Ready Capital Co. (NYSE:RC) Receives Average Recommendation of “Hold” from Brokerages

Ready Capital Co. (NYSE:RC) has received an average recommendation of “Hold” from the eight ratings firms that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company. The average 12 month target price among analysts that have covered the stock in the last year is $9.38.

RC has been the topic of several research reports. BTIG Research began coverage on shares of Ready Capital in a research report on Friday, July 19th. They set a “neutral” rating on the stock. Wedbush restated a “neutral” rating and issued a $9.00 price target on shares of Ready Capital in a research report on Monday, August 12th. Keefe, Bruyette & Woods reduced their price objective on Ready Capital from $8.00 to $7.75 and set an “underperform” rating for the company in a research note on Monday, August 12th. Finally, Piper Sandler lowered their target price on Ready Capital from $9.50 to $8.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th.

Institutional Trading of Ready Capital

Several hedge funds have recently modified their holdings of the business. Handelsbanken Fonder AB raised its position in Ready Capital by 25.4% in the third quarter. Handelsbanken Fonder AB now owns 47,430 shares of the real estate investment trust’s stock worth $362,000 after acquiring an additional 9,600 shares in the last quarter. Sanctuary Advisors LLC acquired a new position in shares of Ready Capital during the 2nd quarter worth $126,000. Algert Global LLC purchased a new position in shares of Ready Capital in the 2nd quarter valued at about $135,000. AQR Capital Management LLC acquired a new stake in shares of Ready Capital in the second quarter valued at about $146,000. Finally, Marshall Wace LLP purchased a new stake in Ready Capital during the second quarter worth about $514,000. 55.87% of the stock is owned by institutional investors and hedge funds.

Ready Capital Price Performance

Shares of NYSE RC opened at $7.25 on Monday. The business has a 50-day moving average price of $7.87 and a 200 day moving average price of $8.37. The stock has a market cap of $1.22 billion, a PE ratio of 4.50 and a beta of 1.41. The company has a quick ratio of 1.69, a current ratio of 1.69 and a debt-to-equity ratio of 0.52. Ready Capital has a 52-week low of $7.00 and a 52-week high of $11.67.

Ready Capital (NYSE:RC) last posted its quarterly earnings data on Wednesday, August 7th. The real estate investment trust reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.19). The firm had revenue of $234.12 million during the quarter, compared to analyst estimates of $61.77 million. Ready Capital had a negative net margin of 5.67% and a positive return on equity of 7.32%. During the same period in the previous year, the company posted $0.35 earnings per share. Equities research analysts forecast that Ready Capital will post 0.98 earnings per share for the current year.

Ready Capital Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, September 30th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 13.79%. The ex-dividend date of this dividend is Monday, September 30th. Ready Capital’s payout ratio is 62.11%.

Ready Capital Company Profile

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.