TSX runs higher on rate cut expectations
In a challenging year for Sutherland Asset Management Corp (NYSE:RC), the company’s stock has tumbled to a 52-week low, touching down at $4.28. According to InvestingPro data, the stock’s RSI indicates oversold conditions, while maintaining an impressive 11.24% dividend yield. This latest price level reflects a stark decline in investor confidence, as the stock has plummeted nearly 49% over the past year. The significant drop underscores broader market trends and internal challenges that have led to a bearish outlook among shareholders. Despite current headwinds, the company maintains strong liquidity with a current ratio of 8.99, and analysts predict a return to profitability this year. For deeper insights and additional ProTips on Sutherland’s outlook, explore the comprehensive research available on InvestingPro.
In other recent news, Ready Capital Corporation announced a significant earnings miss for the fourth quarter of 2024, reporting a GAAP loss of $1.90 per share. Distributable earnings also fell short, with a loss of $0.03 per share against a forecast of $0.23, leading to a reduction in the company’s dividend to $0.125 per share. Revenue from core operations decreased by 12% to $91.6 million, reflecting challenges in the commercial real estate lending market. In a strategic move, Ready Capital filed a new registration statement with the SEC for the continued offering of its common stock, allowing for sales up to $150 million. Analyst firm Keefe, Bruyette & Woods downgraded the price target for Ready Capital to $4.00 from $6.25, maintaining an Underperform rating due to a smaller interest-earning portfolio and anticipated costs. Citizens JMP also downgraded Ready Capital’s stock rating from ’Market Outperform’ to ’Market Perform’. Meanwhile, iBusiness Funding, a division of Ready Capital, launched Lendsey AI, an AI platform for SMB lending, with a $100 million investment to further integrate AI into its operations.
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