Ready Capital Corporation (NYSE: RC) stock jumped 2.60% on Thursday to $11.04 against a previous-day closing price of $10.76. With 1.43 million shares changed hands, the volume of the stock remained heavier than its average volume of 1.12 million shares. During the session, the REIT – Mortgage company that operates in wider Real Estate sector, reached to the highest price of $11.11 whereas the lowest price it dropped to was $10.84. The 52-week range on RC shows that it touched its highest point at $13.57 and its lowest point at $9.24 during that stretch. It currently has a 1-year price target of $12.56. With its current market cap of 1.90 billion, RC has annualized dividend of $1.04 while the current yield stands at 9.42%. Beta for the stock currently stands at 1.43.
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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 up-trending over the past week, with a rise of 2.79%, but this was up by 3.47% over a month. Three-month performance surged to 0.99% while six-month performance rose 13.73%. The stock lost -12.70% in the past year, while it has gained 0.35% so far this year. A look at the trailing 12-month EPS for RC yields 2.61 with Next year EPS estimates of 1.53. For the next quarter, that number is 0.37. This implies an EPS growth rate of -19.50% for this year and 6.10% 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, 171.97 million RC shares are outstanding with a float of 170.26 million shares on hand for trading. On Aug 30, 2023, short shares totaled 6.98 million, which was 4.06% higher than short shares on Jul 30, 2023. In addition to Mr. Andrew Ahlborn CPA as the firm’s CFO & Sec., Mr. Gary T. Taylor serves as its Chief Operating Officer.
Institutional Ownership:
Through their ownership of 42.71% of RC’s outstanding shares, institutional investors have minority control over the company. Other institutions hold 7.53% of RC, in contrast to 30.76% held by mutual funds. Shares owned by individuals account for 29.78%. As the largest shareholder in RC with 14.88% of the stake, BlackRock Fund Advisors holds 25,436,830 shares worth 25,436,830. A second-largest stockholder of RC, Waterfall Asset Management LLC, holds 11,431,049 shares, controlling over 6.69% of the firm’s shares. The Vanguard Group, Inc. is the third largest shareholder in RC, holding 10,279,287 shares or 6.01% stake. With a 6.69% stake in RC, the iShares Core S&P Small Cap ETF is the largest stakeholder. A total of 11,427,114 shares are owned by the mutual fund manager. The Vanguard Total Stock Market ETF, which owns about 2.84% of RC stock, is the second-largest Mutual Fund holder. It holds 4,850,686 shares valued at 56.12 million. iShares Russell 2000 ETF holds 2.12% of the stake in RC, owning 3,622,840 shares worth 41.92 million.
Analysts Ratings:
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 $14.50 and a low target of $10.50, the average target price over the next 12 months is $12.56. Based on these targets, RC could surge 31.34% to reach the target high and fall by -4.89% to reach the target low. Reaching the average price target will result in a growth of 13.77% 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 0 Buys and 0 Sells. In these transactions, 0 shares were bought while 0 shares were sold. The number of buy transactions has increased to 17 while that of sell transactions has risen to 6 over the past year. The total number of shares bought during that period was 182,271 while 19,677 shares were sold.
