Ready Capital Corporation (NYSE: RC) stock fell -1.77% on Thursday to $10.52 against a previous-day closing price of $10.71. With 1.32 million shares changed hands, the volume of the stock remained lighter than its average volume of 1.61 million shares. During the session, the REIT – Mortgage company that operates in wider Real Estate sector, reached to the highest price of $10.68 whereas the lowest price it dropped to was $10.41. The 52-week range on RC shows that it touched its highest point at $14.11 and its lowest point at $9.36 during that stretch. It currently has a 1-year price target of $12.69. With its current market cap of 1.18 billion, RC has annualized dividend of $1.04 while the current yield stands at 9.89%. Beta for the stock currently stands at 1.41.
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Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of RC was down-trending over the past week, with a drop of -2.77%, but this was up by 1.84% over a month. Three-month performance dropped to -15.84% while six-month performance fell -20.00%. The stock lost -23.32% in the past year, while it has lost -5.57% so far this year. A look at the trailing 12-month EPS for RC yields 1.34 with Next year EPS estimates of 1.61. For the next quarter, that number is 0.39. This implies an EPS growth rate of -19.50% for this year and 6.70% for next year. EPS is expected to grow by 14.21% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of 4.10%.
Float and Shares Shorts:
At present, 110.67 million RC shares are outstanding with a float of 109.33 million shares on hand for trading. On May 14, 2023, short shares totaled 8.7 million, which was 7.86% higher than short shares on Apr 13, 2023. In addition to Mr. Andrew Ahlborn CPA as the firm’s CFO & Sec., Mr. Gary T. Taylor serves as its Chief Operating Officer.
Through their ownership of 62.78% of RC’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 35.08% of RC, in contrast to 29.14% held by mutual funds. Shares owned by individuals account for 11.83%. As the largest shareholder in RC with 13.33% of the stake, BlackRock Fund Advisors holds 14,756,328 shares worth 14,756,328. A second-largest stockholder of RC, Waterfall Asset Management LLC, holds 11,431,049 shares, controlling over 10.32% of the firm’s shares. The Vanguard Group, Inc. is the third largest shareholder in RC, holding 6,313,161 shares or 5.70% stake. With a 6.45% stake in RC, the iShares Core S&P Small Cap ETF is the largest stakeholder. A total of 7,138,693 shares are owned by the mutual fund manager. The Vanguard Total Stock Market ETF, which owns about 2.77% of RC stock, is the second-largest Mutual Fund holder. It holds 3,069,227 shares valued at 32.93 million. iShares Russell 2000 ETF holds 1.37% of the stake in RC, owning 1,516,312 shares worth 16.27 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for RC since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With RC analysts setting a high price target of $15.00 and a low target of $10.50, the average target price over the next 12 months is $12.63. Based on these targets, RC could surge 42.59% to reach the target high and fall by -0.19% to reach the target low. Reaching the average price target will result in a growth of 20.06% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.
Summary of Insider Activity:
Insiders traded RC stock several times over the past three months with 4 Buys and 0 Sells. In these transactions, 16,341 shares were bought while 0 shares were sold. The number of buy transactions has increased to 14 while that of sell transactions has risen to 9 over the past year. The total number of shares bought during that period was 162,636 while 1,788,428 shares were sold.