Ready Capital (NYSE:RC) Price Target Lowered to $8.00 at Piper Sandler

Ready Capital (NYSE:RC) had its price objective reduced by Piper Sandler from $9.50 to $8.00 in a report released on Monday morning, Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

Other analysts have also recently issued reports about the stock. Wedbush reissued a neutral rating and set a $9.00 price objective on shares of Ready Capital in a research note on Monday, August 12th. BTIG Research initiated coverage on Ready Capital in a research report on Friday, July 19th. They set a neutral rating for the company. Finally, Keefe, Bruyette & Woods cut their price objective on Ready Capital from $8.00 to $7.75 and set an underperform rating on the stock in a report on Monday, August 12th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $9.38.

Ready Capital Stock Performance

NYSE RC opened at $8.05 on Monday. The company has a current ratio of 1.69, a quick ratio of 1.69 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $1.35 billion, a PE ratio of 5.00 and a beta of 1.42. The business’s 50-day moving average price is $8.58 and its 200 day moving average price is $8.58. Ready Capital has a twelve month low of $7.52 and a twelve month high of $11.67.

Ready Capital (NYSE:RC) last released its earnings results on Wednesday, August 7th. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.19). Ready Capital had a positive return on equity of 7.32% and a negative net margin of 5.67%. The company had revenue of $234.12 million during the quarter, compared to analyst estimates of $61.77 million. During the same period in the prior year, the business posted $0.35 earnings per share. On average, research analysts predict that Ready Capital will post 1.02 earnings per share for the current year.

Ready Capital Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 30th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 12.42%. The ex-dividend date of this dividend is Monday, September 30th. Ready Capital’s payout ratio is 74.53%.

Institutional Investors Weigh In On Ready Capital

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in Ready Capital by 7.1% in the 4th quarter. Vanguard Group Inc. now owns 11,163,763 shares of the real estate investment trust’s stock worth $114,429,000 after acquiring an additional 735,949 shares during the period. Waterfall Asset Management LLC purchased a new position in shares of Ready Capital in the fourth quarter valued at $40,067,000. Van ECK Associates Corp grew its holdings in Ready Capital by 29.4% during the 2nd quarter. Van ECK Associates Corp now owns 1,342,070 shares of the real estate investment trust’s stock valued at $10,978,000 after purchasing an additional 304,750 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Ready Capital by 2.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,300,267 shares of the real estate investment trust’s stock worth $13,328,000 after buying an additional 30,730 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in Ready Capital by 3.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,189,988 shares of the real estate investment trust’s stock worth $9,734,000 after buying an additional 38,371 shares in the last quarter. 55.87% of the stock is currently owned by hedge funds and other institutional investors.

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.