 shares during the period. Institutional investors own 55.87% of the company's stock.

About Ready Capital

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.